Smart Home Device Market Future Scope, Key Drivers Forecast To 2027

Posted by sneha patil on November 9th, 2021

Overview

The global smart home device market is projected to grow at a CAGR of 18.9% during the forecast period. As per the smart home device market research report, the global market for smart home device is projected to grow swiftly by US.23 billion by 2024. According to analysts, the increasing adoption of smart homes as well as technological advances in artificial intelligence will drive the market growth during the forecast period. The smart home device market research report offers a comprehensive analysis of the global smart home device market and its connectivity, platform/virtual assistant, region, and product segments. The concern regarding network connectivity along with the lack of supportive infrastructure are the elements that could influence the smart home device market advancement throughout the forecast period. The smart home device market research report by expert analysts is developed to assist organizations in the smart home device market.

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Market Segmentation

The Smart Home Device Market  has been segmented based on connectivity, platform/virtual assistant, region, and product. On the basis of connectivity, the market for smart home device is segmented based on Bluetooth, Wi-Fi, Zigbee, and others. Additionally, the market on the basis of platform/virtual assistant, is segmented into Apple Siri, Google Assistant, Samsung Bixby, Amazon Alexa, and others. The global market for smart home device is also covered based on product segment which is further split into smart hubs and controllers (smart panels and switches, smart remote control, smart speakers, and others), smart surveillance cameras (video doorbell camera, standalone security camera, and others), smart locks and security system (fire control system, biometric controlled locks, and others), smart HVAC (smart thermostat, smart wall panels), smart lighting (smart bulb and light, smart wall switch), smart kitchen appliances (microwave/ovens, smart coffee makers, precision cookers, and others), and other home appliances (fitness devices, smart bed, vacuum cleaners, and others).

Major elements such as technical complexities could obstruct the smart home device market growth. However, according to the smart home device market research report, utilization of the Internet of Things (IoT) along with voice-enabled controls  will propel growth throughout the forecast period. The smart home device market is set to register growth at a high CAGR owing to these key factors. The exploration of connectivity, platform/virtual assistant, region, and product segments along with regional markets has been given in the global smart home device market research report. The research analysts studying the smart home device market have put out market forecasts in the smart home device market research report in order to support smart home device market-based companies. The smart home device market research report provides an extensive understanding of the smart home device market based on the information and forecasts till 2024.

Competitive Outlook

Amazon.com Inc., Wink Labs Inc., ADT Inc., Cree Inc., Robert Bosch GmbH, Nest Labs, SkyBell Technologies Inc., Logitech International SA, Honeywell International Inc., PHILIPS LTG N V/ADR, Google LLC, SimpliSafe Inc., Apple Inc., Brilliant Home Technology Inc., NETGEAR Inc., Samsung Electronics Co Ltd, Vivint Inc., and others are key players of the global smart home device market.

Recently, Amazon changed the design of Echo speakers from vertical to spherical as well as advances in speech recognition technology is likely to attract tech-savvy users. Moreover, the leaning towards recyclable materials by the company for its speakers will spell a hit and spike the sales in the U.S.

Regional Overview

North America, Europe, Asia Pacific and the rest of the world regional market for smart home device are predominantly covered in the global smart home device market research report. Country-level smart home device markets spread across North America – the United States, Canada, and Mexico are also covered in the report. In South America – Brazil and other country-level smart home device markets are covered in the report. In Asia-Pacific (APAC) region, the country-level smart home device markets covered are Japan, India, China, and others. The smart home device market research report also explores the regional market for smart home device present in Europe in the United Kingdom, France, Italy, Spain, and Germany, etc. The smart home device market research report also covers regional markets from the rest of the world alongside smart home device markets of Africa and the Middle East.

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