Smart Home Market Steady Growth to be Witnessed by 2025Posted by Bisvjeet on October 11th, 2018 Market Overview: A smart home is a resident where smart devices such as appliances, lightings, computers, air conditioner, smart TV, video system and camera are connected internally that are capable to communicate with one another and controlled remotely. This technology is also referred as home automation where the devices can be operated by computing devices (mobile phone, computer or tabs) for owners comfort and convenience. Smart home technology comprises of monitors and sensors; these are connected with internet of things (IoT), which enables devices to operate together sharing resident’s data among themselves to automate the actions. Global smart home Market is expected to grow in the forecasted period, in 2017 market size of the smart home was XX million and in 2025 is expected to reach at XX million with growing CAGR of XX%. Market Dynamics: Smart home implements advanced safety and security features such as gas leakage detectors and fire detection systems in the house also increasing awareness of energy efficiency due to rising energy cost and increasing disposal income as there is increase in the number of working individuals’ with good pay so residents are capable of adopting for a smart home solution, which is driving the smart home market. Also, advancements in technology such as IoT and cloud are also some important factors which results in the growth of the smart home market. However, high initial cost coupled lack of technical standardization of the devices can be the major restraints of smart home market. Market Players: Top players of the smart home market are Honeywell International Inc., Schneider Electric SE, ABB Ltd., Johnson Controls Inc., Siemens AG, Samsung Electronics Co., United Technologies Corporation, Emerson Electric Company, Ltd., LG Electronics Inc., and Crestron Electronics, Inc. Request For Report Sample: https://www.researchreportinsights.com/report/upsample/120124672/Smart-Home-Market Market Segmentation: The smart home market is segmented based on application and region. On the basis of application the smart home market is segmented into lighting control, HVAC control, security and access control, entertainment control. Rising demand for energy efficiency and need for energy efficient devices are the major factors for the growth of HVAC control system in the coming years. Followed by HVAC control system, lighting control system will dominate the smart home market as there is need to reduce the consumption of light and power, the lighting system can control the intensity of the light on the basis of available natural light, the lights can be turned off at late night to reduce the consumption of light. Market segmented on the basis of mode of application: Market segmented on the basis of region: Like it? Share it!More by this author |