According to a new research report pertaining to the global connected home devices market, published by Transparency Market Research, the global connected home devices market is expected to reach ~ US$ 157 Bn by 2027, expanding at a CAGR of ~ 12.0% from 2019 to 2027. According to the report, the global connected home device market would continue to be influenced by a range of macroeconomic and market-specific factors during the forecast period.
Growing Popularity of Hybrid Technology Driving the Global Connected Home Devices Market
- In terms of technology, the global connected home devices market has been segmented into device-based, mobile, and hybrid.
- The hybrid segment is anticipated to dominate the connected home devices market during the forecast period, with the rise in the adoption of smart products and equipment that are controlled through mobile apps, smart devices, and web platforms.
- Furthermore, the adoption of the hybrid technology gives an additional advantage over mobile and device-based technologies, as customers can control smart home devices by using any of the two platforms, i.e. mobile application or web application.
- Moreover, the device-based technology segment is also anticipated to hold a considerable share of the global connected home devices market during the forecast period. In the era of digitization, people are getting attracted toward the use of smart products and equipment that can be controlled through smart devices such as smart speakers that are connected to Internet. Hence, in order to make life comfortable, device-based technology is increasingly being adopted across the globe to control connected home devices.
- The hybrid technology segment is anticipated to expand at a significant CAGR from 2019 to 2027 in the connected home devices market. The device-based technology segment is also anticipated to expand at a substantial CAGR in the connected home devices market during the forecast period.
Planning to lay down future strategy? Perfect your plan with our report brochure here
Entertainment Segment to Account for a Leading Share of the Global Connected Home Devices Market
- The report offers detailed segmentation of the global connected home devices market in terms of product (lighting, entertainment, security systems, smart thermostats, and others) and technology (device-based, mobile, and hybrid). The connected home devices market has also been segmented based on region (North America, Europe, Asia Pacific, Middle East & Africa, and South America).
- Among the products, the entertainment segment accounted for a leading share of the global connected home devices market in 2019. The segment is anticipated to maintain its leading position in the global connected home devices market during the forecast period.
- Moreover, the security systems segment is also gaining traction, owing to the need for safety and security of residential and commercial buildings. This factor is anticipated to boost the demand for security systems used in connected home devices.
North America to be a Highly Lucrative Region for Connected Home Devices
- North America is witnessing increasing penetration of smart speakers, especially in the U.S. and Canada, owing to increasing awareness about smart speakers and dependability of a majority of households on them. Moreover, the replacement of existing traditional home control products and devices such as thermostats with smart products and devices is increasing at a rapid rate, which is anticipated to be a major factor fueling the connected home devices market in North America.
- Furthermore, with significant investments in the development of security systems and lighting products, security systems and lighting segments of the North America connected home devices market are anticipated to witness prominent growth, expanding at high CAGRs during the forecast period.
