Connected Home Devices Market is projected to rise at 12% by 2027Posted by surendra choudhary on September 16th, 2019 The competitive landscape of the global connected home devices market seems consolidated, as ~ 60% leading players hold share, states Transparency Market Research in its recent published report. These players are investing huge sum of money in research and development activities in order to introduce enhanced services to their customers. They are also engaged in expanding their presence by collaborating and acquiring smaller players, as it will give them high-edge among their competitors. For example, Honeywell International, Inc. (US) introduced Lyric Cameras and along with that, they introduced a software upgrade for Lyric Smart Home Security systems. This will help smart home system become sync with HomeKit by Apple. Additionally, the company has Lyric C1 and C2 that are Wi-Fi indoor cameras that are going to be paired with the Lyric app that will initiate live streaming, send alerts concerning inactivity of smoke, and recorded events. These add-ons by the company will help in attracting large number of customers across the globe. The report also provides detailed information of other players including Panasonic Corporation, Phillips N.V., Samsung Electronics, Analog Devices, Inc., LG Electronics, Siemens AG, General Electric Company, Schneider Electric, Sony Corporation, Johnson Controls, AB Electrolux, and United Technologies. For More Details, Request A PDF Sample Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=70014 A detailed insight on revenue generation is also presented in the report for the global market as well as for all the regions. According to the report, ~ US$ 157 Bn is projected to be collected in the global connected home devices market in the end of 2027. Stats also reveal that in 2019, ~240 million units are to be sold and that figure will increase over the forecast period. In terms of CAGR, the market is projected to rise at 12% between 2019 to 2027. Huge Demand from Tech-Savvy Customers Creating Growth Opportunity in the Market
Booming cloud technology has resulted in expanding growth opportunities in the global connected home devices market. Connected home devices are developing next-gen products on cloud technology; this will provide a seamless integration to the tech-savvy consumers. Other benefits of cloud technology in developing connected homes are easily obtainable real-time information that will keep user alert about whereabouts of their products. Another contributing factor is related to the growth of smart entertainment devices that are widely adopted in building smart homes. Video entertainment and smart television are few of the connected home devices that are leading the market currently and are expected to lead the market in the forthcoming years. Like it? Share it! More by this author |