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Smart Home Market - Global Industry Analysis

Smart Home Market - By Product (Smart Kitchen, Security & Access Control, Lighting Control, Home Healthcare, HVAC Control, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020-2026

Published Date: 20-Oct-2021 Category: Technology & Media Report Format : PDF Pages: 110 Report Code: ZMR-788 Status : Published

According to the report, the smart home market size is expected to reach USD 137.9 billion by 2026 from USD 85.6 billion in 2021, at a CAGR of 10.4% during the forecast period.

Description

The global Smart Home market, which was estimated at USD 85.6 billion in 2021 and is predicted to accrue earnings worth USD 137.9 billion by 2026, is set to record a CAGR of over 10.4% over 2020-2026. The report offers valuation and analysis of Smart Home market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).

Introduction

Smart Home is a dwelling that makes utilization of internet-connected equipment and this will facilitate remote monitoring as well as efficient management of appliances & systems like heating and lighting.  Additionally, smart homes make use of new technologies like internet of things which helps them in guaranteeing security of homes along with offering the residents with comfort & convenience. It also helps the home owners in increasing energy efficiency through controlling of the home equipment from remote distances through use of smart instruments like smartphones and iPhones. Some of the examples of smart devices used in homes include Smart Televisions, Smart light bulbs, Smart thermostats, Smart lighting systems, Smart locks, Smart security cameras, and Smart monitor sensors.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Market Growth Dynamics

Escalating customer preference for saving energy and optimizing the utility of the available resources will proliferate the market size over the forecast timespan. Apparently, need for intense security is likely to further steer the demand for smart homes over the forthcoming years. Massive use of wireless systems like HVAC controller and access regulators in home constructions will promulgate the expansion of the smart home industry over the assessment period. With real estate industry experiencing a boom in recent years, the smart home market growth is likely to gain a boost in the next decade. Shifting demographic trends along with the escalating requirement for safeguarding the environment from pollution will help the market scale up to new heights of growth over the forecasting timeline.

Furthermore, smart homes help in reducing power usage as residents can set the temperature as per their convenience and requirements. Easy access to affordable technologies and availability of new features like Bluetooth will enlarge the market scope over the forecasting years. Thriving consumer electronic goods sector will provide new growth avenues for the industry over the forthcoming years.

North America To Make Notable Contributions Towards Overall Market Share By 2026

The expansion of the industry in the sub-continent over the assessment timeline is due to rise in the acceptance of smart products in the U.S. households. Moreover, growing trend among the individuals for home healthcare as well as medical care facilities at homes in the countries like the U.S. and Canada will further steer the market trends in the region. Apart from this, rise in the presence of the firms producing smart home devices in the North American countries will contribute notably towards regional market revenue over the years ahead.

Key participants profiled in the study include United Technologies Corporation, ABB Ltd., Legrand, Honeywell International Inc., Siemens AG, Samsung Electronics Co., Ltd., Johnson Controls Inc., Nest Labs, Inc., Ingersoll-Rand plc, Schneider Electric SE, Acuity Brands, Inc., and Crestron Electronics Inc.

The report segments of the global smart home market as follows:

Global Smart Home Market: Product Segment Analysis

  • Smart Kitchen
  • Security & Access Control
  • Lighting Control
  • Home Healthcare
  • HVAC Control
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter 1. Preface
    • 1.1. Report description and scope
    • 1.2. Research scope
    • 1.3. Research methodology
      • 1.3.1. Market research process
      • 1.3.2. Market research methodology
  • Chapter 2. Executive Summary
    • 2.1. Global smart home market , 2016 - 2022, (USD Billion)
    • 2.2. Smart home market : Market snapshot
  • Chapter 3. Global Smart home market – Industry Analysis
    • 3.1. Smart home market : Market dynamics
    • 3.2. Market Drivers
      • 3.2.1. Rising need of energy efficient solution
    • 3.3. Restraints
      • 3.3.1. High installation cost
      • 3.3.2. Limited consumer demand
    • 3.4. Opportunity
      • 3.4.1. High end devices coupled with technologically advanced features
    • 3.5. Porter’s Five Forces Analysis
    • 3.6. Market Attractiveness Analysis
      • 3.6.1. Market attractiveness analysis by product segment
      • 3.6.2. Market attractiveness analysis by regional segment
  • Chapter 4. Global Smart Home Market - Competitive Landscape
    • 4.1. Company market share analysis, 2016 (Subject to data availability)
  • Chapter 5. Global Smart Home Market –Product Segment Analysis
    • 5.1. Global smart home market revenue share, by product, 2016 & 2022
    • 5.2. Global smart home market by smart kitchen, 2016-2022(USD Billion)
    • 5.3. Global smart home market by security & access control, 2016-2022(USD Billion)
    • 5.4. Global smart home market by lighting control, 2016-2022(USD Billion)
    • 5.5. Global smart home market by home healthcare, 2016-2022(USD Billion)
    • 5.6. Global smart home market by HAVC, 2016-2022(USD Billion)
    • 5.7. Global smart home market by others, 2016-2022(USD Billion)
  • Chapter 6. Global Smart Home Market – Software Segment Analysis
    • 6.1. Global smart home market revenue share, by software, 2016 & 2022
    • 6.2. Global smart home market by behavior, 2016-2022(USD Billion)
    • 6.3. Global smart home market by proactive, 2016-2022(USD Billion)
  • Chapter 7. Global Smart Home Market - Regional Analysis
    • 7.1. Global smart home market : Regional overview
      • 7.1.1. Global smart home market revenue share, by region, 2016 and 2022
    • 7.2. North America
      • 7.2.1. North America smart home market revenue, by product 2016 – 2022 (USD Billion)
      • 7.2.2. North America smart home market revenue, by software, 2016 – 2022 (USD Billion)
    • 7.3. Europe
      • 7.3.1. Europe smart home market revenue, by product, 2016 – 2022 (USD Billion)
      • 7.3.2. Europe smart home market revenue, by software, 2016– 2022 (USD Billion)
    • 7.4. Asia Pacific
      • 7.4.1. Asia-Pacific smart home market revenue, by product, 2016 – 2022 (USD Billion)
      • 7.4.2. Asia-Pacific smart home market revenue, by software, 2016 – 2022 (USD Billion)
    • 7.5. Latin America
      • 7.5.1. Latin America smart home market revenue, by product, 2016– 2022 (USD Billion)
      • 7.5.2. Latin America smart home market revenue, by software, 2016– 2022 (USD Billion)
    • 7.6. Middle East & Africa
      • 7.6.1. Middle East & Africa smart home market revenue, by product, 2016 – 2022 (USD Billion)
      • 7.6.2. Middle East & Africa smart home market revenue, by software, 2016 – 2022 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1. Ingersoll-Rand plc.
      • 8.1.1. Overview
      • 8.1.2. Financials
      • 8.1.3. Product portfolio
      • 8.1.4. Business strategy
      • 8.1.5. Recent developments
    • 8.2. Legrand
      • 8.2.1. Overview
      • 8.2.2. Financials
      • 8.2.3. Product portfolio
      • 8.2.4. Business strategy
      • 8.2.5. Recent developments
    • 8.3. Siemens AG
      • 8.3.1. Overview
      • 8.3.2. Financials
      • 8.3.3. Product portfolio
      • 8.3.4. Business strategy
      • 8.3.5. Recent developments
    • 8.4. Johnson Controls Inc.
      • 8.4.1. Overview
      • 8.4.2. Financials
      • 8.4.3. Product portfolio
      • 8.4.4. Business strategy
      • 8.4.5. Recent developments
    • 8.5. Schneider Electric SE
      • 8.5.1. Overview
      • 8.5.2. Financials
      • 8.5.3. Product portfolio
      • 8.5.4. Business strategy
      • 8.5.5. Recent development
    • 8.6. ABB Ltd.
      • 8.6.1. Overview
      • 8.6.2. Financials
      • 8.6.3. Product portfolio
      • 8.6.4. Business strategy
      • 8.6.5. Recent developments
    • 8.7. Acuity Brands, Inc.
      • 8.7.1. Overview
      • 8.7.2. Financials
      • 8.7.3. Product portfolio
      • 8.7.4. Business strategy
      • 8.7.5. Recent developments
    • 8.8. United Technologies Corporation
      • 8.8.1. Overview
      • 8.8.2. Financials
      • 8.8.3. Product portfolio
      • 8.8.4. Business strategy
      • 8.8.5. Recent developments
    • 8.9. Samsung Electronics Co.
      • 8.9.1. Overview
      • 8.9.2. Financials
      • 8.9.3. Product portfolio
      • 8.9.4. Business strategy
      • 8.9.5. Recent developments
    • 8.10. Nest Labs, Inc.
      • 8.10.1. Overview
      • 8.10.2. Financials
      • 8.10.3. Product portfolio
      • 8.10.4. Business strategy
      • 8.10.5. Recent developments
    • 8.11. Honeywell International Inc.
      • 8.11.1. Overview
      • 8.11.2. Financials
      • 8.11.3. Product portfolio
      • 8.11.4. Business strategy
      • 8.11.5. Recent developments
    • 8.12. Crestron Electronics, Inc.
      • 8.12.1. Overview
      • 8.12.2. Financials
      • 8.12.3. Product portfolio
      • 8.12.4. Business strategy
      • 8.12.5. Recent developments

List of Figures

1. Global smart home market segmentation by product, service product, software, and geography
2. Global smart  home market, 2016 - 2022  (USD Billion)
3. Porter’s five forces analysis:  Smart  home market 
4. Global smart home market attractiveness, by product, 2016
5. Global smart home market attractiveness, by software, 2016
6. Global smart home market attractiveness, by region, 2016
7. Global smart home market revenue share, by product, 2016 & 2022
8. Global smart home market by smart kitchen, 2016-2022(USD Billion)
9. Global smart home market by security & access control, 2016-2022(USD Billion)
10. Global smart home market by lighting control, 2016-2022(USD Billion) 
11. Global smart home market by home healthcare, 2016-2022(USD Billion) 
12. Global smart home market by HVAC control, 2016-2022(USD Billion) 
13. Global smart home market by others, 2016-2022(USD Billion) 
14. Global smart home market revenue share, by software 2016 & 2022
15. Global smart home market for behavior, 2016-2022(USD Billion)
16. Global smart home market for proactive, 2016 – 2022 (USD Billion)
17. Global smart home market revenue share, by region, 2016 - 2022
18. North America smart  home market, 2016 - 2022,  (USD Billion)
19. Europe smart  home market, 2016 - 2022,  (USD Billion)
20. Asia Pacific smart  home market, 2016 - 2022(USD Billion)
21. Latin America smart  home market, 2016-2022 (USD Billion)
22. Middle East & Africa smart  home market , 2016 – 2022, (USD Billion)


List of Tables
?

1. Global smart home market snapshot
2. Drivers for smart  home market: Impact analysis
3. Restraints of smart  home market: Impact analysis
4. North America smart home market revenue, by product, 2016 – 2022 (USD Billion) 
5. North America smart home market revenue, by software, 2016 – 2022 (USD Billion)
6. Europe smart home market revenue, by  product, 2016 – 2022 (USD Billion) 
7. Europe smart home market revenue, by software, 2016 – 2022 (USD Billion)
8. Asia-Pacific smart home market revenue, by product, 2016 – 2022 (USD Billion)
9. Asia-Pacific smart home market revenue, by software, 2016 – 2022 (USD Billion)
10. Latin America smart home market revenue, by product, 2016 – 2022 (USD Billion)
11. Latin America smart home market revenue, by software, 2016 – 2022 (USD Billion)
12. The Middle East & Africa smart home market revenue, by product, 2016 – 2022 (USD Billion)
13. The Middle East & Africa smart home market revenue, by software, 2016 – 2022 (USD Billion)

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Smart Home market. Zion Research has collected and analyzed key data belong to the global Smart Home market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Smart Home across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Smart Home industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Smart Home market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

Smart home refers to a residential extension of building automation and involves automation of lighting, ventilation, heating, air conditioning and security as well as home appliances such as washer and dryers, ovens or refrigerators that use WiFi for remote monitoring. At present many new homes are being built with the additional wiring and controls which are required to run advanced home automation systems. 

Rising need for consumer convenience, safety, and security, energy consumption is the major driver of the smart home market. The real estate industry is expected to spur the demand of the smart home market. However, in few regions, home automation products have reached saturation level which is the major restraints for the smart home market. Another factor which is hindering the smart home market growth is its high installation cost and lack of standardization. Furthermore, low awareness about home automation is hampering the growth of the smart home market. Nonetheless, high-end devices coupled with technologically advanced features will escalate the smart home market demand over the forecast period. cloud-based solutions also provide new opportunities to impel the demand of smart home market over the forecast period.

The smart home market is segmented into product, software, and region. By product the smart home market is segmented smart kitchen, security access control, lighting control, home healthcare, HVAC control and others. among this product, light control is dominating the smart home market owing to reduced electricity consumption in homes. The software is use in the smart home are proactive and behavior.

At present, North America is dominating the smart home market. Europe is witnessing significant growth due to increased demand for home appliances such as fitness band, wireless devices, and others. The major players in the smart home market in Europe are Siemens AG, ABB Ltd., Schneider Electric S.A., Ingersoll-Rand Plc, Tyco International Ltd., Legrand S.A. Asia pacific is expected to show the highest growth over the forecast period due to reducing constraints of the high installation cost of smart home appliances by continuous investment in R&D activities. Asia-Pacific region is witnessing significant growth due to a number of new residential projects and efforts for strengthening building infrastructure at a significant rate. Latin America is also expected significant growth due to economically developing countries.

The smart home market is classified on the basis of product and software. The products involved in smart homes are smart kitchen, home healthcare, lighting control, HVAC control, security and access control. From these segments, lighting control is expected to grow at highest CAGR as it reduces electricity consumption. On the basis of software, the smart home market is segmented into behavior and proactive software.

Some of the renowned participants in smart home space  Ingersoll-Rand plc., Legrand, Siemens AG, Johnson Controls Inc., Schneider Electric SE ,  ABB Ltd., Acuity Brands, Inc., Samsung Electronics Co.,  United Technologies Corporation, Ltd., Nest Labs, Inc., Honeywell International Inc. and Crestron Electronics. Inc among others.

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FrequentlyAsked Questions

Escalating customer preference for saving energy and optimizing the utility of the available resources will proliferate the market size over the forecast timespan. Apparently, need for intense security is likely to further steer the demand for smart homes over the forthcoming years. Massive use of wireless systems like HVAC controller and access regulators in home constructions will promulgate the expansion of the smart home industry over the assessment period. With real estate industry experiencing a boom in recent years, the smart home market growth is likely to gain a boost in the next decade. Shifting demographic trends along with the escalating requirement for safeguarding the environment from pollution will help the market scale up to new heights of growth over the forecasting timeline.

According to the report, the smart home market size is expected to reach USD 137.9 billion by 2026 from USD 85.6 billion in 2021, at a CAGR of 10.4% during the forecast period.

North America is likely to make noteworthy contributions towards overall market revenue over forecast timeline. The regional market growth over 2020-2026 can be credited to rise in the acceptance of smart products in the U.S. households. Moreover, growing trend among the individuals for home healthcare as well as medical care facilities at homes in the countries like the U.S. and Canada will further steer the market trends in the region. Apart from this, rise in the presence of the firms producing smart home devices in the North American countries will contribute notably towards regional market revenue over the years ahead.

The key players profiled in the report include United Technologies Corporation, ABB Ltd., Legrand, Honeywell International Inc., Siemens AG, Samsung Electronics Co., Ltd., Johnson Controls Inc., Nest Labs, Inc., Ingersoll-Rand plc, Schneider Electric SE, Acuity Brands, Inc., and Crestron Electronics Inc.

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