The smart home also well-known as home automation includes the utilization of internet-connected devices to maintain and observe the countless home appliances and systems. It is improved technology that supports in making the functions of countless home appliances more relax and energy saver. This technology includes the controlling all the electronic devices that are prevail at home utilizing the wireless technology. It proposed the ease, security, energy proficiency and relaxation to the end-user by allowing them to hold all the electronic appliances through the smart home app on their mobile phones or several other connected devices.
According to the report analysis, ‘Asia-Pacific Smart Homes Technology Market: Insights and Forecast, 2018-2024: Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users)’ states that the Smart home technology market around the Asia Pacific fetched maximum revenues from smart appliances on account of maturing IoT and growing usage of electric appliances. On the other hand, energy management segment is predicted to display overwhelming growth during years to come owing to increasing smart cities initiatives been undertaken in several countries.
In terms of revenue, the smart home technology around the Asia Pacific has accounted an astonishing growth with positive CAGR throughout the forecasted duration of (2018-2024). The smart home technology market around Asia Pacific has observed an entire growth in smart homes penetration as well as smart devices implementation in last few years. Foremost drivers involved increasing number of smartphones, increasing awareness among customers, rising requirement for smart home energy management system and stringent government regulations on energy consumption along with swelling aging populace and smart cities initiative undertaken in several countries.
Based on the technology, Wireless smart home technology in the region controlled dominant share in smart home technology market. The greatest contribution in revenues commonly was derived from wifi allowed devices followed by bluetooth technology in smart devices attributed to soaring requirement for wireless enabled devices; laptops, smartphones, televisions, tablets to name a few along with deduction in entire network costs.
In addition, the effective growth in number of internet users and increasing adoption of smart devices along with increasing need for energy-saving and low carbon emission-oriented solutions are the foremost factors propelling the market. In addition to this, aspects such as growing importance of home monitoring in remote locations and augmenting the disposable income of people in underdeveloped countries have underwritten to the growth of the smart home market.
The entertainment and other controls sector is projected to account for the greatest share of the smart home market throughout the forecast period. The growth of the audio, volume, and multimedia room control market is propelled by the convenience offered by these controls for maintaining as well as controlling entertainment systems within a house. The improvements in wireless communication technologies are a foremost factor fostering the growth of the home theater system control market, thereby propelling the smart home market for entertainment control. The market growth of the other controls sector can be accredited to the high requirement for smart meters and smoke detectors as well as the growing popularity of smart plugs, smart hubs, and smart locks.
The proficient growth in adoption of smartphones and increasing penetration of the internet around the region are some of the significant aspects affecting the growth of the safeguard mobile communication software market in the given analysis duration. The Internet has made life simpler in countless ways during recent years and is spreading ever more widely. In locations such as banking, transport, education, healthcare, shopping, home automation, and personal data analysis, the usage of Internet has augmented. In this foremost rise in Internet use, the mobile device plays an essential role.
In underdeveloped economies, home automation controls significant potential in the entire smart home industry. This is majorly due to the growing adoption of the internet of things mostly in developed regions. Users prefer a high level of living where they have admittance to technologically connected devices, involving the televisions, refrigerators, smartphones, and several other electronic devices. Furthermore, an increasing inclination for a luxurious lifestyle in underdeveloped countries coupled and growing disposable income are some of the drivers predicted to propel the growth of the smart home market.
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Ankur Gupta, Head Marketing & Communications