The smart home also well known as home automation comprises the utilization of internet-connected devices to maintain and survey the numerous appliances and systems. It is an advanced technology that supports in forming functions of numerous home appliances more easiness and energy saver. Such technology comprises controlling all the electronic devices that are prevailing at home utilizing the wireless technology. It proposes the comfort, energy proficiency, security and easiness to the end-users by allowing them to control all the electronic appliances through a smart home app on their mobile phones or several other networked devices.
According to the report analysis, ‘Smart Homes Technology Market: Current Analysis and Forecast (2021-2027)’ states that the proliferation and smartening of IoT devices have curiously scaled up the probable for the industry and momentous amount of data or information can be stored, composed, analyzed and transmitted, supporting the companies save considerable amount of money.
The global smart home market is sectored based on applications, technology and end users. Product (security and safety, smart appliances, home entertainment, lighting and control, HVAC, energy management), technology (wired and wireless technology) and end users (residential & commercial) are the foremost focus fields considered while analyzing and defining the dissemination of smart home technology in dissimilar geographies. During 2020, smart appliances registered the global smart home market with a supreme share in terms of revenue.
Whereas, based on end-users, global smart home market is sectored into residential and commercial end-users. During the recent years, smart home technology was more applicable amongst the residential end-users. The sector registered the market and is expected to manage its dominance throughout the analysed duration. Furthermore, relying on residential end-users, type, the market is further categorized into luxury homes, mid-range apartments, supported homes and low energy homes. During the recent past years, mid-range apartments occupied the greatest share, followed by luxury apartments and luxury villas in the worldwide smart home residential end-user segment market. Increasing investments by foremost tech giants and venture capitalists to bring in the modernization within smart home domain along with flourishing real estate segment and US recovery from subprime crisis has extremely underwritten towards the growth prospects of smart home technology around the globe.
Not only has this, advantages of smart home technology can also be observed among commercial end-users such as hotels, hospitals and several other commercial buildings. Technological breakthroughs have been positive in bringing about fresh shapes in the global smart home market. Smart home technology application was majorly protuberant amongst the hospitals.
Looking at the growth prospect and customer increasing concern over home security various corporates have forayed in the worldwide smart home technology market, proposing smart devices such as smart speaker, security systems, smart TVs, LEDs and switches, kitchen ware appliances and several other devices. With an aim to improve their product portfolio, the foremost market players have entered into several acquisitions and collaborations to enlarge their market reach and share. Foremost players profiled in the report comprises Haier Electronics, Cisco Systems, Inc., Google, Amazon, Honeywell International, Crestron Electronics Inc., General Electric Company, IBM Corporation, LG Electronics Inc., Schneider Electric S.E., and Siemens AG amongst others.
Furthermore, the effective augment for improved security and remote observing features in homes is growing implementation of digital locks and lockers, video door observing, motion sensing cameras, and smart alarms. Benefits of capability to remotely control automated door locks utilizing the web-enabled device likewise smartphone, tablet, or PC has been augmenting their usage during the recent years. The effective growth in implementation of improved privacy and security features, which comprise cloud storage for video cameras and encrypted networks to safely manage security system data to avoid hacking and data leaks are aspects booming requirement for the smart home technologies presently. The effective growth in investment by foremost players for improvement of advanced home security solutions to safeguard the burglary and theft is underwriting to growth of the smart home technology market. In addition, the significant growth in popularity of Artificial Intelligence (AI) assistants such as Siri and Alexa are additional aspects propelling the utilization of smart home technologies amongst the customers. Therefore, in the near years, it is predicted that the market of smart home will increase around the globe more effectively over the near future.
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Ankur Gupta, Head Marketing & Communications