Global Smart Home Devices Market to Reach US$ 320,530.9 Mn by 2027

According to a new market research report published by Credence Research, “Smart Home Devices Market By Product Type (Lighting Control, Security & Access Control, HVAC Control, Entertainment Control, Smart Kitchen & Home Appliances, and Others (Home Healthcare, Smart Furniture, etc.)), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global smart home devices market is expected to reach US$ 320,530.9 Mn by 2027, expanding at a CAGR of 20.4% during the forecast from 2019 to 2027.

Market Insights

Favorable government policies for promoting the use of smart devices such as energy regulations to promote smart lights installation is one of the major factors accelerating the growth of the global smart home devices market. Additionally, increase in crime cases has forced house owners to implement smart security devices for continuous monitoring to prevent themselves from theft proved to be another important factor contributing to the significant growth of the market. In the wake of same, global smart home devices market is expected to witness double digit growth during forecast period. In addition, paradigm shift in the lifestyle and inclination towards adoption of new technologies are the prime factors driving the market growth.

 

The global smart home devices market has been classified on the basis of product type, and geography. In year 2018, entertainment control held the major revenue share of the global smart home devices market among other products. The growth is primarily due to fast adoption of smart speaker and video entertainment solutions worldwide. The IoT and AI technology has significantly transformed the entertainment solutions by incorporating advanced features such as voice control, automatic ON/OFF by the help of sensors, wireless connectivity, and many other features. Seeking the hike in adoption rate of smart speakers and other entertainment controls, market players such as Amazon, Comcast and Qualcomm are developing smart speaker that can detect motion and also provide health metrics by using ambient sensors. Some players are also developing high-end echo smart speakers to provide better sound quality.

North America was the most advanced and relatively matured smart home devices market in the year 2018. The strong growth of the regional market was mainly due to large installed bases of smart home in the region that was nearly 12.5 Million in the year 2015 and expected to be around 46.2 Million in the year 2020, with year-on-year growth of 56%. The region is technically developed with surplus companies in the smart home solutions and services market that adds as an advantage to the region in the global smart home devices market.

The global smart home devices market is highly competitive and thus seeks significant number of merger, acquisition, and partnerships among IoT solution providers and home appliances manufacturers and suppliers. For instance, in January 2018, Alibaba, a Chinese company has signed partnership agreement with Taiwan-bassed semiconductor company, MediaTek for developing smart mesh solutions for IoT applications. Furthermore, new smart home devices start-ups are raising their capital to expand their business in AI and IoT solutions. In February 2018, Broadlink, a China-based start-up has raised US$ 54.4 Million capital funded by Citic Private Equity Funds Management (Citic PE). The funding will help Broadlink in strengthening its footprint in IoT and AI devices market.

Major companies profiled in the global smart home device market report includes Signify Holding, General Electric, Whirlpool Corporation, LG Electronics, Samsung Electronics Co. Ltd., Siemens AG, United Technologies Corporation, Honeywell International, Schneider Electric SE, Assa Abloy, Amazon, Johnson Controls International, Apple Inc., Google Inc., Legrand SA, Robert Bosch GmbH, ADT, Ingersoll-Rand PLC, ABB Ltd., Hubbell Inc., and Vivint among others.

 

OUR Website: Credence Research – Market Research Consulting Firm San Jose (CA) USA

Our Blog:  Home – Target Market Size

Back to top button