VANCOUVER, B.C., July 27, 2021 /PRNewswire/ -- The global smart home market size is expected to reach USD 184.10 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need for enhanced security and remote monitoring facilities in homes. Increasing investment by major players for development of advanced home security solutions to prevent burglary and theft is contributing to rising demand for smart home technologies. Increasing adoption of video door monitoring, smart alarms, digital locks, and lockers and motion sensing cameras to ensure additional level of security is expected to boost utilization of smart home technologies going ahead.
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Emergence of new privacy and security features, which include cloud storage for video cameras and encrypted networks, to securely manage security system data to avoid hacking and data leaks is expected to enhance security system of smart homes. Home automation system has the ability to connect motion detectors, surveillance cameras, automated door locks, and other security features and systems throughout the home, which can be controlled using a web-enabled device such as smartphone, tablet, or PC. Increasing adoption of smart lighting solutions is a key factor driving demand for smart home technology, as these technologies support motion detection, which helps consumers use energy more efficiently by activating features that automatically adjust or switch off lighting when not required.
Some Key Highlights From the Report
- In January 2020, Honeywell and wireless carrier Verizon entered into a partnership to integrate Verizon's Managed Connectivity LTE with Honeywell Internet of Things (IoT) sensors to create a smarter energy grid. The development of smart energy grids can enhance energy use, reduce outages, optimize energy expenditure, and help utility companies respond to usage spikes.
- Behavioral segment accounted for largest revenue share in 2020. Behavioral software and services have ability to learn user behavior and demand, and automatically provide a smarter control of appliances, which is increasing its demand in smart homes.
- Entertainment control segment revenue is expected to expand at a rapid CAGR during the forecast period. Fluctuating energy prices is a major factor boosting utilization of audio, volume, & multimedia controls, entertainment control products, and home theater system controls to minimize energy bills.
- North America accounted for largest revenue share contribution to the global smart home market in 2020. Presence of major players in the region such as Honeywell, Amazon, Apple Inc., and ADT Security Services is expected to drive growth of the smart home market in the region.
- Key players in the market include Honeywell, Siemens, Johnson Controls, Schneider Electric, Amazon, Apple Inc., ADT Security Services, Robert Bosch, Assa Abloy, and ABB.
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Emergen Research has segmented the global smart home market on the basis of software and service, product, and region:
- Software and Service Outlook (Revenue, USD Billion; 2018-2028)
- Behavioral
- Proactive
- Product Outlook (Revenue, USD Billion; 2018-2028)
- Energy Management
- Lighting Systems
- Security & Surveillance
- HVAC Control
- Entertainment Control
- Others
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- Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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