With the introduction of technology integrated with smart homes enables the diverse device to be controlled and connected to a single device. Certain daily used devices and appliances such as smart TV, AC, CCTV cameras, lighting, washing machine, and others, can be controlled by both smartphone, remote, or tablet. The users that have installed their homes with these smart systems are experiencing superior comfort and convenience. The advanced automated lighting systems, entertainment systems, window covering mechanism, and many similar applications have attracted the consumers leading to rising adoption and demand for the same. The key parameters responsible for the rising of smart home system adoption include entertainment, home security, remote health monitoring, energy efficiency, convenience, productivity, and connectivity.
Zion Market Research has published a new report that examines the market for smart home from 2016 through 2022, which forecasts that market for smart home expected to reach around USD 53.45 Bn by 2022 at 14.5% CAGR.
Growing aging population, government initiatives, rise in disposable income, and growing awareness among people respective to energy consumption are some of the factors responsible for the growth of the global smart home market. Simultaneously, people inclining more on installing home health care are also encouraging the growth of the market. On the side, limited consumer demand merged with high prices of the system is somewhere hindering the growth of the global smart home market. Low ratio of early adopters to mass adopters has also restrained the growth.
The global smart home market is also bifurcated based on the wide range of product type. These comprise HVAC control, smart kitchen, lighting control, and home healthcare, and others. Among these, light control holds the largest share of the market efficiency and low electricity consumption in home applications. This consumption is achieved owing to the assembly of light sensors that can manipulate a light intensity of the device as per the intensity of natural light.
Geographically, North America owing to the high demand from population and growing inclination of home health care methods dominates the smart home market with a huge share. Followed by North America, comes Europe which has also accomplished an appreciable position around the globe. Asia Pacific region is also expected to adopt trend of home automation with smart devices which will probably accelerate the growth of the global smart home market.
Some of the leading key players that are contributing with their advanced products and encouraging the global smart home market growth include Samsung Electronics Co, Siemens AG, Nest Labs, Inc, Crestron Electronics, Ingersoll-Rand plc, Schneider Electric SE, United Technologies Corporation, Legrand, Honeywell International Inc, Johnson Controls Inc., and many others.
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