Rapid digitization, rising proliferation of smart gadgets and smartphones, strict regulations on carbon emission & energy consumption, and surging smart home energy management system demand across the globe are key factors which have placed a significantly impact on the growth of Global Smart Home market. Moreover, extensive government initiatives for the development of green buildings and increasing incorporation of IoT platform in the smart appliances such as smart air conditioners and refrigerators are projected to create a lucrative growth opportunity for the integration with energy management devices such as smart plugs, meters, etc. Therefore, these factors are anticipated to promulgate the growth of Global Smart Home market in the forecast period.
According to MarkNtel Advisors’ research report titled “Global Smart Home Market Analysis, 2020”, the Global Smart Home market is anticipated to grow at a CAGR of around 10.1% during 2020-25 on an account of increasing security issues and introduction of wireless technology coupled with rising geriatric population and extensive awareness among the people regarding the implementation of energy-saving solutions. Moreover, COVID-19 has had a pessimistic growth impact in the Smart Home market owing to the severely disrupted supply chain among the major countries, temporary closure of manufacturing facilities, and decline in number of construction projects and activities across the globe.
“Global Smart Home Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Smart Home providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Acquired Significant Market Share
Asia-Pacific acquired the significant market share in the Global Smart Home market on an account of factors such as rising population in countries such India and China, rapid urbanization, and upgradation in the standards of living of the people. Besides these, robust growth of the smart home industry and escalating rate of adoption of hardware and software solutions in Smart Home market in the countries such as China and Japan are anticipated to lead to rapid market growth at a significant rate during the forecast period.
Moreover, the boost in the implementation of various smart home products such as lighting controls, HVAC controls, and entertainment controls, along with the extensive acceptance of vital communication technologies consisting of Zigbee, Wi-Fi, Bluetooth, etc., is predicted to elevate the growth of Asia-Pacific Smart Home market in the forthcoming years as stated in MarkNtel Advisors’ research report “Global Smart Home Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Smart Home market are Samsung, Philips, Honeywell, ADT, Emerson, Electrolux, Siemens, ABB, Schneider Electric, Cisco, Microsoft, General Electric, Lutron etc.
Key questions answered in the study:
1. What are the current and future trends of the Smart Home industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Smart Home industry?
5. What is the customer orientation, purchase behavior, and expectations from the Smart Home firms across various regions?