Dublin, July 27, 2020 (GLOBE NEWSWIRE) -- The "Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment, Home Healthcare), Software & Services (Proactive, Behavioural), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global smart home market size is expected to grow from USD 78.3 billion in 2020 to USD 135.3 billion by 2025, at a CAGR of 11.6%.
The growth of the smart home industry is driven by various factors, such as the increasing number of internet users, and the growing adoption of smart devices, rising disposable income of people in developing economies.
Moreover, the rising importance of home monitoring in remote locations, increasing need for energy-saving and low carbon emission-oriented solutions, the rapid proliferation of smartphones and smart gadgets, expansion of smart home product portfolio by a large number of players, growing concern about safety, security, and convenience among the general population will drive growth.
Entertainment and other control systems are likely to hold the largest share of the smart home market in 2020.
Entertainment has become an important part of life as it provides relaxation and rejuvenation. A multi-room entertainment control system allows the user to centralize all connected devices and then listen to, watch, and control that equipment from every room in the house simultaneously or independently.
Major control systems used in smart homes are audio, volume, and multimedia room controls. The growth of the market for audio, volume, and multimedia room controls is driven by the convenience offered for managing as well as controlling the entertainment systems within a house.
Advancements in wireless communication technologies are a major factor in boosting the growth of the market for home theater system controls, thereby driving the overall smart home market for entertainment controls. The large market share of this segment can be attributed to the high penetration rate of products such as smart meters and smoke detectors. The increasing cost of electricity is a major concern that drives household consumers toward energy savings. Moreover, the rising popularity of smart plugs, smart hubs, and smart locks are fueling the adoption of control systems.
Behavioral type software and services are expected to account for the largest market share in 2020.
The increasing connectivity between machine-to-machine solutions and the Internet of Things is driving the growth of the smart home and energy management markets, which has, in turn, influenced the growth of the market for software and services for smart homes. The behavioral type software and services help analyze energy-related data and forward it to end-users. This category is restricted to transmitting and receiving data and does not perform intelligent actions like the proactive type. Behavioral type solutions provide direct feedback to end-users, thereby providing the basic information regarding the real-time energy data, along with the historical data reflecting energy usage. Therefore, behavioral type software and services are likely to hold the largest market share in 2020.
North America and APAC considered major markets for smart homes.
North America is likely to account for the largest share of the global smart home market in 2020 owing to the increasing demand for reliable home energy management systems and enhanced home security levels, as well as the growing popularity of smart devices such as tablets and smartphones. The smart home market in APAC is expected to grow at the highest rate during the forecast period. Factors such as strong economic growth, increased population, improved standard of living, and rapid urbanization leads to a sophisticated infrastructure and driving the growth of the smart home market in this region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights4.1 Attractive Opportunities in Smart Home Market4.2 Smart Home Market, by Product4.3 Smart Home Market, by Product and Region4.4 Smart Home Market, by Region
5 Market Overview5.1 Introduction5.2 Evolution5.3 Market Dynamics5.3.1 Drivers22.214.171.124 Increasing Number of Internet USers and Growing Adoption of Smart Devices126.96.36.199 Increasing Disposable Income of People in Developing Economies188.8.131.52 Increasing Importance of Home Monitoring in Remote Locations184.108.40.206 Growing Need for Energy-Saving and Low Carbon Emission-Oriented Solutions220.127.116.11 Rapid Proliferation of Smartphones and Smart Gadgets18.104.22.168 Expansion of Smart Home Product Portfolio by a Large Number of Players22.214.171.124 Growing Concern About Safety, Security, and Convenience Among General Population5.3.2 Restraints126.96.36.199 More Convenience-Driven Rather Than Being Necessity-Driven Market188.8.131.52 High Cost of Switching for Existing Smart Device Consumers184.108.40.206 Issues Related to Breach in Security and Privacy5.3.3 Opportunities220.127.116.11 Favorable Government Regulations to Promote Green Buildings18.104.22.168 Incorporation of Lighting Controllers With In-Built Data-Connectivity Technology22.214.171.124 Integration of Power Line Communication Technology in Smart Homes5.3.4 Challenges126.96.36.199 Linking Disparate Systems, Limited Functionality, and Lack of Open Standards188.8.131.52 Risk of Device Malfunctioning184.108.40.206 Disruptions in the Supply Chain Due to the Covid-19 Pandemic5.4 Value Chain Analysis5.5 Supply Chain Analysis5.6 Opportunities for Companies in Smart Home Value Chain5.7 Key Industry Trends5.8 Top Investors in Smart Home Market
6 Protocols and Technologies USed in Smart Homes6.1 Introduction6.2 Cellular Network Technologies6.2.1 Cdma Network6.2.2 Gsm/Hspa Network6.2.3 Lte Network6.3 Protocols and Standards6.3.1 Dali6.3.2 Nema6.3.3 Knx6.3.4 Dmx6.3.5 Lonworks6.3.6 Ethernet6.3.7 Modbus6.3.8 Bacnet6.3.9 Black Box6.3.10 plc6.4 Wireless Communication Technologies6.4.1 Zigbee6.4.2 Z-Wave6.4.3 Wi-Fi6.4.4 Bluetooth6.4.5 Enocean6.4.6 Thread6.4.7 Infrared7 Smart Home Market for Software & Services7.1 Introduction7.2 Behavioral7.2.1 Behavioral Type Software and Services Segment to Hold Largest Market Share During the Forecast Period7.3 Proactive7.3.1 Proactive Type Software and Services Segment to Register Highest CAGR During the Forecast Period
8 Smart Home Market, by Product8.1 Introduction8.2 Lighting Control8.3 Security and Access Control8.4 HVAC Control8.5 Entertainment Control and Other Controls8.6 Smart Speaker8.7 Home Healthcare8.8 Smart Kitchen8.9 Home Appliances8.10 Smart Furniture
9 Geographic Analysis9.1 Introduction9.2 North America9.3 Europe9.4 Asia-Pacific (Apac)9.5 Rest of the World9.5.1 Regulatory Frameworks9.5.2 South America220.127.116.11 Latin America Held Largest Share in Row Market for Smart Homes9.5.3 Middle East18.104.22.168 Growing Government Initiatives for Security Boost Smart Home Market in this Region9.5.4 Africa22.214.171.124 Growing Security Concerns to Boost Smart Home Market in this Region
10 Competitive Landscape10.1 Overview10.2 Key Players in Smart Home Market10.2.1 Product Launches10.2.2 Agreements, Partnerships and Collaborations10.2.3 Acquisitions10.3 Competitive Leadership Mapping10.3.1 Visionary Leaders10.3.2 Innovators10.3.3 Dynamic Differentiators10.3.4 Emerging Players10.4 Business Strategy Excellence Analysis (25 Companies)10.5 Strength of Product Portfolio Analysis (25 Companies)
11 Company Profiles11.1 Key Players11.1.1 Honeywell11.1.2 Siemens11.1.3 Johnson Controls11.1.4 Schneider Electric11.1.5 United Technologies Corporation11.1.6 Amazon11.1.7 Apple11.1.8 Adt11.1.9 Robert Bosch11.1.10 Assa Abloy11.1.11 Abb11.2 Other Key Companies11.2.1 Samsung Electronics11.2.2 Sony11.2.3 Buildingiq11.2.4 Delta Controls11.2.5 Control411.2.6 Axis Communications11.2.7 Comcast11.2.8 Alarm.Com11.2.9 Vivint11.2.10 Simplisafe11.2.11 Armorax11.2.12 Canary11.2.13 Scout11.2.14 Nortek Security & Solution11.2.15 Legrand11.3 Right to Win
12 Adjacent and Related Market12.1 Introduction12.2 Limitations12.3 Home Security Solution Market12.3.1 Market Definition12.3.2 Market Overview12.4 Home Security Solution Market by Systems12.5 Home Security Solution Market, by Services12.6 Home Security Solution Market by Region12.6.1 Americas12.6.2 Europe12.6.3 APAC12.6.4 Row13 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/vcbwtp
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