Smart Home Market Size Insight Report 2022 to 2031 by Manufactures Types, End Users and Regions with COVID-19 Impact Analysis
Kenneth Research, in its repository of market research reports, have recently added a report on Smart Home Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Smart Home Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Home Market products.
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Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2025.
The Smart Home Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Smart Home Market is further estimated to grow at a CAGR of 13.08% from 2018 to reach USD 124.57 Billion by the year 2025. North America region holds the highest Industry share in 2017 and Asia-Pacific Industry is considered as the fastest growing Industry in the forecasted period. At a country level, developed Industry’s like the U.S. as well the emerging Industry’s like China with highest population base holds a notable Industry share in 2017 and it is projected to grow at a gradual pace in the coming years.
Major market players in Smart Home Market are Schneider Electric Se, General Electric Company, Siemens AG, Samsung Electronics Co. Ltd., ABB Ltd., Legrand S.A, Honeywell International Inc., United Technologies Corporation, Johnson Controls Inc., Ingersoll-Rand PLC and other 10 more companies’ detailed information is provided in research report.
Rising research and development expenses to address the changing demand of end users, similarly, growth strategies such as Collaboration between top players like Honeywell and Huawei for developing the smart building projects were adopted. ADT, Vivint, Comcast and AT&T from America and eQ-3, RWE, Verisure and Loxone from Europe are the new entrants which have already established their business in developing smart homes. This suggests that there are growth opportunities for new entrants in the smart home Industry.
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SWOT analysis of Smart Home Market
Strength:
Technological advancements in different segments like self-monitored security systems for smart homes
Government grants provided to promote green buildings and eco-system
Weakness:
The high cost of switching from existing devices to updated ones
Opportunities:
Smart Homes provide opportunities for lateral growth to various sub-segments like lighting controllers and in-built data-connectivity technology
Threats:
Device maintenance issues for the product such as UV purifier and humidifier for smart home
Segmentation done on the basis of Application includes Security & Access, Lighting Control, Heating Ventilation & Air Conditioning, Smart Kitchen, Home Healthcare, Home Appliances, Entertainment of which the Lighting Control segment is expected to hold the highest Industry share during the forecast period. This is increasing due to the investment of government in a smart city project. Peer-to-peer connections between devices for the autonomous functioning of devices are created by this lighting controller.
By Software
• Proactive
• Behavioral
By Application
• Security & Access
• Lighting Control
• Heating Ventilation & Air Conditioning
• Smart Kitchen
• Home Healthcare
• Home Appliances
• Entertainment
By Region
North America
• USA
• Canada
Europe
• Germany
• U.K.
• France
• Italy
• Rest of Europe
APAC
• China
• India
• Japan
• Rest of Asia-Pacific
RoW
• Latin America
• Middle East & Africa
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