Kenneth Research, in its repository of market research reports, have recently added a report on Smart Homes 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 Homes 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 Homes Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
The Smart Homes Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2023, 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.”
Smart homes integrate technology with our lifestyle to offer greater ease and comfort and provide enhanced benefits such as energy management and security. The latest home automation devices help to transform a house into a push button smart home that can be easily controlled with a tablet, computer, or a smartphone. Smart homes M2M deal with home automation facilities by connecting different kinds of machines and devices enabling remote monitoring and control. The technology imparts various benefits such as home care for elderly and disabled, energy efficiency, comfort, entertainment, safety and security.
According to Research, it is estimated that the Smart Homes M2M Market will witness a CAGR of 28.1% during the forecast period 2017–2023. The hypergrowth of technologies such as IoT, artificial intelligence (AI), RFID, wearables, and cloud computing are supporting the adoption of these technologies in homes. The integration of technology with home appliances is leveraging ways to save energy, time, and cost.
The high penetration of broadband network, growth in digital technology, adoption of Bluetooth and Wi-Fi, proliferation of smartphones and tablets and demand for energy efficient solutions in homes are driving the Smart Homes M2M Market growth. However, high upfront cost, lack of standards, and interoperability are acting as barriers to the market growth.
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Segmentation by Regions
The Smart Homes M2M Market has been segmented and analyzed by the following geographic regions – North America, Europe, APAC and the MEA region. Americas is the leading region for the Smart Homes M2M Market followed by Europe.
North America is the world’s most advanced smart home market with an installed base of 12.7 million smart homes at the end of 2015, which is expected to increase to around 46.2 million by the end of 2020. Nearly 70% of household in Western Europe use Wi-Fi to manage energy. However, the adoption of ZigBee is increasing with an expectation to surpass Wi-Fi by the end of 2022. It is estimated that by 2020, around 2.5 million Western European household will be equipped with a smart home controller. The APAC region is growing at a high pace due to cloud-based technology, smart city initiatives, and increased penetration of wearables, especially in India, China, and Japan. The scenario in MEA is changing and expanding the market due to increased spending on smart community projects and increased adoption of sensor technology.
Segmentation by Applications
The market has been segmented based on applications such as energy management & climate control system, healthcare system, home entertainment system, lighting control system, and security & access control system.
Segmentation by Connectivity Technologies
The Smart Homes M2M Market has been segmented by the following connectivity technologies- Wi-Fi, Bluetooth, Cellular Connectivity technologies.
The key vendors offering solutions for smart homes include Google, Honeywell, Vodafone, Samsung, and Panasonic.
Competitive benchmarking is done for the leading vendors based on key metrics- financial health, business units, business strategy etc.
The study covers and analyzes the Smart Homes M2M Market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalist in understanding the companies better and take informed decisions.
The report provides an in-depth analysis and forecast about the industry covering the following key features:
• The report not only highlights users’ conundrum (challenges and barriers to adopting smart homes M2M) but also brings in their perspective on the market
• Covers the application segments: Lighting Control, Energy Management, Climate Control, Safety and Security, Healthcare, and Others
• The market has been analyzed by considering the key regions – Americas, Europe, Asia Pacific, and MEA
• The smart homes M2M market is analyzed based on connectivity technology (wired and wireless), applications, and regions
• The report analyzes the top 10 players in terms of market reach, business strategy, and business focus
• Provides an in-depth analysis of the key business opportunities in each application and technology type
• Stakeholders’ insights and key trends (current and future) of the market
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
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