Smart Home Market Recent Trends, Business Overview, Application, Types, Future Growth and Forecasts 2020 – 2028


The study methodologies used to examine the Smart Home market for the forecast period, 2020 – 2028 further classifies the industry by type, geography, end-use and end-user to add more precision and bring to light factors responsible for augmenting business development.

The global smart home market size is expected to reach USD 184.10 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need for improved energy efficiency in homes to minimize energy bills and carbon emissions. Consumers are increasingly adopting smart home systems as these allow monitoring and control of energy usage more efficiently. Home automation systems allow homeowners to control their appliances with the help of smartphone apps and eliminate power consumption of unattended appliances and devices when not in use. The ability of home automation system to monitor electricity consumption helps in minimizing energy bills through more efficient usage of appliances.

The industry experts have left no stone unturned to identify the major factors influencing the development rate of the Smart Home industry including various opportunities and gaps. A thorough analysis of the micro markets with regards to the growth trends in each category makes the overall study interesting. When studying the micro markets the researchers also dig deep into their future prospect and contribution to the Smart Home industry.

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Some Key Highlights From the Report

In August 2020, Google announced that it had taken an investment stake in alarm company ADT and also signed a deal to tie ADT’s installer network to the Google ecosystem of smart home products. The deal is expected to help Google by bringing professional installers into the homes of consumers to resell and install Google’s products and also help ADT by giving it a lower cost-cost security offering. 

Behavioral segment accounted for largest revenue share in 2020. Behavioral software and service is increasingly utilized in smart homes as it helps in increasing energy efficiency of homes and minimizes energy bills based on behavioral data analysis.

Entertainment control segment revenue is expected to expand at a rapid CAGR during the forecast period. Rising disposable income among consumers in developing countries is boosting demand for volume & multimedia controls, and home theater system controls.

North America accounted for largest revenue share contribution to the global smart home market in 2020. Rising adoption of smart home technology to increase energy efficiency and minimize energy bills is expected to drive market growth during the forecast period.

Key players in the market include Honeywell, Siemens, Johnson Controls, Schneider Electric, Amazon, Apple Inc., ADT Security Services, Robert Bosch, Assa Abloy, and ABB.

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Regional scope: – North America; Europe; Asia Pacific; Central & South America; MEA

Emergen Research has segmented the Smart Home market on the basis of machinery type, packaging type, end-use, application, and region:

Software and Service Outlook (Revenue, USD Billion; 2018–2028)

Behavioral

Proactive

Product Outlook (Revenue, USD Billion; 2018–2028)

Energy Management

Lighting Systems

Security & Surveillance

HVAC Control

Entertainment Control

Others

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The subject matter experts conducting the study offer a deep understanding of how prominent leaders have managed to navigate the potential buyers and competitive dynamics influencing their brand positioning in the industry The Smart Home market analysis provides everything a business owner needs in order to succeed.

Key questions answered in the report

What will be the market size in terms of value and volume in the next five years?

Which segment is currently leading the market?

In which region will the market find its highest growth?

Which players will take the lead in the market?

What are the key drivers and restraints of the market’s growth?

Research Methodology

Data triangulation and market breakdown

Research assumptions Research data including primary and secondary data

Primary data includes breakdown of primaries and key industry insights

Secondary data includes key data from secondary sources

The Smart Home report highlights set of information related to pricing and the category of customers who are more than willing to pay for certain products and services. The information on opportunities as well as product features, determine which offerings or benefits command sale and identify the communications channels used by the  market leaders to create premium positioning strategies  as well as attract broadest share.

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Table of content:

Chapter 1. Methodology & Sources

    1.1. Market Definition

    1.2. Research Scope

    1.3. Methodology

    1.4. Research Sources

          1.4.1. Primary

          1.4.2. Secondary

          1.4.3. Paid Sources

    1.5. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2019-2027

Chapter 3. Key Insights

Chapter 4. Smart Home Market Segmentation & Impact Analysis

    4.1. Smart Home Market Material Segmentation Analysis

    4.2. Industrial Outlook

          4.2.1. Market indicators analysis

          4.2.2. Market drivers analysis

                    4.2.2.1. Growing demand for growing medicinal application

                    4.2.2.2. Rising legalization of Smart Home

                    4.2.2.3. Technological advancement in product invention

          4.2.3. Market restraints analysis

                    4.2.3.1. The complex regulatory framework for the usage of Smart Home

    4.3. Technological Insights

    4.4. Regulatory Framework

    4.5. Porter’s Five Forces Analysis

    4.6. Competitive Metric Space Analysis

    4.7. Price trend Analysis

    4.8. Covid-19 Impact Analysis

Continued…

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