Smart Homes Market by Product, Technology, Development, Growth and Demand Forecast to 2023
Global smart homes market is
projected to reach $70,208.6 million by 2023, growing at a CAGR above 14%
during 2017 - 2023.
Due to increasing internet penetration globally, and significant
growth in automation technologies such as internet of things (IoT), the global
smart homes market is gaining huge traction. Furthermore, recent developments
in home automation technologies have resulted in drop in prices of sensors and
processors, which are contributing to the growth of global smart homes market.
Technology manufacturers investing and promoting automation in residential and
household sector are also expected to back the global market growth.
In addition, the rapid growth in global smart homes market is also
attributable to the increase in demand for smart home appliances. Adoption of
advanced electronic technology enables various household appliances, such as
refrigerators, dishwashers, and washing machines, to operate smartly and with
low energy wastage, on account of which growth in global market for smart homes
is anticipated during the forecast period.
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Geographically, North America has been the largest market for
smart homes; whereas, the market is expected to witness the fastest growth in
Asia-Pacific, during the forecast period. The anticipated high growth in
Asia-Pacific can be attributed to factors such as advancement in home
automation technologies, rapid growth in industry digitalization, new
technological developments in telecom industry, along with setting up of
advanced hardware and software manufacturing units, and increasing adoption of
data analytics across industries in the region.
The research states that the
global smart homes market is moderately competitive, with players investing in
advanced research & development of new home automation solutions. Some of
the key players operating in the global smart homes market are Honeywell
International Inc., Siemens AG, Schneider Electric SE, ABB Limited, Johnson
Controls Inc., Samsung Electronics Co. Ltd., United Technology Corporation, and
Cisco Systems Inc.
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