Smart Home Market Heading For $US156 Billion
The global smart home devices market accounted for $US68.8 Billion in 2020 and is expected to reach $156.6 Billion by 2028, growing at a CAGR of 11.5 per cent from 2021 to 2028.
A smart device is an electronic device that can communicate with other devices or networks using various wireless protocols such as Bluetooth, Zigbee, NFC, Wi-Fi, LiFi, and 5G, among others.
The recent trends in the smart home devices market focus on artificial intelligence and automation to provide domestic assistance in a new and innovative way while ensuring that all advanced technological tools and security are in place. Face recognition technology, video doorbells, remote-controlled locks, and ultra-modern burglar alarms are some of the trending security smart home devices.
Smart home devices are connected with each other and can be controlled by using a single central point, such as a touchscreen, smart phone, tablet, desktop, or game console.
The growth of the smart home industry is fuelled by a variety of factors, including an increase in internet users, increased adoption of smart devices, rising disposable income in developed economies, and a rise in the need to save energy and decrease carbon emission.
COVID- 19 stay-at-home directives transformed the way people interacted in their homes, causing them to rearrange their living space to fulfill new functional requirements such as working and studying at home, setting up at-home gyms, and discovering new ways to relax and enjoy themselves.
The market for smart home devices is driven by the growing need to conserve electricity and reduce carbon emissions. Electricity is continually consumed by conventional devices until they are switched off. On the other hand, however, smart home devices are equipped with motion sensors that can sense the absence of people in a room for a specified period and switch off automatically, saving money and energy.
Asia Pacific region is projected to grow at a CAGR of over 12 per cent during the forecast period. This surge is due to technological advancements that resulted in the increase in the adoption of smart home devices, especially in the developing Asian countries, including China, Japan, and India, among others.
According to the report, key players in smart home devices market are Schneider Electric, Honeywell International Inc, Johnson Controls International, United Technologies Corporation, Siemens AG, Amazon Inc., Apple, Google, Samsung Electronics Co. Ltd., LG Electronics, Sony and more.