Smart Home Market is Expected to Reach $107.4 Billion by 2023
IRVING, Texas, January 17, 2018 (Newswire.com) - According to a new market report published by Lucintel, the future of the smart home market looks attractive with opportunities in the home safety and security, appliance, entertainment, lighting, HVAC, healthcare, and kitchen applications. The global smart home market is expected to reach an estimated $107.4 billion by 2023 with a CAGR of 9.5% from 2018 to 2023. The major growth drivers for this market are increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience, and the growing adoption of cloud-based technologies.
Browse 87 market data tables and 82 figures spread through 169 pages and in-depth TOC on “Global Smart Home Market" http://www.lucintel.com/smart-home-market-2018-2023.aspx
In this market, safety and security, home appliance, kitchen appliance, entertainment control, lighting control, HVAC control, and smart healthcare are the major applications. Lucintel forecasts that the safety and security market is expected to remain the largest segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The entertainment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing need of advanced technology that can provide a single platform for high level of control, flexibility, and deliver the best entertainment experience.
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Within the smart home market, the wireless segment is expected to remain the largest technology. It is also expected to witness the highest growth over the forecast period due to the increasing demand for Zigbee in healthcare, safety and security applications to support remote monitoring facilities, and consumer comfort and convenience enhancement.
Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the increasing adoption of cloud based technologies and increasing awareness related to safety and security. Increasing population, urbanization, rising standard of living, and increasing government expenditure on smart cities will further spur the growth in this region.
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Emerging trends, which have a direct impact on the dynamics of the industry, include development of voice assistant technology for high-end automated households, emergence of air quality sensor devices that measure volatile organic compounds (VOCs), and growing adoption of video enabled drones. Honeywell, Johnson & Johnson ADT Corporation, Control4 Corporation, United Technologies Corporation, Siemens AG, Philips, Acuity Brands, and Vivint Inc. are among the major smart home providers.
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The study includes a forecast for the global smart home market by application, product and service, technology, and region as follows:
By Application [$M shipment analysis from 2012 to 2023]:
· Safety and Security
· Home Appliance
· Entertainment
· Lighting
· HVAC
· Home Healthcare
· Smart Kitchen
· Others
By Product and Service Type [$M shipment analysis from 2012 to 2023]:
· Product
· Service
By Technology Type [$M shipment analysis from 2012 to 2023]:
· Protocols & Standards
– BACnet
– Lonworks
– DALI
– Modbus
– KNX
– Others
· Wireless
– Zigbee
– Wi-Fi
– Bluetooth
– EnOcean
– Z-Wave
– Others
By Region [$M shipment analysis for 2012 – 2023]:
· North America
– United States
– Canada
– Mexico
· Europe
– United Kingdom
– Germany
– France
· Asia Pacific
– Japan
– China
– South Korea
– India
· The Rest of the World
This 169-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com
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This report answers following 11 key questions:
Q.1 What are some of the most promising, high-growth opportunities for the global smart home market by application (safety and security, home appliance, entertainment control, lighting, HVAC control, home healthcare, smart kitchen, and others), by type (product and service) by technology (protocols & standards and wireless), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?
Q.11 What M&A activity has occurred in the last 5 years?
Source: Lucintel