Smart Home Market Competitive Landscape and Key Regions, Research Report Forecast to 2023
- ehteshampeerzade
- Oct 30, 2020
- 3 min read
Market Highlights
The most impactful event in the tech world in recent years has been the COVID-19 outbreak, halting almost every activity worldwide. The pandemic induced lockdown has increased the prevalence of the working from home practice, with industrialists, sales & marketing teams and business leaders continuously exploring new ways to maintain effective communication to produce operational results.
The smart home market 2020 can possibly attain a tremendous valuation of USD 137.96 billion by 2023, projects Market Research Future (MRFR). It also estimated that the market can advance at a rate of 14% between 2018 and 2023 (forecast timeframe).
The latest trend of staying at home due to social distancing post SARS-CoV-2 has made everyone realize the importance of their current smart home automation solutions. MRFR thinks that the novel coronavirus has been a blessing for the DIY smart home market, given the surge in the appreciation for smart technologies and higher expenditure on technology-based services for smart homes. The COVID-19 impact has been such that people are now more likely to opt for automated solutions at their homes.
Top Boosters and Key Restraints
Trade analysts believe that the COVID-19 crisis can be a boon for online purchasing platforms, since people are homebound and are on the lookout for IoT-based products that can help them stay entertained, and also boost their smart home capabilities. Therefore, the current situation is expected to be quite favorable for the DIY smart home market in the coming time.
With the alarming surge in climate change, instability in electricity prices and the rising adoption of cloud-based technologies along with IoT are some of the top growth inducers in the smart home market. All across the globe, the need to tackle security issues has mounted significantly in recent years, fueling the need for smart home market.
With the increasing prominence of wireless technologies to avoid the mess that wires usually create and the soaring demand for energy-efficient and green product solutions also induce revenue generation in the DIY smart home market. Besides, the growing desire among consumers for safety, convenience, connectivity and security also prompts market growth.
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Regional Study
The DIY smart home market growth prospects for the period between 2017 and 2023 have been assessed in the key regions of APAC/Asia Pacific, Europe, North America, as well as RoW/Rest of the World.
Thanks to the high concentration of highly renowned companies like Nortek Inc., Nestlabs Inc. and Smartlabs Inc., the North American market has successfully clinched the top position among all regions. Moreover, the desire among people for leading an aspirational lifestyle and enjoy a high living standard, especially in Canada and the U.S, is leading to higher spending on advanced technologies such as home automation tools. The sound financial conditions of the people in the region help them pursue these interests, which results in market growth for DIY smart homes.
The persistently increasing need for home safety and the increasing compliance with strict government rules and standards have led the APAC market to great heights. The emergence of new redecoration and renovation trends also accelerates the growth rate of the DIY smart home market in developing countries like China and India. The high consumption of tablets and smartphones is also deemed to be a critical growth enhancer in the APAC market.
Segmentation:
Component, application and technology are the primary segments based on which the research on the smart home market has been conducted in the report.
With respect to component, the market segments specified in the report are software as well as services. The software segment has been narrowed down into proactive and behavioral, while the service segment has been considered for managed as well as professional service.
The application areas are security & access control, lighting control, entertainment & other control, HVAC control, smart kitchen and home appliances and home healthcare.
The technologies studied in the report are protocols, networks and wireless. The types of networks highlighted are GSM/HSPA networks, CDMA networks and LTE networks. The protocol-wise segments are KNX, Digital Addressable Lighting Interface (DALI), Ethernet, Digital Multiplexer (DMX), and others. Wireless segment covers z-wave, Zigbee, Bluetooth, Wi-Fi, and others.
Renowned Contenders
Some of the well-known contenders in the DIY smart home industry include Samsung Electronics Co., Ltd. (South Korea), United Technologies Corporation (U.S.), Nest Labs, Inc. (U.S.), Crestron Electronics Inc. (U.S.), Honeywell International Inc. (U.S.), Acuity Brands, Inc. (U.S.), Assa Abloy Group (Sweden), Johnson Controls Inc. (U.S.), Schneider Electric SE (France), and more.
Latest Developments
June 2020
Intellithings’s smart home true occupancy automation system RoomMe, will now have an extra functionality, which includes integrated back up for Hubitat and IFTTT coupled with the potential to set off the pre-configured smart home features of the supporting system.
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