Smart Home Market Report: Trends, Forecast and Competitive Analysis By 2028

Smart Home Market Report: Trends, Forecast and Competitive Analysis By 2028

A smart home is a resident wheresmart devices such as lightings, appliances, air conditioner,
smart TV, computers,  video system and camera are connected internally that are capable to communicate with one another and controlled remotely.This technology is also referred as home automation where the devices can be operated bycomputing devices (mobile phone, computer or tabs)for owners comfort and convenience.

Smart home market technology comprises of monitors and sensors; these are connected with internet of things (IoT), which enables devices to operate together sharing resident’s data among themselves to automate the actions.

A basic smart home consists of smart lighting and automated thermostat, whereas advanced smart home consist devices such as smart blinds, smart refrigerator and other, smart blinds can be programmed in a way that it will open slowly in the morning to wake up resident in natural light.
Smart home implements advanced security and safety features such as  fire detection systems gas leakage detectors in the house also rising awareness of energy efficiency due to rising energy cost and increasing disposal income as there is increase in the number of working individuals’with good pay so residents are capable of adopting for a smart home solution, which is driving the smart home market and also  advancements in technology such as cloud and IoT are also some important factors which results in the growth of the smart home market.However, high initial cost coupled lack of technological standardization of the devices can be the major restraints of smart home market.
The rapid development in the field of internet of things (IoT) has decrease the price of processors and sensors which are encourage manufacturers to develop smart devices.

The smart home market is classified based on region and application. On the basis of application the smart home market is segmentedinto lighting control, HVAC control, security and access control, entertainment control. Rising demand for energy efficiency and need for energy efficient devices are the major factors for the growth of HVAC control system in the coming years. Followed by HVAC control system, lighting control system will dominate the smart home market as there is need to reduce the consumption of light and power, the lighting system can manage the intensity of the light based on the available natural light, the lights can be turned off at late night to reduce the consumption of light.

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On the basis of region the market is segmented into North America, Latin America, Europe, Asia Pacific and rest of the world. North America is expected to dominate the market in the forthcoming year as thereis rising demand for smart appliances and devices for homein this region. Followed by North America, Europe is anticipated to hold major share of the market. Asia Pacific market is also likely to grow in the forthcoming year as there are new residential projects and strengthening of building infrastructure at higher rate.

Top players of the smart home market are Honeywell International Inc., Schneider Electric SE, ABB Ltd., Johnson Controls Inc., Siemens AG, Samsung Electronics Co., United Technologies Corporation, Emerson Electric Company, Ltd., LG Electronics Inc., and Crestron Electronics, Inc.

Key developments of players:
• Honeywell setting up to introduce Smart Home Security System, which is aall-in-one security solution; it is simple to set up and allows consumers to be aware of what’s happening in and around their homes.
• ABB-free@home® has been installed in a large number of private homes in Denmark.
• Consumer Technology Association (CTA) has awarded Johnson control’s GLAS smart thermostat for design and engineering excellence with CES Innovation Award.

The smart home market is classified based on region and application

On the basis of application
• Lighting control
• Hvac control
• Security and access control
• Entertainment control
On the basis of region
• North america
• Latin america
• Europe
• Asia pacific
• Rest of the world

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