Smart Home Market worth $151.4 billion by 2024 growing with CAGR 12.02%

TelAve News/10585264
According to the new research report "Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture), Software & Services, and Region - Global Forecast to 2024", the overall smart home market is expected to grow from USD 76.6 billion in 2018 to USD 151.4 billion by 2024, at a CAGR of 12.0%. The growth of the smart home market.

Browse 100 market data Tables and 65 Figures spread through 255 Pages and in-depth TOC on Smart Home Market

"Smart speakers likely to grow at a high rate during the forecast period"

Smart speaker is a wireless speaker enabled by Bluetooth, Wi-Fi, or other wireless protocols and powered by virtual assistant, which is driven by artificial intelligence. There has been continuous increase in demand for smart speakers, especially in smart homes, owing to increasing consumer demand for advanced and multifunctional devices. Moreover, the proliferation of smartphones has enabled the development of applications to stream music to a specific device, thus fueling the demand for smart speakers. The market for smart speaker market is primarily expected to be driven by the increased adoption of smart homes, high disposable income, the popular trend of personalization, and the rapid proliferation of multifunctional devices. Factors such as increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to provide opportunities to smart speaker providers.  Further, recent developments in artificial intelligence and natural language processing to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart homes.

• Download Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=121

"The market for proactive type software and services to grow at a higher rate during the forecast period"

The software and services pertaining to smart homes enable users to control smart appliances and devices installed in their homes. There is high competition between the software and service providers in the smart home market, which revolves around developing technically advanced and user-friendly software solutions as well as providing improved and real-time services to customers, on the back of the growing awareness about reducing energy consumption within households. Moreover, the environmental regulations implemented by government bodies in most countries, both developed and developing, are further driving the rate of smart home installations. The software and service industry is generating huge revenues from the installation and marketing of smart homes and is also providing services to the customers. These factors are expected to contribute to the high growth rate of the market for software and services during the forecast period.

More on TelAve News
The proactive type software and services facilitate the transmission of data, along with the best possible solutions, to end users for actions to be taken after receiving the information. The proactive type enables the transfer of a larger volume of data than the behavioral type; it can provide the inputs to end users regarding effective energy usage and required actions on the physical parameters to reduce energy consumption. Proactive solutions are more beneficial than the behavioral type as they can also send recommendation signals to end users to take necessary actions to reduce energy consumption; further, based on the user's actions, measures to control electronic devices can be implemented. Owing to these advantages, the market for proactive type software and services is expected to grow at a higher rate during the forecast period.

"APAC expected to grow at a high rate during the forecast period"

APAC region is witnessing significant growth due to a few new residential projects and efforts for strengthening building infrastructure at a significant rate. There is a considerable demand for smart homes in the APAC countries, such as Japan, South Korea, China, and Rest of APAC (RoAPAC). Currently, South Korea is considered a huge market for smart home systems owing to the high demand for various control devices pertaining to lighting control and entertainment control in the country. The overall smart home market in APAC has high growth potential, primarily driven by strong economic growth, rising population, and rapid urbanization, leading to a sophisticated infrastructure. Further, the major share of Japan and South Korea in the market in APAC can be attributed to their leading position in terms of technological advancements in smart homes. The market in China is expected to grow at the highest rate among other APAC countries during the forecast period, owing to the rising automation demand for many new and existing residential projects. The presence of a large base of end users in advanced economies such as China, Japan, and South Korea and the high demand for energy management systems are the major factors that are likely to fuel the demand for smart homes in the APAC region.

• Ask for Sample Pages of Report :- https://www.marketsandmarkets.com/requestsampleNew.asp?id=121

Players such as Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany) are currently dominating the smart home market. Other key players operating in the smart home space are Amazon, Inc. (US), Apple Inc. (US), Google (US), ADT (US), Robert Bosch Gmbh (Germany), ASSA ABLOY (Sweden), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland), Legrand S.A. (France), GE (US), Comcast Corp. (US), Hubbell Inc. (US), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony (Japan), Control4 Corp. (US), Lutron Electronics Co. Inc. (US), Vivint (US), and Axis Communication AB (Sweden), among others. Almost all companies, including key players, have adopted a few major strategies such as product developments and launches, mergers and acquisitions, and partnerships and collaborations to grow in the smart home market.

More on TelAve News
About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.comstats
Show All News | Report Violation

0 Comments
1000 characters max.

Latest on TelAve News