A smart home is a comprehensive concept that refers to a variety of home devices connected to the Internet, such as wearable devices, fashion accessories, and electronic devices. Smart homes not only take over basic functions such as turning off lights, darkening, and closing curtains, but also perform complex functions such as automatically illuminating evacuation routes in the event of a fire alarm. I can do it. Connectivity has become a high-end novelty for a variety of home devices such as security cameras, utility meters, and thermostats. Over the next few years, connectivity will evolve into a more ubiquitous trend and become the standard built into virtually all appliances and devices. By accessing household products from a remote location, users can keep their home lights on. You can also monitor all the activities of the house through the video surveillance system
According to a market report published by Bizwit Research & Consulting, LLP, the Global Smart home market is valued at approximately USD 79.1 billion in 2020 and is anticipated to grow with a healthy Global Smart home market growth rate of nearly 11.38% over the forecast period 2021-2027.
The key factors driving the demand for Smart Homes in the forecasted period are the increasing number of internet users, surging use of voice-enabled digital assistants, and growing significance of home monitoring in remote locations, However, the High cost of installation and replacement is likely to impede the market growth, whereas Increasing Disposable Income and rise in Consumer Spendings and Increasing demand for energy-efficient and low carbon emission-oriented solutions will offer lucrative growth opportunities for Smart Home market in the forecasted period.
The surging use of voice-enabled digital assistant devices across the globe is the factor driving the growth of the market over the forecast years. According to Statista, the number of digital voice assistants in use worldwide was over 3.25 billion in 2019 and is projected to increase to 8.40 billion by 2024. Within device control applications, the smart home device manufacturers are integrating smart devices with voice-enabled digital assistant applications through AI and natural language processing which can easily be accessed by a single cloud platform. Therefore, rapid growth in the use of voice-enable digital assistant devices across the globe is propelling the growth of the smart home market over the forecast years.
Global Smart Home Market Size study, by Product (Lighting Control, Security and Access Control, HVAC Control, Entertainment, and Other Controls, Home Healthcare, Smart Kitchen, Home Appliances, Smart Furniture), By Software and Service (Proactive, Behavioural), and Regional Forecasts 2021-2027
The total market revenue is calculated based on revenue generated through the sales of products such as Lighting Control, Security and Access Control, HVAC Control, Entertainment, and Other Controls, Home Healthcare, Smart Kitchen, Home Appliances, Smart Furniture. Else, revenue generated through repair, maintenance, and resale of these products is excluded from the report. Major companies covered under the report are Johnson Controls International, Samsung Electronics, Schneider Electric, Reside technologies, Inc., Siemens AG, Amazon, Inc., Apple Inc., Google, ADT, Robert Bosch Gmbh. and other popular regional players across various countries are also considered for revenue calculation.
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