Smart Home Solutions Market Size to Grow at a Steady Rate During Forecast Period (2017-2027)
Smart home solutions are home automation techniques triggered by computing devices and information technology that connect various gadgets and instruments in the house which respond to the need of occupants. These solutions enhance the lifestyle of people considering various aspects such as comfort, security, entertainment, and convenience. Smart home solutions were initially marketed and adapted primarily for advanced security features. Eventually new areas such as energy management, entertainment, lighting, and appliances control systems evolved in the smart home solutions market.
Smart home solutions consist of switches & sensors of home appliances, security systems, and entertainment systems connected to a central hub. This central hub acts as a gateway, from which systems are controlled by a user-interface interacted either with a mobile phone app, tablet app, wall mounted terminal, and a web portal. Once manifested as the domain of luxurious and rich customers, today many people seek smart home solutions due to awareness of energy efficiency, convenience, and security.
The primary driver for smart home solutions market is that it implements advanced safety and security features such as gas leakage detectors and fire detection systems in the house. Increased awareness of energy efficiency due to rising energy cost and advancements in technology are also some important factors which results in the growth of the smart home solution market. Nowadays, with the increase in the number of working individuals in a house, a family becomes financially capable of adopting for a smart home solution, which is another driver for this market.
However, lack of technical standards is the biggest restraint for smart home solutions market. Other factors such as high initial investment, and outstretched replacement cycle of devices cause hindrance in the growth of smart home solutions market.
The smart home solutions market can be segmented on the basis of application, end-user deployment, technology and region wise. On the basis of application it is categorized as safety and security systems, energy management systems, lighting control systems, climate control systems, and home entertainment control systems. On the basis of end-user deployment, it is further segmented into residential users, commercial users, and government organizations.
Technology wise smart home solutions market can be further segmented into network technologies, wireless technologies, and communication protocols. Region wise it is sub-segmented into North America, Latin America, Asia-Pacific, Japan, Eastern Europe, Western Europe, and Middle East & Africa.
North America is one of the largest market for smart home solutions market due to an adaptability of secure and comfortable living in people. Companies such as Honeywell International Inc., Lutron Electronics Co., Inc., Crestron Electronics, Inc., CONTROL4 CORPORATION, Johnson Controls,Acuity Brands, Inc., and Nest Labs are some of the key players based in North America in smart home solutions market.
Europe is also anticipated to acquire a significant market share in smart home solutions market due to a broad range of products and technical advancement. Enterprises such as ABB Ltd., Siemens AG, Schneider Electric, Legrand, Ingersoll-Rand plc., are some majority players in smart home solutions market, based in Europe. Asia-Pacific market share in smart home solutions market is expected to grow at a considerable rate in the near future due to rise in consumer awareness and increase in technical proficiency.
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