UnivDatos Market Insights released a report titled “Smart Homes Technology Market By Product (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems and Smart Energy Management), Technology (Wireless (Wi-fi Technology, Bluetooth Technology, ZigBee Technology, Z- Wave Technology and Other Wireless Technology) and Wired (Ethernet Technology, Power Line Communication, Fiber to Home Technology and Other Wired Technology)), Payment Mode (Online, Offline), End-users (Residential End-Users (Luxury Homes, Mid-Range Apartments/Homes, Assisted Homes, Low Energy Homes), Commercial End-users (Smart Hotels, Smart Hospitals, Other Commercial Buildings)) and Region (North America, Europe, Asia-Pacific and Rest of World) - Current Analysis and Forecast (2019-2025).” Smart Homes Technology Market stood at US$ 38,649.3 million in 2018 and is expected to grow at a CAGR of 23.9% during the forecasted period 2019-2025.
The major factors driving the market include increasing number of internet users, increasing importance toward the need to counter security issues, the growing importance of home monitoring in remote locations, growing need for energy-saving and low carbon emission-oriented solutions, the rapid proliferation of smartphones and smart gadgets, the introduction of innovative wireless technologies, including HVAC Controller, security and access regulators and entertainment controls, recent advancements in Internet of Things (IoT) and convenience among the general population. However, the high installation costs, rising awareness among consumers and lack of standardization are anticipated to limit hinder growth over the forecast period.
Technological Revolution Change
As technology is underpinning the revolution in the way we tend to live, the home automation and artificial intelligence are expected to offer domestic help in innovative ways including increasing standardization, machine learning, and robots in the house, in-home healthcare getting smarter, faster, more powerful networks, meaning better access to data and processing resources in the cloud. In Europe, Instabus (Installation Bus) tend to become a known smart home technology protocol for digital communication between smart devices.
COVID-19 Impact on Smart Homes Technology
The security of smart homes and buildings from cybersecurity risks has become relevant than ever amid the COVID-19 pandemic. Currently, people spend considerable time at home using smart cameras, wearables and telecommunications to remain in touch with their business, doctors, government, school, friends and family. With the quick shift to working from home, business leaders, and sales and marketing and others are navigating new terrains trying to figure out the way of effective communication for desired outcomes.
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Global Smart Homes Technology Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on product type, the market is segmented into
As devices such as phones, watches and even jewelry become smarter and smarter, people would begin to realize the benefits of owning smart appliances. The smart appliances tend to be flexible while the accommodation of new devices and appliances providing improved energy efficiency and improved appliance functionality.
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Based on technology, the market is further bifurcated into
The wireless technology is further bifurcated into Wi-Fi, Bluetooth, ZigBee, Z-wave and other wireless technologies. Smart TVs helps in connecting the internet to access content through applications, such as on-demand video and music by voice or gesture recognition.
Based on end-users, the market is fragmented into
The App-based Smart-Home technology uses the home network to communicate with the Cloud. Cloud technology is a vital part of the Internet of Things, and both have grown very popular in the last few years.
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Smart Homes Technology Market Geographical Segmentation Includes:
North America plays a leading role in the technological market due to the first-mover advantage. North America smart home market was valued at US$ 19,891.6 million in 2019 and is estimated to register reasonable compounded growth of 18% over the analyzed period owing to the increasing demand for smart devices, high penetration of smartphone & internet, and stringent regulations on energy consumption have helped North America to dominate the smart home market in the current scenario. However, the Asia-Pacific region is expected to witness the highest growth during the analyzed period owing to increasing disposable income paired with the government initiative.
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The major players targeting the market includes
These companies can pool in investment from their other business to the smart home market and come up with innovative products about the increasing demand for smart home appliances.