The global smart home market pegged USD 35.4 billion in 2017 and is further anticipated to become USD 89.9 billion by 2024. The market is further expected to witness a CAGR of 14.2% during the forecast period. The market is increasing every year due to constant evolution in technology globally.
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Furthermore, these features of the technology are expanding the demand for smart home systems in the urban spaces specifically among the households in the middle income category that is exaggerating the growth of global smart home market. However, it has been observed that the disputes associated to privacy and security breach are the major factors that are hampering the growth of global smart home market.
On the basis of product, the smart home market is segmented into lighting control system, home entertainment system, smart home appliance, HVAC control, smart home healthcare, and security & access control. Among all these segments it has been observed that the lighting control system is one of the major product category that is contributing the revenue of approximately $7.2 billion in 2017 due to its extensive advantage of reducing the energy demand at home.
Furthermore, Asia-Pacific is expected to witness fastest growth of xx% in smart home market. The manufacturers are continuously upgrading its technology in order to make the life of users efficient and convenient for its users. Additionally, there are several initiatives undertaken by the different government and non-government authorities to help the consumers in utilizing innovative technology and ensure secure, convenient and safe environment for them.
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Globally industry players of global smart home market are leveraging market growth by providing several automation products such as MES and DCS. The key players are establishing connected devices and are offering M2 smart solutions and services to the users.
Some of the key players in the global smart home market include Honeywell International Inc., Siemens AG, Schneider Electric SE, Johnson Controls Inc., Samsung Electronics Co. Ltd., Legrand, ABB Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., United Technologies Corporation, Ingersoll Rand PLC and Nest Labs Inc.
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