March 29, 2020
Smart Home Device

Smart Home Devices Market is set to grow with a CAGR of 20.4% during the forecast period from 2019 to 2027

The global market for smart home devices is expected to hit US$ 320,530.9 million by 2027, increasing by 20.4 per cent to CAGR during the 2019-2027 forecast.

One of the key factors accelerating the growth of the global market for smart home appliances is the favorable government policies to promote the use of smart appliances, such as energy regulations to promote smart lighting installations. In addition, the increase in crime cases has forced homeowners to implement smart security devices for continuous surveillance in order to prevent them from stealing has proven to be another important factor contributing to the significant growth of the market. Following the same trend, the global market for smart home devices is anticipated to see double-digit growth in the forecast period. In addition, the paradigm shift in lifestyles and the inclination towards the adoption of new technologies are key factors driving market growth.

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The global market for smart home devices has been classified on the basis of product type and geography. In 2018, entertainment control held the largest share of revenue on the global market for smart home devices, among other products. Growth is mainly due to the rapid adoption of smart speakers and video entertainment solutions worldwide. IoT and AI have significantly transformed entertainment solutions by incorporating advanced features such as voice control, automatic ON / OFF with sensors, wireless connectivity, and many other features. Market players such as Amazon, Comcast and Qualcomm are developing smart speakers that can detect motion and also provide health metrics by using ambient sensors in order to increase the rate of adoption of smart speakers and other entertainment controls. Some players are also developing high-end smart echo speakers to provide better sound quality.

North America was the most advanced and relatively mature market for smart home devices in 2018. The strong growth of the regional market was mainly due to the large installed smart home bases in the region, which amounted to almost 12.5 million in 2015 and is expected to be around 46.2 million in 2020, with an annual growth of 56%. The region is technically developed with surplus companies in the smart home solutions and services market, which adds an advantage to the region in the global market for smart home devices.

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The global market for smart home appliances is highly competitive and therefore seeks a significant number of mergers, acquisitions and partnerships between IoT solution providers and home appliances manufacturers and suppliers. For example, in January 2018, Alibaba, a Chinese company, signed a partnership agreement with the Taiwan-based semiconductor company MediaTek to develop smart mesh solutions for IoT applications. In addition, new start-ups of smart home devices are raising their capital to expand their business in AI and IoT solutions. In February 2018, Broadlink, a start-up based in China, raised US$ 54.4 million of capital financed by Citic Private Equity Funds Management (Citic PE). The funding will help Broadlink strengthen its footprint in the market for IoT and AI devices.

Major companies in the global smart home device market report include Signify Holding, General Electric, Whirlpool Corporation, LG Electronics, Samsung Electronics Co. Ltd., Siemens AG, United Technologies Corporation, Honeywell International, Schneider Electric SE, Assa Abloy, Amazon, Johnson Controls International, Apple Inc., Google Inc., Legrand SA, Robert Bosch GmbH, ADT, Ingersoll-Rand PLC, ABB Ltd., Hubbell Inc., and Vivint, amongst others.

Key questions answered in this report

  • What was the global market size smart home devices in 2017 & 2018?
  • What is estimated forecast and market projections up to 2027?
  • Which is largest regional market for smart home devices?
  • Which region has the largest penetration of smart home devices?
  • Which is the most preferred product type of smart home devices?
  • Which are the predominant trends shaping the global smart home devices market?
  • Which is the most promising, attractive, and less-explored region in the global smart home devices market?
  • Who are the leading vendors in the global smart home devices market?
  • What are the premiere strategies adopted by the leading manufacturers in the global smart home devices market?

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