Smart Home Market Updates by 2031
Smart homes use local networking or distant devices to automate the control of all types of home appliances and other domestic amenities. Smart homes are becoming more popular as people become more aware of the importance of theft protection and energy conservation. Furthermore, one of the key reasons for North America's supremacy in the region, which is followed by Europe and Asia Pacific, is the rapid adoption of technologies and growing awareness among people in developed countries.
MARKET SCOPE
The "Global Smart Home Market Analysis to 2031" is a specialized and in-depth study of the electronics and semiconductor industry with a special focus on the global market trend analysis. The report aims to provide an overview of the smart home market with detailed market segmentation product, application, and geography. The report provides key statistics on the market status of the leading smart home market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on product, the global smart home market is segmented into sensors, user interface devices, controllers, actuators, networking products, and others.
- On the basis of application, the market is segmented into HVAC control, security and access control, lighting control, entertainment control, and others.
MARKET DYNAMICS
Drivers:
- An increasing number of internet users and the growing adoption of smart devices.
- Rising disposable income of the individuals is likely to augment the growth of the smart home market.
Restraints
- High costs of switching for existing smart device consumers.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart home market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart home market in these regions.
IMPACT OF COVID-19 ON SMART HOME MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart home market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart home market in these regions.
IMPACT OF COVID-19 ON SMART HOME MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the smart home market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from smart home market are anticipated to lucrative growth opportunities in the future with the rising demand for smart home in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the smart home market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- ABB Ltd.
- Acuity Brands, Inc.
- Crestron Electronics, Inc.
- Honeywell International Inc.
- Hubbell Incorporated
- Johnson Controls International PLC
- Legrand SA
- Samsung Electronics Co Ltd
- Schneider Electric SE
- Siemens AG
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Smart Home Market - By Product
1.3.2 Smart Home Market - By Application
1.3.3 Smart Home Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SMART HOME MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. SMART HOME MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. SMART HOME MARKET - GLOBAL MARKET ANALYSIS
6.1. SMART HOME - GLOBAL MARKET OVERVIEW
6.2. SMART HOME - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SMART HOME MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. SENSORS
7.3.1. Overview
7.3.2. Sensors Market Forecast and Analysis
7.4. USER INTERFACE DEVICES
7.4.1. Overview
7.4.2. User interface devices Market Forecast and Analysis
7.5. CONTROLLERS
7.5.1. Overview
7.5.2. Controllers Market Forecast and Analysis
7.6. ACTUATORS
7.6.1. Overview
7.6.2. Actuators Market Forecast and Analysis
7.7. NETWORKING PRODUCTS
7.7.1. Overview
7.7.2. Networking Products Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. SMART HOME MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. SECURITY AND SURVEILLANCE SYSTEM
8.3.1. Overview
8.3.2. Security and Surveillance System Market Forecast and Analysis
8.4. ENERGY MANAGEMENT
8.4.1. Overview
8.4.2. Energy Management Market Forecast and Analysis
8.5. HVAC CONTROL
8.5.1. Overview
8.5.2. HVAC Control Market Forecast and Analysis
8.6. LIGHTING SYSTEMS
8.6.1. Overview
8.6.2. Lighting Systems Market Forecast and Analysis
8.7. ENTERTAINMENT CONTROL
8.7.1. Overview
8.7.2. Entertainment Control Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. SMART HOME MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Smart Home Market Overview
9.1.2 North America Smart Home Market Forecasts and Analysis
9.1.3 North America Smart Home Market Forecasts and Analysis - By Product
9.1.4 North America Smart Home Market Forecasts and Analysis - By Application
9.1.5 North America Smart Home Market Forecasts and Analysis - By Countries
9.1.5.1 United States Smart Home Market
9.1.5.1.1 United States Smart Home Market by Product
9.1.5.1.2 United States Smart Home Market by Application
9.1.5.2 Canada Smart Home Market
9.1.5.2.1 Canada Smart Home Market by Product
9.1.5.2.2 Canada Smart Home Market by Application
9.1.5.3 Mexico Smart Home Market
9.1.5.3.1 Mexico Smart Home Market by Product
9.1.5.3.2 Mexico Smart Home Market by Application
9.2. EUROPE
9.2.1 Europe Smart Home Market Overview
9.2.2 Europe Smart Home Market Forecasts and Analysis
9.2.3 Europe Smart Home Market Forecasts and Analysis - By Product
9.2.4 Europe Smart Home Market Forecasts and Analysis - By Application
9.2.5 Europe Smart Home Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Smart Home Market
9.2.5.1.1 Germany Smart Home Market by Product
9.2.5.1.2 Germany Smart Home Market by Application
9.2.5.2 France Smart Home Market
9.2.5.2.1 France Smart Home Market by Product
9.2.5.2.2 France Smart Home Market by Application
9.2.5.3 Italy Smart Home Market
9.2.5.3.1 Italy Smart Home Market by Product
9.2.5.3.2 Italy Smart Home Market by Application
9.2.5.4 United Kingdom Smart Home Market
9.2.5.4.1 United Kingdom Smart Home Market by Product
9.2.5.4.2 United Kingdom Smart Home Market by Application
9.2.5.5 Russia Smart Home Market
9.2.5.5.1 Russia Smart Home Market by Product
9.2.5.5.2 Russia Smart Home Market by Application
9.2.5.6 Rest of Europe Smart Home Market
9.2.5.6.1 Rest of Europe Smart Home Market by Product
9.2.5.6.2 Rest of Europe Smart Home Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Smart Home Market Overview
9.3.2 Asia-Pacific Smart Home Market Forecasts and Analysis
9.3.3 Asia-Pacific Smart Home Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Smart Home Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Smart Home Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Smart Home Market
9.3.5.1.1 Australia Smart Home Market by Product
9.3.5.1.2 Australia Smart Home Market by Application
9.3.5.2 China Smart Home Market
9.3.5.2.1 China Smart Home Market by Product
9.3.5.2.2 China Smart Home Market by Application
9.3.5.3 India Smart Home Market
9.3.5.3.1 India Smart Home Market by Product
9.3.5.3.2 India Smart Home Market by Application
9.3.5.4 Japan Smart Home Market
9.3.5.4.1 Japan Smart Home Market by Product
9.3.5.4.2 Japan Smart Home Market by Application
9.3.5.5 South Korea Smart Home Market
9.3.5.5.1 South Korea Smart Home Market by Product
9.3.5.5.2 South Korea Smart Home Market by Application
9.3.5.6 Rest of Asia-Pacific Smart Home Market
9.3.5.6.1 Rest of Asia-Pacific Smart Home Market by Product
9.3.5.6.2 Rest of Asia-Pacific Smart Home Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Smart Home Market Overview
9.4.2 Middle East and Africa Smart Home Market Forecasts and Analysis
9.4.3 Middle East and Africa Smart Home Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Smart Home Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Smart Home Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Smart Home Market
9.4.5.1.1 South Africa Smart Home Market by Product
9.4.5.1.2 South Africa Smart Home Market by Application
9.4.5.2 Saudi Arabia Smart Home Market
9.4.5.2.1 Saudi Arabia Smart Home Market by Product
9.4.5.2.2 Saudi Arabia Smart Home Market by Application
9.4.5.3 U.A.E Smart Home Market
9.4.5.3.1 U.A.E Smart Home Market by Product
9.4.5.3.2 U.A.E Smart Home Market by Application
9.4.5.4 Rest of Middle East and Africa Smart Home Market
9.4.5.4.1 Rest of Middle East and Africa Smart Home Market by Product
9.4.5.4.2 Rest of Middle East and Africa Smart Home Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Smart Home Market Overview
9.5.2 South and Central America Smart Home Market Forecasts and Analysis
9.5.3 South and Central America Smart Home Market Forecasts and Analysis - By Product
9.5.4 South and Central America Smart Home Market Forecasts and Analysis - By Application
9.5.5 South and Central America Smart Home Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Smart Home Market
9.5.5.1.1 Brazil Smart Home Market by Product
9.5.5.1.2 Brazil Smart Home Market by Application
9.5.5.2 Argentina Smart Home Market
9.5.5.2.1 Argentina Smart Home Market by Product
9.5.5.2.2 Argentina Smart Home Market by Application
9.5.5.3 Rest of South and Central America Smart Home Market
9.5.5.3.1 Rest of South and Central America Smart Home Market by Product
9.5.5.3.2 Rest of South and Central America Smart Home Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. SMART HOME MARKET, KEY COMPANY PROFILES
11.1. ABB
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ADT INC.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. ASSA ABLOY AB
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. HONEYWELL INTERNATIONAL INC
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. JOHNSON CONTROLS INTERNATIONAL PLC
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. LEGRAND
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. ROBERT BOSCH GMBH
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SCHNEIDER ELECTRIC
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SAMSUNG
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. SIEMENS AG
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. ABB
2. ADT Inc.
3. Assa Abloy AB
4. Honeywell International Inc
5. Johnson Controls International plc
6. Legrand
7. Robert Bosch GmbH
8. Schneider Electric
9. Samsung
10. Siemens AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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