Smart Home Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

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.

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.

Smart Home Report Scope