Why Consumer Expectations for Smart Home Technology Are on The Rise

Smart homes are equipped with automated control of all types of home appliances and other domestic features using local networking or through remote devices. The demand for smart homes is gaining traction with the increasing awareness of protection and security from theft and energy saving. Furthermore, the rapid adoption of technologies and increasing awareness among people in developed nations in the North America market is one of the major reason for its dominance in the region followed by Europe and Asia Pacific region.

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The smart home market is anticipated to grow in the forecast period owing to driving factors such as the growing base of internet users, coupled with the rapid adoption of smart devices. Also, the rising disposable income of the individuals is likely to augment the growth of the smart home market. However, the market is more convenience-driven and less necessity-driven. This factor may restrain the growth of the smart home market during the forecast period. On the other hand, growing awareness towards healthy lifestyle and concerns about safety and security offer a lucrative opportunity to the key players operating in the smart home market.

The global smart home market is segmented on the basis of product and solution. Based on product, the market is segmented as sensors, user interface devices, controllers, actuators, networking products, and others. On the basis of the solution, the market is segmented as HVAC control, security and access control, lighting control, entertainment control, and others.

Top Key Players: 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


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