GLOBAL SMART HOME MARKET FORECAST 2019-2027

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GLOBAL SMART HOME MARKET FORECAST 2019-2027

The global smart home market is estimated to grow with 14.75% CAGR during the year 2019 – 2027. A smart home is a convenient home setup where appliances and devices can be automatically controlled remotely from any internet-connected place in the world using a mobile or any other networked device. A smart home has its devices interconnected through the internet, and the user can control functions such as security access to the home, temperature, lighting and home theatre.

GLOBAL SMART HOMES MARKET FORECAST 2019-2027

Global Smart Home Market by Products(Security, HVAC, Lighting Controller, Entertainment, Energy Management, Home Health, Others) by Services (Installation and Repair, Customization) & by Geography

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A smart home is a convenient home setup where appliances and devices can be automatically controlled remotely from any internet-connected place in the world using a mobile or any other networked device. A smart home has its devices interconnected through the internet, and the user can control functions such as security access to the home, temperature, lighting and home theatre. Related terms include “home auto0mation” and “smart building”. The global smart home market is estimated to grow with 14.75% CAGR during the year 2019 – 2027.  The base year considered for the study is 2018 and the estimated period is between 2019 and 2027. The growth of this market is driven by the following factors:

  • Swelling aging populace
  • Increased crime rates
  • Initiatives by the government
  • Intensifying adoption tariffs
  • Growing urbanization & infrastructure projects

Global Smart Home Market Analysis

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The important driver increasing growth in the global smart home market is the growing urbanization and infrastructure projects. The rapid urbanization has led to various challenges, such as high cost of living, rising levels of pollution, increased crime rates, massive investment in infrastructure requirements, and exponential growth of data. These challenges have increased the demand for the smart home market. The implementation of smart city projects and the need to create a connected infrastructure are boosting the growth of the smart home market. The infrastructural growth is also driving the market growth in developing regions. Urbanization and infrastructure thus form the base over which the smart home market will grow. By 2030, urban areas are expected to house XX% of the world population. This will also mean a good opportunity for smart home product developers.

The fastest growing segment is energy management. Energy management in smart homes is gaining popularity due to an increase in electricity costs across the globe and other environmental issues. Energy management helps to cut down electricity expenses and carbon emission. The smart energy management system works in such a manner that electricity is utilized according to its price throughout the day. For example, in the United States, the energy meter instructs the user to use the washing machine and dishwasher at a time when the price of electricity is not very high and automatically controls the temperature of the house throughout the day by using the air conditioner in the low priced hours. Smart energy meters are the fastest growing segment in the smart home appliances market owing to the government initiatives in many countries, including big markets of North America and Europe.

The smart home market faces challenges like the lack of awareness, lack of common standards, the high price of smart homes products, the threat of cyber-attacks and privacy concerns. The high cost of implementing smart home solutions is a major restraint for the market. Implementation of smart home solutions involves the installation of several high-end costly devices and equipment’s, thus creating a connected environment. It is not only capital-intensive but also maintenance intensive. Hence the costs involved are too costly for many people to afford. To explain the point, presently, basic smart lighting and security products are installed in most American and European homes. However, a significant proportion of the population still finds high-end smart home devices with advanced technologies such as Bluetooth and some IP based products unaffordable.

The global smart home market segments include products and services

Market by product

  • Security
  • Heating, ventilation, and air conditioning (HVAC)
  • Lighting controllers
  • Entertainment
  • Energy management
  • Home health
  • Others

Market by service 

  • Installation & repair
  • Customization

On the basis of geography, the global smart home market has been segmented into four major regions

The Asia Pacific is the fastest growing regional market. This region contains a list of emerging economies. Apart from this, it is also the largest region by population. Countries like India and China are the fastest growing economies in the APAC. Also, there is rapid development and growing urbanization in this region. Hence it is estimated to grow with the fastest pace and become a market leader by 2027.

On the other hand, the North American market is dominated by the U.S. and Canada wherein U.S. constitutes around XX% of the total North American market. The major players in the smart homes market in this region are Crestron, Honeywell, AMX and Control 4.  In North America, the energy management market is the highest growing segment due to government energy management initiatives such as the installation of smart grids and smart meters.

The smart home market is segmented based on products and services.  Products are further subdivided into security, heating, ventilation, and air conditioning (HVAC), lighting controllers, entertainment, energy management, home health and others. The services are subdivided into two segments- Installation & repair, and customization.

The major market players of the global smart home market are:

  • ABB Ltd
  • Centrica Connected Home Limited
  • Control4 Corporation
  • Crestron Electronics
  • Emerson electric co.
  • Honeywell International
  • Johnson Controls, Inc.

Company profiles cover analysis of important players. These companies are using organic and inorganic strategies for growth. For instance, Siemens closed its Mendix acquisition, extending industry-leading digital innovation platform in October 2018. In September 2018, ABB Ltd launched ABB-free@home smart home solution in the US. Honeywell International Inc. introduced Honeywell Vector Space Sense, a software solution that shows where, when and how building spaces are used at any given point in time in September 2018. It simplifies smart home control and integration functions on one open platform. Blue Line Innovations Inc. unveiled its innovative next generation EnergyCloud platform for the residential and light commercial markets in August 2018. Centrica plc invested in Indegy as part of a £14m ($18m) funding round in August 2018.

Key findings of the global smart home market.

  • Energy management products are estimated to be the fastest growing segment by product
  • Installation & repair service to hold the largest market share
  • Asia Pacific to grow at a faster rate
  • Adoption of smart homes will rise with the growth of cloud technology
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP-DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • ENERGY MANAGEMENT PRODUCTS ARE ESTIMATED TO BE THE FASTEST GROWING SEGMENT BY PRODUCT
      • INSTALLATION & REPAIR SERVICE TO HOLD THE LARGEST MARKET SHARE
      • ASIA PACIFIC TO GROW AT A FASTER RATE
      • ADOPTION OF SMART HOMES WILL RISE WITH GROWTH OF CLOUD TECHNOLOGY
  1. MARKET DYNAMICS
    • TIMELINE OF SMART HOME TECHNOLOGY
    • MARKET DEFINITION & SCOPE
    • MARKET DRIVERS
      • SWELLING AGEING POPULACE
      • INCREASED CRIME RATES
      • INITIATIVES BY THE GOVERNMENT
      • INTENSIFYING ADOPTION TARIFFS
      • GROWING URBANIZATION & INFRASTRUCTURE PROJECTS
    • MARKET RESTRAINTS
      • ABSENCE OF AWARENESS
      • LACK OF COMMON STANDARDS
      • HIGH PRICE OF THE SMART HOMES PRODUCTS
      • THREAT OF CYBER ATTACKS
      • PRIVACY CONCERNS
    • MARKET OPPORTUNITY
      • SMART CITY PROJECTS IN DEVELOPING COUNTRIES
      • INCREASING AWARENESS OF HOME AND PERSONAL ELECTRONIC GADGETS
      • RISING SPENDING POWER
      • GROWING INTERNET OF THINGS (IOT) APPLICATIONS
    • MARKET CHALLENGES
      • ANXIETIES ABOUT CONSUMER DATA PRIVACY
      • COMPLEX INSTALLATION PROCEDURE OF SMART DEVICES
      • LACK OF INTEROPERABILITY
      • COMPLEXITIES IN DATA COLLECTION & MANAGEMENT
  1. MARKET BY PRODUCT
    • SECURITY
    • HEATING, VENTILATION, AND AIR CONDITIONING (HVAC)
    • LIGHTING CONTROLLERS
    • ENTERTAINMENT
    • ENERGY MANAGEMENT
    • HOME HEALTH
    • OTHERS
  2. MARKET BY SERVICE
    • INSTALLATION & REPAIR
    • CUSTOMIZATION
  3. KEY ANALYTICS
    • PORTER’S FIVE FORCE MODEL
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTES
      • BARGAINING POWER OF SUPPLIERS
      • BARGAINING POWER OF BUYERS
      • THREAT OF RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
    • VALUE CHAIN ANALYSIS
  4. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • FRANCE
      • GERMANY
      • SPAIN
      • ITALY
      • REST OF EUROPE
    • ASIA PACIFIC
      • INDIA
      • CHINA
      • JAPAN
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & NORTH AFRICA
      • REST OF AFRICA
  1. COMPANY PROFILES
    • ABB Ltd.
    • BLUE LINE INNOVATIONS INC
    • CENTRICA CONNECTED HOME LIMITED
    • CENTURY TECHNOLOGIES CORP
    • CONTROL4 CORPORATION
    • CRESTRON ELECTRONICS INC
    • EE LIMITED
    • EMERSON ELECTRIC CO.
    • HONEYWELL INTERNATIONAL INC.
    • JOHNSON CONTROLS, INC.
    • LG ELECTRONICS, INC.
    • SAMSUNG ELECTRONICS CO., LTD.
    • SCHNEIDER ELECTRIC SE
    • SIEMENS AG
    • SOLATUBE INTERNATIONAL INC
    • UNITED TECHNOLOGIES CORPORATION
    • VODAFONE GROUP PLC

TABLE LIST

TABLE 1:      TECHNOLOGIES USED IN A HOME AREA NETWORK

TABLE 2:      GLOBAL SMART HOME MARKET, BY TYPE, 2019-2027, (IN $ MILLION)

TABLE 3:      GLOBAL SECURITY SMART HOME MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 4:      GLOBAL HEAT VENTILATION AND AIR CONDITIONING, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 5:      GLOBAL LIGHTING CONTROLLERS, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 6:      GLOBAL ENTERTAINMENT SMART HOME MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 7:      GLOBAL ENERGY MANAGEMENT, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 8:      GLOBAL HOME HEALTH MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 9:      GLOBAL OTHER SMART HOME MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 10:    GLOBAL SMART HOME MARKET, BY SERVICES, 2019-2027, (IN $ MILLION)

TABLE 11:    GLOBAL INSTALLATION & REPAIR MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 12:    GLOBAL CUSTOMIZATION MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 13:    OPPORTUNITY MATRIX

TABLE 14:    VENDOR LANDSCAPE

TABLE 15:    GLOBAL SMART HOMEMARKET, BY GEOGRAPHY, 2019-2027, (IN $ MILLION)

TABLE 16:    NORTH AMERICA SMART HOMEMARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 17:    EUROPE SMART HOMEMARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 18:    ASIA PACIFIC SMART HOMEMARKET, BY COUNTRY, 2019-2027 (IN $ MILLION

TABLE 19:    REST OF WORLD SMART HOMEMARKET, BY REGION, 2019-2027 (IN $ MILLION)

FIGURE LIST

FIGURE 1:    ASIA PACIFIC SMART HOMES MARKET 2019-2027 IN MILLION

FIGURE 2:    TIMELINE OF SMART HOME TECHNOLOGY

FIGURE 3:    KEY COUNTRIES BY CRIME INDEX

FIGURE 4:    PERCENTAGE OF URBAN POPULATION ACROSS MAJOR GEOGRAPHIES, 2017

FIGURE 5:    KEY COUNTRIES AFFECTED BY CYBERCRIME

FIGURE 6:    GLOBAL SMART HOME PRODUCT MARKET, BY SECURITY, 2019-2027 (IN $ MILLION)

FIGURE 7:    GLOBAL SMART HOME MARKET, BY HEATING VENTILATION AND AIR CONDITIONING, 2019-2027 (IN $ MILLION)

FIGURE 8:    GLOBAL SMART HOME MARKET, BY LIGHTING CONTROLLERS, 2019-2027 (IN $ MILLION)

FIGURE 9:    GLOBAL SMART HOME MARKET, BY ENTERTAINMENT, 2019-2027 (IN $ MILLION)

FIGURE 10:  GLOBAL SMART HOME MARKET, BY ENERGY MANAGEMENT, 2019-2027 (IN $ MILLION)

FIGURE 11:  GLOBAL SMART HOME MARKET, BY HOME HEALTH, 2019-2027 (IN $ MILLION)

FIGURE 12:  GLOBAL OTHER SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 13:  GLOBAL SMART HOME MARKET, BY INSTALLATION & REPAIR, 2019-2027 (IN $ MILLION)

FIGURE 14:  GLOBAL SMART HOME MARKET, BY CUSTOMIZATION, 2019-2027 (IN $ MILLION)

FIGURE 15:  PORTER’S FIVE FORCE ANALYSIS

FIGURE 16:  VALUE CHAIN ANALYSIS

FIGURE 17:  GLOBAL SMART HOME MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)

FIGURE 18:  UNITED STATES SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 19:  CANADA SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 20:  UNITED KINGDOM SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 21:  FRANCE SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 22:  GERMANY SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 23:  SPAIN SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 24:  ITALY SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 25:  REST OF EUROPE SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 26:  INDIA SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 27:  CHINA SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 28:  JAPAN SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 29:  SOUTH KOREA SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 30:  AUSTRALIA SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 31:  REST OF ASIA PACIFIC SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 32:  LATIN AMERICA SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 33:  MIDDLE EAST AND NORTH AFRICA SMART HOME MARKET, 2019-2027 (IN $ MILLION)

FIGURE 34:  REST OF AFRICA SMART HOME MARKET, 2019-2027 (IN $ MILLION)

  1. MARKET BY PRODUCT
    • SECURITY
    • HEATING, VENTILATION, AND AIR CONDITIONING (HVAC)
    • LIGHTING CONTROLLERS
    • ENTERTAINMENT
    • ENERGY MANAGEMENT
    • HOME HEALTH
    • OTHERS
  2. MARKET BY SERVICE
    • INSTALLATION & REPAIR
    • CUSTOMIZATION
  3. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • FRANCE
      • GERMANY
      • SPAIN
      • ITALY
      • REST OF EUROPE
    • ASIA PACIFIC
      • INDIA
      • CHINA
      • JAPAN
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & NORTH AFRICA
      • REST OF AFRICA

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