Smart Homes Market is forecast to reach $135.3 billion by 2026, growing at a CAGR of 11.9% from 2021 to 2026. The Smart Homes market is estimated to witness substantial growth over the forecast period primarily due to the increase in adoption of internet users and the growing adoption of smart devices is driving the market growth of smart-homes market. A smart-home is a residence that uses internet-connected devices to enable the remote monitoring and management of appliances and systems such as smart lighting and heating. The advantage of smart homes is energy efficiency, customization and ease of use. Smart home technology requires a Smartphone application or web portal as a user interface to interact with an automated system. The Smart Homes Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
The top 5 players in the Smart Homes industry are –
1. ABB Ltd.
2. ASSA ABLOY
3. Ingersoll-Rand PLC
4. Legr and S.A.
5. Comcast Corporation
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1. The market segment by product into lighting control, security and access control, HVAC control, entertainment and other controls. The leading segment in terms of revenue is security followed by lighting control which is due to organized players such as Zicom, Honeywell and Bosch leads the market in this segment.
2. The rapid urbanization, continuous increase in the population and strong economic growth is encouraging customers towards advanced infrastructure which is driving the market growth in Asia-Pacific. China, one of the largest smart homes market in Asia-Pacific is focusing on advanced technological development to capture the changing demands of the customers which will further increase the market growth.
3. The smart homes market by technology has been segmented into cellular network, protocols and standards and wireless communication technologies. Wireless communication technologies are the leading segment in terms of revenue due to the development of technologies, applications and markets.
Lighting Control, Security and access control, HVAC Control, Entertainment
Cellular Network, Protocols and Standards and Wireless Communication Technologies
North America, Europe, Asia-Pacific, South America and Rest of World
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Market Drivers and Challenges:
1. Increase in adoption of smart devices for conservation of energy to boost market growth smart: Home Systems and Devices help save energy by allowing the user to monitor and control energy usage in new ways.
2. Increase in number of internet users and the growing adoption of smart devices: Adoption of smart devices is one of the major factors driving the market growth of smart homes.
3. Lack of Interoperability: Interoperability is the one of the biggest problem in smart home technology.
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A. Smart Home Automation Market
B. Smart Lighting Market
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