The global smart homes market
is envisaged in a report by Transparency Market Research (TMR) to
witness a moderate degree of competition due to the presence of a small
number of players. However, the factor of high profitability could
encourage more players to enter the global smart homes market during the
forecast period 2017-2025. Merger and acquisition and constant
improvement of product portfolio are expected to see high adoption among
players to gain a stronger share of the global smart homes market. Some
of the leading players of the global smart homes market are Schneider
Electric SE, Johnson Controls, Inc., and Honeywell International, Inc.
TMR envisions the global smart homes
market to post a 14.6% CAGR to reach a US$97.61 bn in valuation by 2025.
In 2016, the global smart homes market was valued at a US$30.02 bn.
Among applications, HVAC control could bag a colossal share of the
global smart homes market by the end of the forecast period. In 2016, it
collected a 27.2% share of the global smart homes market. From a
geographical standpoint, the smart homes market is foreseen to find
North America taking its command in terms of revenue growth. In 2016,
the regional smart homes market accounted for a 38.7% share.
Rising Need to Save Energy and Enable Automation at Homes to Boost Growth
The global smart homes market is
predicted to gain momentum in its growth because of the rising adoption
of IoT. Urban populations showing an increasing inclination toward home
automation for saving energy could set the tone for valuable growth in
the global smart homes market. On the other hand, reducing prices of
processors and sensors is expected to improve the demand in the global
smart homes market. The growing need to improve home security, high
focus on enabling ease of living, and rising disposable income of people
could create several opportunities in the global smart homes market.
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The advent of high-speed internet and
increasing demand for Wi-Fi connectivity are prophesied to provide a
fillip to the global smart homes market. Besides North America, Europe
could witness a strong rise in the demand for smart homes owing the need
to reduce energy consumption and presence of a significant count of
industries in the region.
Extortionate Cost of Smart Home Services to Provide Headwinds to Market
The requirement of constant maintenance
and expensive cost of various tools and services are forecast to hamper
the demand for smart homes. Rising number of privacy issues and cases of
security breach could make up another factor dampening the growth of
the global smart homes market. However, improving adoption of power line
communication technology is prognosticated to bolster the global smart
homes market. On the other hand, the need to improve energy efficiency
and enhance entertainment, security, lighting controls, and other
applications in residences could augment the demand in the global smart
homes market.
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