Global Smart Homes Technology Market is expected to foresee significant growth during the forecast period. North America to witness the highest growth

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Global Smart Homes Technology Market is expected to exceed the market valuation of US$ 208 billion by 2027 expanding at a reasonable CAGR of 19.7% during the forecast period (2021-2027) from US$ 57.6 billion in 2020. Smart homes have been recognized over the decades as one of the most essential elements of intelligent environments. These are residential/commercial units that are significantly integrated with a network of interacting sensors and intelligent systems focused on modern design projects and innovative technologies.

The smart home service is an important component of smart grid usage. It is a real-time interactive response between the power grid and users, and improves the power grid’s comprehensive service capability, also realises the intelligent and interactive use of electricity, further enhances the power grid’s operating mode and the use patterns of the users to improve energy efficiency for end-users. The smart home is a residential-based platform that links different facilities across the network to meet the automation requirements of the entire system and provide more convenient control and management. It makes use of Internet of Things (IoT), computer technology, control technology, image display technology, and communication technology.

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The idea of objects being "smart" is common to most people today. Smart home technologies has provided the easy setup in which appliances and equipment like home security, appliances, temperature, lighting, and home theatre can be operated remotely from anywhere in the world via a smartphone or other networked device. The growth of the smart homes technology market is driven by numerous factors, such as the growing number of internet users, the increasing disposable income of consumers in developing economies, the increasing importance of home monitoring in remote locations, the increasing need for energy-saving and low-carbon solutions, the rapid proliferation of smartphones and smart gadgets, and the expansion of the portfolio of smart home products by market players among others.

Based on application, the market is fragmented into Safety and Security, Smart Appliances, Heating, Ventilation, Air Conditioning (HVAC), Home Entertainment, Lighting Systems, Energy Management. The smart appliances segment dominated the market in 2020 and generated total revenue of US$ 15.2 billion. It is anticipated to maintain its dominance during the forecast period as smart appliances eliminates the power consumption of when left unattended and can be operated remotedly.

Based on technology, the market is segmented into wireless and wired. In 2020, wireless segment leads the smart home technology market and accounted more than 83% of the total revenue. Further, the wireless segment is studied by Wifi Technology, Bluetooth, Zigbee, Z – Wave, and Others (EnOcean, We Mo, Insteon). Similarly, the wired segment is also bifurcated into Ethernet, Power Line Communication, Fiber Optics, and Others.

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Based on end-users, the market is segmented into residential and commercial. In 2020, residential segment leads the smart home technology market and accounted more than 76% of the total revenue. Further, the residential segment is studied by luxury villas, , luxury apartments, mid-range houses/apartment, assisted homes, others (low energy homes). Similarly, the commercial segment is also bifurcated into hotels, hospitals and other commercial buildings.

Additionally, for better investigation and penetration of smart homes technology market, the report provides an in-detailed analysis of smart homes technology adoption across the world. The market is classified into distinct regions that are North America (the U.S., Canada, and  the rest of North America), Europe (Germany, the U.K., France, Netherlands, Norway, Switzerland, Denmark, and  the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and  the rest of APAC) and MENA (UAE, Saudi Arabia, Qatar, Kuwait, Turkey, Israel, and  the rest of MENA) and Latin America (Brazil, Argentina, and the rest of Latin America). At present, North America is the largest revenue contributor in the smart homes technology market. The region accounted for a share of 47% in the global market for the year 2020. However, Asia-Pacific smart homes technology market is expected to grow at the highest CAGR of 23.9% during the forecast period (2021-2027).

Haier Electronics, ABB Limited, Acuity Brands, Inc., AMX, LLC, ASSA ABLOY, Cisco Systems, Inc., Control4 Corporation, Crestron Electronics Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Honeywell International Inc., IBM Corporation, LG Electronics Inc., Monitronics International Inc., Schneider Electric S.E., Siemens AG, United Technologies Corporation, Vivint, Inc. and Samsung Electronics are some of the prominent players operating in the global smart homes technology market.

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Global Smart Home Technology Market Segmentation

Market Insight, by Application

·         Safety and Security Systems

·         Smart Appliances

·         HVAC

·         Home Entertainment

·         Lighting Systems

·         Energy Management

Market Insight, by Technology

·         Wireless

o   WiFi

o   Bluetooth

o   Zigbee

o   Z- Wave

o   Others

·         Wired

o   Ethernet

o   Power Line Communication

o   Fiber Optics

o   Others

Market Insight, by End-Users

·         Residential

o   Luxury Villas

o   Luxury Apartments

o   Mid-range Houses/ Apartments

o   Assisted Homes

o   Low Energy Homes

·         Commercial

o   Hotels

o   Hospitals

o   Other Commercial Buildings

Market Insight, by Region

·         North America

o   United States

o   Canada

o   Rest of North America

·         Europe

o   France

o   Germany

o   Netherlands

o   Norway

o   United Kingdom

o   Switzerland

o   Denmark

o   Rest of Europe

·         Asia-Pacific

o   China

o   Japan

o   South Korea

o   India

o   Rest of Asia-Pacific

·         Middle East & North Africa

o   UAE

o   Saudi Arabia

o   Qatar

o   Kuwait

o   Turkey

o   Israel

o   Rest of MENA

·         Latin America

o   Brazil

o   Argentina

o   Rest of Latin America

Top Company Profiles

·         Cisco Systems, Inc.

·         Haier Electronics

·         ABB Limited

·         Acuity Brands, Inc.

·         AMX, LLC

·         ASSA ABLOY

·         Control4 Corporation

·         Crestron Electronics Inc.

·         Deutsche Telekom AG

·         Emerson Electric Co.

·         General Electric Company

·         Samsung Electronics

·         Honeywell International Inc.

·         IBM Corporation

·         LG Electronics Inc.

·         Monitronics International Inc.

·         Schneider Electric S.E.

·         Siemens AG

·         United Technologies Corporation

·         Vivint, Inc.

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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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