Smart Home Market Size Outlook, Share Value, COVID19 Impact, Global Growth Drivers and Industry Forecast to 2027

Posted July 23, 2021 by Kisan0318

smart home market 2020 can possibly attain a tremendous valuation of USD 137.96 Billion by 2023, projects Market Research Future (MRFR)

Market Scope

The smart home market 2020 can possibly attain a tremendous valuation of USD 137.96 Billion by 2023, projects Market Research Future (MRFR). It also estimated that the market can advance at a rate of 14% between 2018 and 2023 (forecast timeframe).

Top Drivers and Key Barriers

With the alarming surge in climate change, instability in electricity prices and the rising adoption of cloud-based technologies along with IoT are some of the top growth inducers in the smart home market analysis. Across the globe, the need to tackle security issues has mounted significantly in recent years, fueling the need for smart home market.

Furthermore, the emergence of the latest wireless technologies like security and access regulators, HVAC Controller, and entertainment controls has foster considerable market expansion. With the rapid advancements in Internet of Things (IoT) that has led to price drops of processors and sensors, more and more manufacturers are now offering automation in homes, which also works in favor of the worldwide market.

Well-known companies such as ABB Ltd. And Honeywell International Ltd. are highly focused on developing automated home solutions, which helps expanding their customer base in the market. Most of the companies are also adopting marketing hacks like mergers and acquisitions to design advanced solutions for homes. For facilitating advancements and innovations in smart homes advanced technologies, the Internet of Things and artificial intelligence are being increasingly implemented. For instance, in April 2019, Honeywell International Ltd. carried out a merger with Intel Corporation to come up an innovative security platform for home solutions. This advanced platform is strongly supported by artificial intelligence, which has helped both the parties gain high favor among their customers.

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Smart Home Industry Trends

Faster Adoption of Live TV

A prominent smartphone trend gaining speed in the smart home space is the rapid adoption of live video streaming and internet TV services, which include Netflix and Amazon Prime videos. Given the fast speed of internet and a faster broadband used in homes, Android TVs, streaming service and internet TVs platforms have managed to create a significant niche among a vast population across the world. These live streaming TVs are particularly favored by users as they are able to view their favorite shows anytime they want and that too, anywhere.

Market Segmentation

Component, application and technology are the primary segments based on which the research on the smart home market has been conducted in the report.

With respect to component, the market segments specified in the report are software as well as services. The software segment has been narrowed down into proactive and behavioral, while the service segment has been considered for managed as well as professional service.

The application areas are security & access control, lighting control, entertainment & other control, HVAC control, smart kitchen and home appliances and home healthcare.

The technologies studied in the report are protocols, networks and wireless. The types of networks highlighted are GSM/HSPA networks, CDMA networks and LTE networks. The protocol-wise segments are KNX, Digital Addressable Lighting Interface (DALI), Ethernet, Digital Multiplexer (DMX), and others. Wireless segment covers z-wave, Zigbee, Bluetooth, Wi-Fi, and others.

Regional Outlook

The report geographically distributes the smart home market into Europe, North America, Asia Pacific (APAC), and the rest of the world (RoW).

North America is on its way to take the lead in the global market, backed by factors like the high concentration of renowned companies like Crestron, Amx, Control4 Corporation and Honeywell International Ltd., among others. The regional market growth is also warranted by the high adoption rate of core communication technologies such as NFC, Bluetooth, Zigbee, Wi-Fi, and upcoming 5G network.

APAC, with the fastest expansion rate, is all set to establish its presence among the strongest regions in the global market. The smart home market is a big hit in the region, mostly because of the rapidly surge in urbanization and the soaring adoption rate of cloud technologies. The swiftly increasing awareness about security and safety, rising standard of living, and the growing government investments in smart city projects are all responsible for the market progression in the region. The region is also hailed for its fast adoption of green building policies. These eco-friendly initiatives are expected to create attractive opportunities for the smart home industry in the region. These will also boost the deployment of energy management smart devices such as smart meters, smart plugs and thermostats, giving further push to the market growth in the approaching years.

Leading Participants

Johnson Controls, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Legrand S.A. (France), Schneider Electric (France), Ingersoll-Rand PLC (Ireland), General Electric Company (U.S.), Honeywell International Inc. (U.S.), ABB Ltd. (Switzerland), Siemens AG (Germany), United Technologies Corporation (U.S.), are the leading participants in the market.

Some other market vendors include Leviton Manufacturing Company, Inc. (U.S.), Acuity Brands, Inc. (U.S.), Lutron Electronics Co. Inc. (U.S.), to mention a few.

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1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Research Objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

3 Market Research Methodology

3.1 Research Process

3.2 Secondary Research

3.3 Primary Research

3.4 Forecast Model


12 Company Profiles

12.1 Siemens AG

12.1.1 Company Overview

12.1.2 Product/Business Segment Overview

12.1.3 Financial Updates

12.1.4 Key Developments

12.2 General Electric Company

12.2.1 Company Overview

12.2.2 Product/Business Segment Overview

12.2.3 Financial Updates

12.2.4 Key Developments

12.3 Schneider Electric

12.4 Honeywell International, Inc.

12.5 Ingersoll-Rand PLC

12.6 Johnson Controls, Inc.

12.7 ABB Ltd.

12.8 United Technologies Corporation


About Market Research Future:

At Market Research Future (MRFR), we enable our clients to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Solutions, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.


Market Research Future

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Maharashtra, India

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Issued By MRFR
Phone +1 628 258 0071
Business Address Office No. 528, Amanora Chambers Pune - 411028 Maharashtra, India
Country India
Categories Technology
Tags Smart Home Market
Last Updated July 23, 2021