According to a new research report “Global Smart Homes Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights by Product (Home Entertainment System, Lighting Control System, Smart Home Appliances, Security & Access Control, HVAC Control, and Smart Home Healthcare), by Technology (Wi-Fi, Bluetooth, GSM/GPRS, RFID, and Others)” published by P&S Market Research, the global smart homes market is projected to reach $70,208.6 million by 2023, growing at a CAGR above 14% during 2017 – 2023.
Solid Growth Anticipated in Global Smart Homes Market During 2017 – 2023
Due to increasing internet penetration globally, and significant growth in automation technologies such as internet of things (IoT), the global smart homes market is gaining huge traction. Furthermore, recent developments in home automation technologies have resulted in drop in prices of sensors and processors, which are contributing to the growth of global smart homes market. Technology manufacturers investing and promoting automation in residential and household sector are also expected to back the global market growth.
In addition, the rapid growth in global smart homes market is also attributable to the increase in demand for smart home appliances. Adoption of advanced electronic technology enables various household appliances, such as refrigerators, dishwashers, and washing machines, to operate smartly and with low energy wastage, on account of which growth in global market for smart homes is anticipated during the forecast period.
Browse Report Description at: https://www.psmarketresearch.com/market-analysis/smart-homes-market
Insights on market segments
As per the findings of the research, home entertainment system segment has been the largest revenue generator among the various product segments in the global smart homes market. Smart home healthcare segment is expected to witness the fastest growth during the forecast period. Among various technologies, Wi-Fi technology was the most widely adopted technology and was the largest contributor to the global smart homes market; whereas, RFID segment is expected to witness the fastest growing technology during the forecast period. In the security access and control segment, audio-video surveillance was the most revenue generating product, while products supporting fingerprint recognition are expected to witness the fastest growth in demand, during the forecast period.
Smart homes market to witness the fastest growth in Asia-Pacific
Geographically, North America has been the largest market for smart homes; whereas, the market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. The anticipated high growth in Asia-Pacific can be attributed to factors such as advancement in home automation technologies, rapid growth in industry digitalization, new technological developments in telecom industry, along with setting up of advanced hardware and software manufacturing units, and increasing adoption of data analytics across industries in the region.
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Increase in demand for smart home appliance to escalate market growth
Factors propelling growth in the global smart homes market include significant increase in demand for smart home appliances, surge in demand for smart home healthcare solutions, amplified adoption of IoT and related technology in household sector, and rising need for energy saving solutions having lower carbon footprint. Demand for smart home appliance is also gaining pace with consumers realizing the importance and benefits of installing energy efficient electrical appliances at homes and offices. With adoption of smart energy efficient home appliances, consumers are saving big on usage of energy, by means of automatic temperature settings, automated functioning, and scheduled programmable operations. Further, advancement in technology has enabled various smart home appliances installed at different location within a house, to be controlled by one device, such as smart phones or a remote. More convenience and comfort with energy saving smart home appliances would continue to lure more consumers and escalate the market growth globally.
GLOBAL SMART HOMES MARKET SEGMENTATION
- Home Entertainment System
- Multimedia Control
- Home Theater System Control
- Lighting Control System
- Smart Home Appliance
- Smart Refrigerator
- Smart Washing Machine
- Smart Dishwasher
- Smart Kitchen Appliance
- Security & Access Control
- Audio-Visual Surveillance
- Fingerprint Recognition
- Facial Recognition
- HVAC Control
- Smart Home Healthcare
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