“The Smart Home market expected to grow at a CAGR of 14.07%”
The global market for smart homes is expected to grow at a CAGR of 14.07% between 2016 and 2022 from USD 46.97 billion in 2015 to USD 121.73 billion by 2022. The significant advancements in the IoT market, increasing need of the consumer for convenience, safety and security, rising need for energy saving and low carbon emission-oriented solutions, and large number of manufacturers expanding their product portfolios are some of the major factors driving the growth of the smart home market worldwide.
“North Americas and Asia-Pacific are the major markets for smart homes”
North America held the largest share of the global smart home market in 2015 because off actors such as the increasing demand for reliable home energy management systems, enhanced home security levels, and growing popularity of integration of smart devices such as tablets and smart phones in smart home solutions. The smart home market in Asia-Pacific is expected to grow at the highest rate. Factors such as the strong economic growth, increasing population and improving standards of living, and rapid urbanization leading to a sophisticated infrastructure are driving the growth of the market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews were conducted with key people in the smart home industry. The break-up of primary participants for the report is shown below:
- By Company Type: Tier 1– 45%, Tier 2 – 35%, and Tier 3 – 20%
- By Designation: C-level Executives – 50%, Managers – 30%, and others – 20%
- By Region: North America – 60%, Europe – 20%, Asia-Pacific – 15%, and RoW – 5%
The report profiles the key players in the smart home market with their respective market share analysis. The prominent players profiled in this report are Honeywell International Inc. (U.S.), Legrand (France), Ingersoll-Rand plc. (Ireland), Johnson Controls Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), ABB Ltd. (Switzerland), Acuity Brands, Inc. (U.S.), United Technologies Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Nest Labs, Inc. (U.S.), and Crestron Electronics, Inc. (U.S.).
The report would help leaders/new entrants in this market in the following ways:
- This report segments the smart home market comprehensively and provides the closest market size projection for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for market growth.
- This report would help stakeholders understand a competitor better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions