Smart Home Systems Market: Assessment 2021-2030
The Smart Home Systems market reports offer readers a better understanding of the market and competitive landscape to support better decision making.
The revenue of the smart home systems market (India, Australia and Canada) was US $ 75,240.2 million in 2020 and is expected to grow at a CAGR of 12.4% during the period of forecast from 2021 to 2030. At present, the market is accelerating its presence and some of the key players in the study are Major players in the smart home systems market include Alarm.com, Amazon.com, Inc., Chiyu Technology Co., Ltd., Crestron Electronics, Inc., Google LLC, Honeywell International Inc, Johnson Controls, Leviton Manufacturing Co., Inc., Logitech, Mantra Softech (India) Pvt. Ltd., Orient Electric, Robert Bosch GmbH, SAMSUNG ELECTRONICS CO., LTD., Schneider Electric, Siemens, Wirepath Home System, LLC, dba Control4, among others. The study is a perfect blend of qualitative and quantitative market data collected and validated primarily through primary data and secondary sources.
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The market research and analysis conducted in this Smart Home Systems report also helps in understanding the types of consumers, their product views, purchase intentions, and ideas for product advancement. This market research report has been prepared with a full understanding of the specific business requirements. Smart Home Systems report explains an in-depth study of the current state of the global market along with several market dynamics. It explains various definitions and segmentations or classifications of industry, industry applications and value chain structure. So take your business to the highest level of growth with this all inclusive Smart Home Systems market research report.
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A smart home is a home that uses devices connected to the Internet to enable remote monitoring and management of systems and applications. It provides safety, comfort and convenience for homeowners and can be controlled by smart devices such as a low power smart app. Rising demand for entertainment and other control systems, smart speakers, home appliances and lighting control solutions is propelling the growth of the smart home systems market. Entertainment is a very important part of life as it helps to relax and revive the lifestyle. A multi-room entertainment control system allows the user to centralize all connected devices, then the user can watch, listen and control this from every room in the house independently.
Adopting advanced technology helps home appliances such as refrigerators, dishwashers and washing machines operate smart and consume little energy, which contributes to the growth of smart home systems. Some of the factors such as the advancement and integration of technologies that include the Internet of Things (IoT), the significant investments by providers of home automation solutions and the growing demand for safety and security in residential areas are major contributors to the growth. of the smart home. systems market. On the contrary, the lack of technology to establish the infrastructure of a smart home is one of the hurdles that may restrain the growth of the market during the forecast period. However, the massive increase in demand for wireless fidelity (Wi-Fi) technology in residential areas will support the demand for smart home solutions such as security and threat control connected to Wi-Fi, systems control of lighting and home appliances and wireless entertainment. systems.
The increase in the implementation of Internet of Things (IoT) is supporting the growth of the smart home systems market. IoT-based devices provide energy saving capabilities in households. Several companies are focused on developing an IoT platform and related technologies such as machine learning and artificial intelligence that can be deployed in smart home products. For example, in 2018 Cisco Systems, Inc. and SAS institute, Inc. came together to develop an edge-to-enterprise IoT analytics platform. This platform helps many organizations to develop residential applications based on analytics software as needed.
For example, in 2018, the Siemens company added new features to the Synco IC cloud platform for heating, ventilation and air conditioning (HVAC) control. Synco IC now includes remote monitoring of energy performance indicators (KPIs), a remote meter reading system for energy billing and remote intervention to reduce energy consumption.
For example, in 2018, Honeywell added new features to the Honeywell Vector Occupant app that give homeowners more control over their experiences within a building with the swipe of a screen. The new feature is Indoor Navigation which uses Global Positioning System (GPS) technology to help users find their way around when they are near complex buildings and difficult to navigate without directions.
In 2017, Honeywell International, Inc. released Lyric cameras and the subsequent software upgrade for Lyric security systems, it makes the smart home system compatible with Apple’s HomeKit and Wi-Fi indoor cameras ( Honeywell Wireless Fidelity) named Lyric C1 and C2 work together with the Lyric app to access recorded events, live streaming, and send alerts regarding inactivity of smoke and carbon monoxide detectors.
Smart Home Systems Market
Smart Home Systems Market: By System
- Lighting control
- Security and access control
- HVAC control
- Entertainment and other orders
- Household appliances
Smart Home Systems Market: By Country
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