With the emergence and long-term Impact of COVID-19, Global Smart Home Market to reach USD 152.9 Billion by 2027
Bizwit Research & Consulting LLP’s Recent Analysis on Global Smart Home Market is poised to raise up to USD 152.9 Billion by 2027. Smart home refers to the type of home which is equipped with heating, lighting, and electronic devices that can be controlled by computer or smartphone, remotely. The main objective of the smart home is to enhance the convenience and quality of life. Other goals include more efficient use of energy and greater security due to remote-controllable, connected devices. A range of home appliances, such as lights, washing machine, coffee maker, and others can be time controlled. The global smart home market is being driven by the growing number of internet users and increasing adoption of smart devices and rapid proliferation of smart gadgets and smartphones. Furthermore, use of lighting controllers with in-built data-connectivity technology will provide new opportunities for the global smart home industry. Also, market players across the globe are strengthening their geographical presence through undertaking various strategic initiatives, which is also expected to have a positive impact on the market growth.
Geographically, the global Smart Home Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America accounts for the largest share in terms of market revenue in the global smart home market over the forecast period 2021-2027. Factors such as presence of majority of the key market players in the region, technological developments and advancements, increasing demand and adoption of real-time energy management systems and smart technologies, etc. contribute towards the largest market share of the region in the forecast years.
The global Smart Home Market is highly competitive owing to the presence of several key manufacturers such as Johnson Controls International, United Technologies Corporation, Schneider Electric, Honeywell International, Inc., Siemens AG, Amazon, Inc., Apple Inc., Google and others.
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Global Smart Home Market Size study, by Product (Lighting Control, Security and Access Control, HVAC Control, Entertainment and Other Controls, Home Healthcare, Smart Kitchen, Home Appliances, Smart Furniture), by Software and Service (Proactive, Behavioral), and Regional Forecasts 2021-2027
Key findings of the study suggest:
- Global Smart Home Market is anticipated to grow with a healthy growth rate of more than 10.4% over the forecast period 2021-2027.
- In the Product segment, Entertainment and Other Controls emerged out as the leading market segment in 2020.
- In the software and services segment, Proactive emerger out as the leading market segment in 2020.
- North America is anticipated to drive regional growth owing to presence of majority of the key market players in the region, technological developments and advancements.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2021-2027.
Bizwit Research & Consulting has considered following segments for the study:
- Lighting Control
- Security and Access Control
- HVAC Control
- Entertainment and Other Controls
- Home Healthcare
- Smart Kitchen
- Home Appliances
- Smart Furniture
Software and Service:
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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