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Global smart home market to reach USD 152.9 billion by 2027.

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

Product Code: OIRBC-56773983
Publish Date: 5-10-2021
Page: 200

Global smart home market is valued approximately at USD 76.5 billion in 2020 and is anticipated to grow with a healthy growth rate of about 10.4% over the forecast period 2021-2027. 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 the lights, washing machine, coffee maker, and others can be time-controlled. The global smart home market is being driven by 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. For instance, in 2019, Apple, Amazon, Google, and Zigbee Alliance entered a collaboration to develop a new working group with the intent to manufacture and promote the adoption of a royalty–free, new, connectivity standard for enhancing the compatibility among Smart home products, with security as a prime design tenet. Also, in 2018, Johnson Controls International acquired Lux Products Corporation, which is a major provider of smart products and residential thermostats. Lux Products Corporation markets a range of successful commercial and residential product lines such as timers, smart home thermostats, including Geo and Kono. Such strategic moves by the market players are expected to fuel developments in smart home which is likely to boost the market growth. However, issues related to breach in privacy and security may impede market growth over the forecast period of 2021-2027.

The regional analysis of the global smart home market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. 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.
Major market player included in this report are:
Johnson Controls International
United Technologies Corporation
Schneider Electric
Honeywell International, Inc.
Siemens AG
Amazon, Inc.
Apple Inc.
Google
ADT
Robert Bosch Gmbh
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

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
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.

Target Audience of the Global Smart Home Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Smart Home Market, by Region, 2019-2027 (USD Billion)
1.2.2. Smart Home Market, by Product, 2019-2027 (USD Billion)
1.2.3. Smart Home Market, by Software and Service, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Smart Home Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Smart Home Market Dynamics
3.1. Smart Home Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Growing number of internet users and increasing adoption of smart devices
3.1.1.2. Rapid proliferation of smart gadgets and smartphones
3.1.2. Market Restraint
3.1.2.1. Issues related to breach in privacy and security
3.1.3. Market Opportunities
3.1.3.1. Use of lighting controllers with in-built data-connectivity technology
Chapter 4. Global Smart Home Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Smart Home Market, by Product
a. Market Snapshot
5.1. Global Smart Home Market by Product, Performance – Potential Analysis
5.2. Global Smart Home Market Estimates & Forecasts by Product 2018-2027 (USD Billion)
5.3. Smart Home Market, Sub Segment Analysis
5.3.1. Lighting Control
5.3.2. Security and Access Control
5.3.3. HVAC Control
5.3.4. Entertainment and Other Controls
5.3.5. Home Healthcare
5.3.6. Smart Kitchen
5.3.7. Home Appliances
5.3.8. Smart Furniture
Chapter 6. Global Smart Home Market, by Software and Service
b. Market Snapshot
6.1. Global Smart Home Market by Software and Service, Performance – Potential Analysis
6.2. Global Smart Home Market Estimates & Forecasts by Software and Service 2018-2027 (USD Billion)
6.3. Smart Home Market, Sub Segment Analysis
6.3.1. Proactive
6.3.2. Behavioral
Chapter 7. Global Smart Home Market, Regional Analysis
7.1. Smart Home Market, Regional Market Snapshot
7.2. North America Smart Home Market
7.2.1. U.S. Smart Home Market
7.2.1.1. Product breakdown estimates & forecasts, 2018-2027
7.2.1.2. Software and Service breakdown estimates & forecasts, 2018-2027
7.2.2. Canada Smart Home Market
7.3. Europe Smart Home Market Snapshot
7.3.1. U.K. Smart Home Market
7.3.2. Germany Smart Home Market
7.3.3. France Smart Home Market
7.3.4. Spain Smart Home Market
7.3.5. Italy Smart Home Market
7.3.6. Rest of Europe Smart Home Market
7.4. Asia-Pacific Smart Home Market Snapshot
7.4.1. China Smart Home Market
7.4.2. India Smart Home Market
7.4.3. Japan Smart Home Market
7.4.4. Australia Smart Home Market
7.4.5. South Korea Smart Home Market
7.4.6. Rest of Asia Pacific Smart Home Market
7.5. Latin America Smart Home Market Snapshot
7.5.1. Brazil Smart Home Market
7.5.2. Mexico Smart Home Market
7.6. Rest of The World Smart Home Market
Chapter 8. Competitive Intelligence
8.1. Top Market Strategies
8.2. Company Profiles
8.2.1. Johnson Controls International
8.2.1.1. Key Information
8.2.1.2. Overview
8.2.1.3. Financial (Subject to Data Availability)
8.2.1.4. Product Summary
8.2.1.5. Recent Developments
8.2.2. United Technologies Corporation
8.2.3. Schneider Electric
8.2.4. Honeywell International, Inc.
8.2.5. Siemens AG
8.2.6. Amazon, Inc.
8.2.7. Apple Inc.
8.2.8. Google
8.2.9. ADT
8.2.10. Robert Bosch Gmbh
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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