A smart home can be described as a natural extension of the automation in all walks of human life. Owing to the growing concerns of energy efficiency and optimum utilization of resources for healthy lifestyles, the global smart homes market is projected for phenomenal growth. According to a market research report of IndustryARC, the global smart homes market size was around $70 billion to $75 billion in 2018, and the opportunities will be growing at healthy CAGR ranging from 10% to 14% during the forecast period 2019-2025. The advent of high speed 4G LTE wireless networks to support high-bandwidth M2M applications has become an important factor spurring the growth of the global smart homes market.
In a smart house, various systems such as humidifiers, smoke alarms, water detectors, and Yale locks can either be pre-programmed or altered from a remote location through connected devices. Smart homes use other concepts such as the Internet of Things (IoT) as well as WiFi to constantly keep track of changes and transmit relevant information to the user. As per the Telecommunication Engineering Centre, around 1,067 million smart homes installed connected devices based on IoT technology in 2017. Akin to that, the IndustryARC analysts pinpoint that home application of the global smart homes market is anticipated to grow with a notable CAGR of around 12% – 15% over the forecast period.
The analysts also state that North America is the most lucrative region, which held around 25% to 28% share in the global automation market in 2018. This notable demand share is due to various initiatives and subsidies provided by the government to encourage the people in this region to adopt various practices aligned with smart house technology. Energy conservation, integration with a smart grid, and control of water and gas are some of the areas which have received a lot of focus so far. This information is acquired from the report titled “Smart Homes Market: By System Types (Security systems, HVAC, Lighting Control Systems, Entertainment); By Standards & Protocols (DALI, KNX, Wi-Fi, Zigbee, EnOcean), By Application & by Geography – Forecast (2019-2025).”
Global Market Companies: Recent Developments
Siemens AG, Honeywell International, Johnson Controls International, Google, United Technologies Corporation, Amazon Inc., Schneider Electric SE, Robert Bosch GmbH, ABB Ltd, Hubbell Inc. are some of the major players influencing the global smart homes market for further growth and expansion.
- In 2018, Amazon Corporation acquired Ring, which is the door-bell camera Startup Company. This merger agreement accounted for about $1 billion, aimed to establish smart-equipped wireless doorbells for dwellings. This innovation gave Amazon an extra leg up on smart home technology and played a prominent role in driving the smart homes market into huge profits.
- Bosch launched a high-performance barometric pressure sensor in 2017, with minimized power consumption. Bosch shipped more than 1 billion units, due to its huge benefits offered by these sensors in smart homes. It is mainly used for altitude tracking applications. For instance, it helps in identifying if a person is walking downstairs or upstairs.
- Johnson Controls is one of the key players in the smart homes market, who redefined smart building management with the release of Metasys 10.0 in 2018. This launch is the milestone of its partnership with Tyco. Which helped Metasys to facilitate quick responses to fire alarms and, security and lighting systems.
The smart homes technology is the current booming trend across the globe with a huge influx of investments. The advent of 4G technology for wireless networks has proliferated the growth of the smart homes market. Increased usage of various systems like humidifiers, smoke alarms, water detectors, and Yale locks in smart homes upsurges the demand for smart home appliances in the near future.
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