Smart Homes Market

Smart Homes Market to Leverage Advancement of IoT and Improvement in Consumer
Acceptance Spurring Demand
The global smart homes market is envisaged in a report by Transparency Market Research
(TMR) to witness a moderate degree of competition due to the presence of a small number of
players. However, the factor of high profitability could encourage more players to enter the
global smart homes market during the forecast period 2017-2025. Merger and acquisition and
constant improvement of product portfolio are expected to see high adoption among players to
gain a stronger share of the global smart homes market. Some of the leading players of the
global smart homes market are Schneider Electric SE, Johnson Controls, Inc., and Honeywell
International, Inc.
TMR envisions the global smart homes market to post a 14.6% CAGR to reach a US$97.61 bn in
valuation by 2025. In 2016, the global smart homes market was valued at a US$30.02 bn.
Among applications, HVAC control could bag a colossal share of the global smart homes market
by the end of the forecast period. In 2016, it collected a 27.2% share of the global smart homes
market. From a geographical standpoint, the smart homes market is foreseen to find North
America taking its command in terms of revenue growth. In 2016, the regional smart homes
market accounted for a 38.7% share.
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Rising Need to Save Energy and Enable Automation at Homes to Boost Growth
The global smart homes market is predicted to gain momentum in its growth because of the
rising adoption of IoT. Urban populations showing an increasing inclination toward home
automation for saving energy could set the tone for valuable growth in the global smart homes
market. On the other hand, reducing prices of processors and sensors is expected to improve
the demand in the global smart homes market. The growing need to improve home security,
high focus on enabling ease of living, and rising disposable income of people could create
several opportunities in the global smart homes market.
The advent of high-speed internet and increasing demand for Wi-Fi connectivity are prophesied
to provide a fillip to the global smart homes market. Besides North America, Europe could
witness a strong rise in the demand for smart homes owing the need to reduce energy
consumption and presence of a significant count of industries in the region.
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Extortionate Cost of Smart Home Services to Provide Headwinds to Market
The requirement of constant maintenance and expensive cost of various tools and services are
forecast to hamper the demand for smart homes. Rising number of privacy issues and cases of
security breach could make up another factor dampening the growth of the global smart homes
market. However, improving adoption of power line communication technology is
prognosticated to bolster the global smart homes market. On the other hand, the need to
improve energy efficiency and enhance entertainment, security, lighting controls, and other
applications in residences could augment the demand in the global smart homes market.

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