0 likes | 15 Views
Smart Home Market size by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen and Smart Furniture), Software and Services, Sales Channel and Region - Global Forecast to 2028
E N D
MarketsandMarkets Presents Smart Home Market Size, Share & Industry Growth Analysis Report by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen and Smart Furniture), Software and Services, Sales Channel and Region - Global Forecast to 2028 The smart home market size is valued at USD 101.7 Billion in 2023 and is anticipated to be USD 163.7 Billion by 2028; growing at a CAGR of 10.0% from 2023 to 2028. The key factors contributing to the growth of the smart home market include rising number of internet users and the increasing adoption of smart devices. Furthermore, the growth is being fueled by the rise in disposable income in developing economies.
MarketsandMarkets Presents Entertainment & Other controls to dominate market during the forecast period. The rise in demand for audio and volume control devices is fueled by their ability to handle and manage household entertainment systems. The development of wireless communication technologies is a crucial driver of the home theater system control industry, promoting the growth of the smart home market for entertainment controls. The surge in demand for smart meters and smoke detectors, as well as the increasing popularity of smart plugs, smart hubs, and smart locks, are the some of the factors contributing to the growth of the other controls segment.
MarketsandMarkets Presents Indirect sales channel to register higher growth rate during forecast period. The indirect sales channel category is expected to hold a significant portion of the smart home market in 2023 and is expected to grow at a faster CAGR during the forecast period. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=121 The majority of market players possess robust distribution networks and sales channels to cater to the demands of end-users. Indirect sales channels encompass both online and offline modes of selling smart lock home products. Offline sales channels comprise wholesalers, retailers, third-party cellular network carriers, and value-added resellers. On the other hand, e-commerce platforms are the primary online sales channels for smart home products.
MarketsandMarkets Presents Proactive software and services is expected to hold the larger share during forecast period Proactive software focuses on a more anticipatory approach to automation. Instead of waiting for the tenant to take the initiative, proactive software predicts their needs and responds appropriately. For instance, a proactive smart home might automatically adjust the thermostat depending on weather forecasts or switch on the lights before the occupants arrive home. By anticipating needs before the residents are even aware of them, proactive software aims to enhance the home’s functionality and convenience.
MarketsandMarkets Presents Asia Pacific to grow at the fastest CAGR during the forecast period The Asia Pacific smart home market presents a high growth potential, primarily due to robust economic growth, rapid urbanization, and a increasing population, leading to an advanced infrastructure. The growth of Japan and South Korea in the market is attributed to their leading position in technological advancements in smart homes. The factors driving the market growth in the Asia Pacific region include evolving lifestyles, increased disposable income, rising geriatric population, increasing demand for smart building infrastructure in developing economie a large consumer base, and rapid technological advancements in smart home products
MarketsandMarkets Presents Key Players are: Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), and ASSA ABLOY (Sweden) are the major players in smart home market. These players have implemented various strategies to extend their global reach and enhance their market shares. Know more Information @ https://www.marketsandmarkets.com/Market-Reports/smart-homes-and-assisted-living-advanced-technologie-and-global-market-121.html
MarketsandMarkets Presents About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
MarketsandMarkets Presents Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact:Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA : 1-888-600-6441