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Market Share of Smart Home Systems to Grow at 13% CAGR and Will Reach USD 220 Billion By 2026: Facts & Factors

Market Share of Smart Home Systems to Grow at 13% CAGR and Will Reach USD 220 Billion By 2026: Facts & Factors

July 20
19:03 2021
Market Share of Smart Home Systems to Grow at 13% CAGR and Will Reach USD 220 Billion By 2026: Facts & Factors
[219+ Pages Report] According to our analysis, the global smart home systems market generated revenues of approximately USD 85 billion in 2019 and is estimated to reach around USD 220 billion by 2026. The anticipated CAGR for the smart home systems market is nearly 13% from 2020 to 2026.

According to our analysis, the global smart home systems market generated revenues of approximately USD 85 billion in 2019 and is estimated to reach around USD 220 billion by 2026. The anticipated CAGR for the smart home systems market is nearly 13% from 2020 to 2026.

Smart home systems help the user to gain access to their home control products from a mobile device over the internet. These systems can be integrated with a wide range of household products ranging from thermostats and sprinkler systems. With the soaring adoption of technology in the home automation sector, home automation products can also be programmed to connect with mobile, tablets, laptops, computers, etc. Smart home systems are used for controlling lights, electrical outlets, HVAC systems, etc. using various pathways. Smart home systems also provide information regarding the security system’s status, HVAC status, etc. Moreover, newly introduced home automation systems also have the capability to monitor the daily usage of energy by home automation products. Using such devices, users can curb energy wastage, by controlling home automation products linked to individual devices. Smart home systems also consist of environmental sensors such as CO2 sensors, which can be combined into the building and home automation system to activate programmed responses for energy efficiency and building comfort applications.

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Industry Major Market Players

  • Alarm.com
  • Amazon.com Inc.
  • Chiyu Technology Co. Ltd.
  • Control4
  • Crestron Electronics
  • Google LLC
  • Leviton Manufacturing Company Inc.
  • Logitech International S.A.
  • Mantra Softech Pvt. Ltd.
  • Orient Electric Limited
  • Honeywell International
  • Johnson Controls International plc
  • Samsung
  • Schneider Electric SE
  • Siemens
  • Robert Bosch GmbH

 

The primary growth driving factor for the global smart home systems market is the rising number of apartments and houses. The soaring real estate sector in urban cities across developing as well as developed countries has fueled the global real estate sector. Moreover, the emergence of innovative wireless technologies has eased the way in which home products are operated. This has attracted new consumers to opt for home automation systems. Further, the use of mobiles for controlling home appliances has increased in recent years due to growing wireless communication technologies implemented in consumer electronic products and home appliances. Additionally, consumer awareness regarding energy consumption has also fueled the adoption of products that can monitor the energy consumption of electronic products. This trend is expected to create new avenues for the global smart home systems market. However, the lack of adoption of home automation products in older apartments and houses has hampered the global smart home systems market.

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On the basis of systems, the home appliances segment dominated the global smart home systems market in 2019, accounting for a share of approximately 30%, and is estimated to grow at nearly a CAGR of 12% over the projected period. The home appliances smart home systems market has foreseen significant growth in the past years due to the introduction of wireless communication-based home appliances products. Smart home appliances such as smart TV, smart washers, and smart refrigerators are gaining popularity among consumers due to their user-friendly operating. Smart home appliances available in the market have the ability to be controlled by using mobile phones, which is the main factor in attracting new consumers.

Smart home systems monitor the heating, air conditioning, television, and facilities in a home. This system also provides services such as home security, access monitoring, and alarm systems. When integrated with the internet, these systems can be controlled by using mobile devices. These mobile devices are used to remote control over the web of all home controls. In addition, a home security device combined with an automated home management network can provide services like remote monitoring over the internet of security cameras or authentication and central locking of all windows and doors in the vicinity. One can design and develop a user interface that can be used on wall-mounted, tablet, or desktop monitors, a mobile application, and managed off-site through the cloud.

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In recent years, the real estate sector has seen a significant rise in urban cities, which has fueled the home automation systems market. Rapid technological advancements have led to the introduction of new smart home devices in the market. Real estate companies are integrating various security surveillance systems with smart devices such as mobile, tablets, computers, etc. This has been a key factor that has driven the global smart home systems market. Moreover, the emergence of home control products powered with Internet over Things technology (IoT) is expected to drive the global smart home systems market in years ahead. However, the lack of technical capabilities of older home products to be integrated with newer software-based home automation systems has hindered the global smart home systems market growth.

By region, Asia Pacific dominated the global market. The rising urbanization and growing home automation market have been key factors in fueling the Asia Pacific smart home systems market. North America and Europe also held a significant share in the global smart home systems market. The growth in the developed economies of North America and Europe market are attributable to the rising importance of home monitoring systems from remote locations of the world.

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This report segments the smart home systems market as follows:

Global Smart Home Systems Market: By System Segmentation Analysis

  • Lighting Control
  • Security and Access Control
  • HVAC Control
  • Entertainment and Other Controls
  • Home Appliances
  • Others

 

About Us:
Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

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