Smart homes, or home automation, denotes to a broad array of solutions for controlling, monitoring, and automating functions within a house. The smart home system needs a web portal or smartphone app as a user interface, to communicate with an automatic system.
The growth of global smart home systems can be credited to the rising customer inclination toward optimal resource utilization and energy efficiency. Further, the growing alertness among customers, high infiltration of smartphones, swift digitization, mounting need for smart home energy management system, and strict governmental norms on energy emission & consumption are factors expected to drive the global market growth. Moreover, the rising significance of security problems is also projected to boost the market growth. In addition, the latest improvements in Internet of Things (IoT) that led to reduction in cost of processors and sensors are projected to inspire companies to stimulate automation within the household sector. Also, the advent of advanced wireless technologies comprising security, HVAC Controller, and entertainment controls & access regulators are anticipated to drive market growth.
The global smart home systems market can be categorized based on component, application, technology, and region. The market, by component, is bifurcated into services and software. The software segment is sub-divided into proactive and behavioral. Likewise, the services segment is sub-categorized into professional and managed service. The market, by application, is classified into security & access control, lighting control, entertainment & other control, HVAC control, smart kitchen, home healthcare, and home appliances. The market, by technology, is segregated into protocols, networks, and wireless.
Regionally, the global smart home systems market is expected to be dominated by North America during the forecast period due to the existence of key players, elevated disposable income, and increasing need for home healthcare. Asia Pacific is also anticipated to witness lucrative growth due to a rise in urbanization, the implementation of cloud technologies, need for smart home projects, rise in alertness associated with security & safety, growing government spending in smart cities, and rising standard of living.
The major players competing within the global smart home systems market comprise ABB Ltd., Honeywell, Crestron Electronics, Lutron Electronics, Legrand S.A., Control4 Corporation Tyco International Ltd., Schneider Electric S.A., Emerson Electric Co., and Siemens AG, among others. These players are undertaking strategic collaborative initiatives to boost their profitability and market share. To cite, in April 2019, a first-of-its-kind technology integration was declared by Honeywell with Intel that will empower new AI (artificial intelligence) abilities within its MAXPRO connected security platform.