Know More About “Smart Home Market 2012-2020” Growth Worldwide…..|Grand View Research, Inc.



The global smart homes market is expected to reach USD 47.61 billion by 2020, according to a new study by Grand View Research, Inc. Emphasis on reduced carbon emission and energy conservation are expected to be the key driving forces for the market over the forecast period. Favorable regulatory initiatives for implementing smart homes owing to their energy efficiency characteristics are further expected to positively impact the global market over the next six years.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
Increased aging population, which comprises a majority of end-users of this technology, is also expected to boost market growth. Introduction of smart grids, increased personal income in developing economies, assistance of power line communication, and growth of consumer electronics industry are factors expected to favorably impact market growth. Need for standardization, skilled labor and high initial cost due to the incorporation of advanced technologies such as IP and Bluetooth may pose a challenge to industry growth.
The global smart home industry was estimated at USD 13.07 billion in 2013 majorly attributed to increasing consumer interest towards energy efficiency and optimum resource utilization. Additionally, growing importance of security issues is also a key factor that is anticipated to fuel growth in demand for smart and connected homes over the forecast period. The introduction of innovative wireless technologies including HVAC Controller, security and access regulators and entertainment controls are expected to foster market growth.
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https://www.grandviewresearch.com/industry-analysis/smart-homes-industry/request/rs1
Further key findings from the study suggest:
·         Security applications dominated the global market and accounted for over 20% of the overall market share in 2013. This is primarily owing to techniques such as security cameras, window sensor alarms and burglar alarms which notify users of a possible security breach. Energy management segment is expected to witness the fastest growth on account of growing awareness regarding energy efficiency coupled with the support of regulatory bodies for development of a smart grid and installation of smart electricity, water, and gas meters.
·         North America is expected to remain the market leader over the forecast period, and accounted for 41.3% of the global market revenue in 2013. The market in Europe is expected to grow at a CAGR of 21.3% from 2014 to 2020, owing to growing adoption of smart home systems.
·         Key industry participants include ABB Ltd., Siemens AG, Crestron Electronics, Inc., Honeywell, Emerson Electric Co., Schneider Electric S.A., Legrand S.A., Lutron Electronics, Inc., Ingersoll-Rand PLC, Tyco International Ltd., AMX and Control4 Corporation.
Real estate industry is anticipated to experience growth on account of growing demand for smart & connected homes and home automation systems which form an important part of smart homes. The upsurge in need for push button control, energy-preservation, shifting demographic preferences and need to safeguard the global environment from polluting effluents such as greenhouse gasses and toxic wastes is expected to result in a significant market growth.
The market is likely to experience growth on account of rising geriatric population base, better M-2-M communication systems, new product development and improvements in Internet of Things (IOT). Technology is responsible for providing effective energy saving solutions which are backed by various initiatives and favorable reforms undertaken by government bodies in developed regions including Europe and North America. High-end devices coupled with technologically advanced features such as IP and Bluetooth render a large proportion of the overall population with unaffordable technology which is in turn expected to drive demand.
Lack of standardization, high installation costs, rising awareness among consumers and lack of skilled labor are anticipated to impede growth over the forecast period. The increasing importance of consumer durables and electronics with the assistance of power line communication are projected to provide new avenues in the market.Asia Pacific smart home market, by application (USD Million)
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-smart-homes-market
Grand View Research has segmented the global smart homes market on the basis of application and region:
Smart Homes Application Outlook (Revenue, 2012 - 2020)
·         Security
·         Lighting
·         Entertainment
·         Energy Management
·         HVAC
·         Others
Smart Homes Regional Outlook (Revenue, 2012 - 2020)
·         North America
·         Europe
·         Asia Pacific
·         RoW
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.





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