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Global Smart Home System market insight2022-01-24 Comments
Smart Home System
The Smart Home System is forecast to Develops Fast over the next four years. According to the World Knowledge Information (WKI) “Global Smart Home System market insight 2021, forecast to 2026”, With the popularity of smart phones and more and more people invest in home appliances, smart home systems will continue to grow in the future. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 25.23% base on WKI regression analysis model.
“Consumers are becoming more and more interested in home appliances with a sense of technology.” said Ciel, Senior analyst, Consumer Goods Market Research Center in WKI. “The Internet of Things (IoT) has gained popularity among residential consumers owing to the benefits achieved by connecting household products to the internet. With most of the businesses shifting their traditional practices toward IoT, it is expected to reach numerous application areas such as lighting, HVAC, security, healthcare, and entertainment. ”
The growth in the adoption of consumer IoT is attributed to the increasing penetration of the internet, the growing usage of smartphones, and the expansion of social network platforms. At the same time The growth of the Global smart home market is expected to be significantly driven by the increasing consumer preference for video doorbells, voice-assisted technologies (such as Alexa and Google Home), and surveillance systems. The Internet of Things (IoT) has changed the way people interact. Buildings and homes are becoming smart, highly complex, and increasingly connected. This massive interconnection leads to new efficiencies and capabilities for consumers, organizations, and cities. However, these advantages come with significant challenges in the form of cybersecurity risks.
The demand for video and entertainment smart home products is expected to suffer the most, particularly smart television, from COVID-19. The shutdown of manufacturing facilities has led to component shortages, and consumers are spending on devices, such as monitors, laptops, and Cameras, which improve their work from home. Reduction of major events worldwide is also expected to have an adverse impact on video and entertainment smart home products, as their sales typically grow during the sports competitions.
Major companies in the market, such as ABB, Emerson, Honeywell, Schneider Electric, Siemens, Xiaomi, etc., are releasing new products and services for the smart homes market. Among them, Xiaomi quickly occupied the Asia-Pacific market at a relatively low price. It is expected that Smart home systems in the Asia-Pacific region are expected to grow the fastest in the world.
Segmentation of Smart Home System Market:
Analysis By Product Type (Smart Alarms, Smart Camera and Monitoring System, Smart Locks and Sensors, Smart Detectors).Smart Cameras and Monitoring system market segment is expected to witness growth at a noteworthy rate in the forecast period on account of increasing adoption of Smart Home Security due to growing criminal activities especially property crime coupled with increasing safety and security concerns among consumers, availability of DIY home security solutions with ease of installation and usage etc. is anticipated to propel thrust in the sales of Smart Home Security in the future. During 2018-2023, Smart Home Security Market is anticipated to grow at an increased rate due to the evolving consumer safety and security preferences, up surge in the penetration of connected homes, growing high net worth population increasing consolidation of market players across the globe. Amongst the regions, North America accounts for the largest regional share in the global Smart Home Security market in 2018. Key factors driving the robust growth rate of North America region include emergence of Internet of things globally backed with escalating discretionary spending of consumers in recent years and growing tech savvy population especially millennials are a significant factor backing the market of Smart Home Security in the region.
Smart Home System Market: Regional Analysis：
The telecom industry has grown by leaps and bounds in Asia Pacific. The number of subscribers of internet is very large in the region. The penetration percentage of smart phones is also huge. There are many companies in this region, which make smart phones. This has helped the smart homes industry owing to the technology that it uses as well as be mobile and control different equipment as well. Technologies, such as Bluetooth, GSM, Zigbee, Wi-Fi or RFID, can be used to send the signals to control the devices. It is easy to install these systems in a house, which is being built rather than retrofitting older houses. Architects these days are taking this concept into consideration for the houses of the future. There are new players coming into the market, which is expected to lead to a price war and reduction of prices in the coming years.
Largest share area：American
Largest share country：USA