According to Verified Market Intelligence, The Global Smart Home Market was valued at USD 64.33 billion in 2017 and is projected to reach USD 176.59 billion by 2025, growing at a CAGR of 13.5% from 2018 to 2025.
What is Smart Home?
Smart home also known as home automation, involves usage of internet-connected devices in order to manage and monitor of various home appliances and systems. It is an advanced technology that helps in making operations of various home appliances more convenient and energy saver. This technology involves controlling of all the electronic devices that are present at home using wireless technology. It offers comfort, energy efficiency, security and convenience to the end users by enabling them to control all the electronic appliances through a smart home app on their mobile phones or other networked devices. Increasing technological developments in various home appliances and equipment boost the growth of the smart home market.
Global Smart Home Market Outlook
Growing importance of home monitoring system, Advancement in Internet of Things (IoT), and growing awareness among the consumers regarding efficient energy saver been driving the global smart home market. On the other hand, high cost of existing smart devices and security and privacy concerns might hinder the overall growth at a global level.
Global Smart Home Market Competitive Landscape
The “Global Smart Home Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Siemens AG, United Technologies Corporation, General Electric Company, Schneider Electric Se, Honeywell International, Inc., Ingersoll-Rand PLC, Johnson Controls, Inc. and ABB Ltd. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis.