According to the smart home solutions industry analysis by Persistence Market Research, demand is set to increase at an estimated CAGR of 18.5% from 2021-2031. The report also forecasts that the market will close in a valuation of around US$ 85.5 Bn by the end of 2021.
Rising use of IoT (Internet of Things) and smart technology is helping various countries adopt the smart city concept. With the development of smart cities, new constructions will take place that will drive the need for smart home solutions on a global level. This increase in the number of smart buildings is expected to drive demand for energy saving infrastructure, such as smart home solutions, thus contributing to the growth of the market at a global level.
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The market is evolving at a fast pace, and partnerships, investments, and product launches are ongoing.
- In September 2020, Black Box, a solutions integrator, introduced its Connected Buildings product. The solution will design, deploy, manage, and maintain the foundational technology that connects the internal ecosystem of interoperable devices and sensors that work together to enable human-to-human, human-to-device, and device-to-device interaction.
- In the month of October 2020, STRATIS and Silicon Labs collaborated for a new smart home solution built for apartment complexes.
Key Takeaways from Market Study
- By type of home, the villas/bungalows segment is anticipated to account for a leading share. However, the apartments segment is estimated to account for a market share of around 23.5% through 2031.
- By component, the services segment is anticipated to expand at a CAGR of 17.5% from 2021 to 2031, while the software segment is currently dominating the market.
- Adoption of smart home solutions for security and surveillance applications is expected to rise at a high pace at a CAGR of around 16.5% through 2031.
- North America is expected to lead the market followed by Europe. East Asia is anticipated to emerge as the fastest-growing market over the coming years.
- Japan is expected to account for a market share more than 20% through 2031.
- In the U.K., sales are expected to increase at a CAGR of close to 15.5% over the next ten years.
“Increase in government spending on smart cities and emergence of the smart infrastructure concept, together, have led to a surge in demand for the construction of smart buildings, thereby driving the need for smart home solutions,” says a Persistence Market Research analyst.
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Growing Need for Advanced Safety & Security
Primary driver for the smart home solutions industry is advanced safety and security features such as gas leakage detectors and fire detection systems. Increased awareness regarding energy efficiency due to rising energy costs and advancements in technology are also important factors surging the demand for smart home solutions.
Nowadays, with increase in the number of working individuals in a house, families are becoming more financially capable of adopting smart home solutions, which is another driver for this market.
Key Players :
- Siemens AG
- United Technologies Corporation
- General Electric Company
- Schneider Electric Se
- Honeywell International, Inc.
- Ingersoll-Rand PLC
- Johnson Controls, Inc.
- ABB Ltd.
- Legrand S.A.
- Samsung Electronics Co., Ltd.
- Lutron Electronics Co., Inc.
- Leviton Manufacturing Company, Inc.
- Acuity Brands, Inc.
- Vivint Smart Home
- Switchmate Inc.
More Valuable Insights on Offer
Persistence Market Research’s report on the smart home solution industry research is segmented into four major sections – type of home ( villa/bungalow, apartment and others), component ( hardware, software and services), application (security & surveillance, HVAC, lighting solutions and building energy management), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate the lucrative opportunities in the market.
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