Pune, Maharashtra, February 28, 2020 (Wired Release) – Meticulous Market Research leading global market research company published a research report titled “Smart Home Market by Product (Smart Speakers, Smart Lighting, and Smart Home Security), Standards & Protocols (Bluetooth, Wi-Fi, and ZigBee), and Geography – Global Forecast to 2025″.
According to this latest publication from Meticulous Research, the global smart home market is expected to grow at a CAGR of 16.5% from 2019 to reach $144.0 billion by 2025. Substantial growth in the global smart home market is mainly attributed to the growing significance of internet and Internet of Things (IoT) and evolution of the new breeds of smart devices. Growing sense of safety & security and the need for consistent monitoring has urged consumers to incorporate smart security & monitoring devices into their homes. Furthermore, the need for more practical and energy-efficient home and kitchen appliances has also encouraged the demand for smart appliances, thereby, complimenting the growth of the global smart home market. However, hesitance in acceptance of the latest technology coupled with the high cost of procurement of smart devices is expected to hinder the growth of the global smart homes market.
To request a sample copy or view summary of this report, click the link below: @ https://www.meticulousresearch.com/request-sample-report/cp_id=5029
Key questions answered in the report-
Which are the high growth market segments in terms of product, protocols & standards, and countries?
What was the historical market for smart home devices across the globe?
What are the market forecasts and estimates for the period 2019-2025?
What are the major drivers, restraints, opportunities, and challenges in the global smart home market?
Who are the major players in the global smart home market?
How the competitive landscape in the global smart home market?
What are the recent developments in the global smart home market?
What are the different strategies adopted by the major players in the global smart home market?
On the basis of product type, smart security & monitoring systems segment is estimated to command the largest share of the global smart home market in 2019. The growth is mainly attributed to the rising concerns associated with domestic theft and burglary. Smart safety and monitoring systems have proved its metal in reducing the number of criminal offenses with respect to home break-ins and hence, the system climbed to the top of the priority list of consumers who are ready to incorporate smart home concept. However, Smart speakers are expected to grow with the fastest growth rate in coming years, owing to the growing popularity of smart speakers such as Google Home and Amazon Echo. Smart speakers are proving their utilities as an interface between smart devices and consumers and hence are predicted to spearhead the segment in terms of growth rate.
On the basis of protocols & standards, wireless protocols and standards accounted for the largest share of the global smart homes market. Owing to the widespread adoption of wireless protocols such as Wi-Fi, Bluetooth, and ZigBee, among others helped wireless protocols & standards to dominate the market segment. Besides declining cost of wireless technology, introduction of 5G connectivity is also contributing to the overall growth of wireless protocols
On the basis of geography, the overall smart home market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa with further country level analysis in each region. With respect to revenue, North America is by far the most commanding market and expected to maintain its dominance throughout the forecast period. The market growth in North America is majorly attributed to higher acceptance level of new technology by consumers and availability of variety of smart devices. However, Asia Pacific is offering some serious challenge to the dominance of North America in the global smart home market. Rising enthusiasm of consumers for smart devices, presence of young consumer groups, and growing disposable income has opened new doors of opportunity for smart home players in Asia pacific region.
The major players operating in the global smart home market are Google LLC (U.S.), Amazon (U.S.), Samsung (South Korea), Apple, Inc. (U.S.)., Siemens AG (German), United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Johnson Controls International plc (U.S.), Schneider Electric SE (France), LG Electronics Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY (Sweden), General Electric Company (U.S.), Legrand S.A. (France), and Sony Corporation (Japan), among others.
Read in Detail about TOP 10 COMPANIES IN SMART HOME MARKET
How does the penetration of smart home devices in developed regions differ from developing countries like India and China?
What part does the established companies as well as start-ups play in developing smart homes market in new regions?
What are the most prominent product types and protocols & standards being rapidly adopted across developed as well developing regions?
Which geographic segment is expected to experience the fastest growth in terms of smart speaker adoption?
What significance does a smart speaker plays in terms of utility & convenience in the overall set-up of a smart homes?
What companies have recently merged/acquired in various countries across the globe and how will these unions affect the competitive landscape?
Which companies have created partnerships and how will these partnerships promote a competitive advantage?
What strategies start-ups are eyeing to enter into the market and claim their market share?
Who are the major players in the global smart home market and what share of the market do they hold?
What are the local emerging players in the global smart home market and how do they compete with the global players?
For detailed table of content; Download Research Report@ https://www.meticulousresearch.com/download-sample-report/cp_id=5029
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