Increase in Adoption of Smart Devices for Conservation of Energy to Boost Smart Homes Market Growth Smart
HYDERABAD, TELANGANA, INDIA, November 21, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Smart Homes Market is forecast to reach $135.3 billion by 2026, growing at a CAGR of 11.9% from 2021 to 2026. The Smart Homes market is estimated to witness substantial growth over the forecast period primarily due to the increase in adoption of internet users and the growing adoption of smart devices is driving the market growth of smart-homes market. A smart-home is a residence that uses internet-connected devices to enable the remote monitoring and management of appliances and systems such as smart lighting and heating. The advantage of smart homes is energy efficiency, customization and ease of use. Smart home technology requires a Smartphone application or web portal as a user interface to interact with an automated system. This technology is applied to devices light bulbs and switches, Thermostats, kitchen appliances and gadgets, outlets and plugs, security cameras etc. The increasing importance of the need to security issues is anticipated to increase the demand for smart homes over the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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1. Smart homes market is estimated to witness substantial growth due to an increase in adoption of internet users and growing adoption of smart devices driving the market growth.
2. The introduction of innovative wireless technologies such as HVAC controllers, security and access regulators, and entertainment controls expected to drive the market growth.
3. The increasing importance of security issues is expected to drive the market growth in the forecast period.
4. Asia-Pacific is estimated to lead the market during the forecast period due to rapid urbanization and continuous increase in the population and strong economic growth encouraging customers towards sophisticated infrastructure driving the market growth of smart homes.
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1. The market segment by product into lighting control, security and access control, HVAC control, entertainment and other controls. The leading segment in terms of revenue is security followed by lighting control which is due to organized players such as Zicom, Honeywell and Bosch leads the market in this segment.
2. The increasing worldwide penetration of the Internet of Things, cellular IoT has become one of the significant growth contributors for smart home market. Cellular IoT allows devices to interact with each other and has become common practice in households with smart assistants to use voice commands to control thermostats and electronic devices.
3. The smart homes market by geography has been segmented into North America, Europe, APAC, South America and Row. North America is estimated to hold the largest market size, owing to the presence of major players and rising demand for home healthcare and high disposable income.
The top 5 players in the Smart Homes industry are –
1. Honeywell International Inc.
2. United Technologies Corporation
3. Schneider Electric
4. Johnson Controls International
5. Siemens AG
6. ABB Ltd.
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