Global Smart Home Automation Market (2022 to 2028) – Size, Share & Industry Trends Analysis Report – Yahoo Finance
Dublin, Sept. 01, 2022 (GLOBE NEWSWIRE) — The “Global Smart Home Automation Market Size, Share & Industry Trends Analysis Report By Component (Hardware, Software and Services), By Application, By Technology (Wireless, Cellular and Others), By Regional Outlook and Forecast, 2022 – 2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Smart Home Automation Market size is expected to reach $187.8 billion by 2028, rising at a market growth of 15.2% CAGR during the forecast period.
Any collection of gadgets, systems, or appliances that are connected to a single network and may operate independently and from a distance are referred to smart home automation. A connected home is a more general term for a home’s technology when it functions as one system. As an illustration, the home’s thermostat, lighting, audio speakers, security cameras, TVs, locks, appliances, and more are all interconnected into a single system that can be managed from a smartphone or via a mobile touch screen device.
Users can access high-tech functionality and elegance that was not previously feasible owing to smart home automation. The potential for consumers’ smart home automation to improve quality of life is expected to grow as technological advancement continues. The term home automation describes the automatic as well as electronic management of functions, activities, and equipment in a home. It means users can simply control the appliances and features in the house online to increase convenience, improve security, and even reduce household expenses.
A network of communication, hardware and electronic interfaces called home automation connects commonplace devices to one another over the Internet. Whether the user is at home or away, they can control any gadget through either a smartphone or a tablet because they all have sensors and are Wi-Fi connected. It allows users to manage a lot of functions, including turning on the lights, locking a door, or even managing the temperature of their home.
Moreover, convenience is a major consideration in the context of smart home automation. A huge advance in technology and home management is being able to keep everything connected through a single interface. Essentially, all a user needs to do to access innumerable features and devices across the smart home is to learn the operation and the utilization of a single app on any smartphone or tablet. Smart home automation technology has a very low learning curve, which allows users of every age group to access this technology. This is making it significantly popular all over the world.
COVID-19 Impact Analysis
Due to an uncertain supply chain, the production of products and gadgets for home automation initially decreased significantly due to the unavailability of input products or raw materials. Additionally, the proportion of spending on smart devices declined as a result of the economic crisis. The restrictions on staying at home to minimize the diffusion of the infection, however, drove up internet demand steadily. As a result, there is now more demand for smart TVs, voice-activated streaming sticks, smart set-top boxes, and other gadgets. The demand for effective home energy-saving smart devices to track energy usage and lower utility costs has increased as a result of the economic crisis during the pandemic.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. …….