Smart Home Market Ecosystem: US$ 184.10 Billion Revenue by 2028 Forecast With Investments Growing at 11.9% – EIN News
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Rising need for energy efficiency in homes to minimize energy bills and increasing government initiatives regarding green buildings
Smart Home Market Size – USD 75.43 Billion in 2020, Market Growth – at a CAGR of 11.9%, Market Trends – Rapid traction of smart city initiatives”
— Emergen Research
VANCOUVER, BC, CANADA, June 15, 2022 /EINPresswire.com/ — The global Smart Home Market size is expected to reach USD 184.10 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need for improved energy efficiency in homes to minimize energy bills and carbon emissions. Consumers are increasingly adopting smart home systems as these allow monitoring and control of energy usage more efficiently. Home automation systems allow homeowners to control their appliances with the help of smartphone apps and eliminate power consumption of unattended appliances and devices when not in use.
The ability of home automation system to monitor electricity consumption helps in minimizing energy bills through more efficient usage of appliances. Precise control over heating and cooling of a home with a programmable smart thermostat is achieved through utilization of smart home technology. In addition, a home automation system helps in preventing hazards such as fires as it gives full control over the lighting and heating systems.
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Key Players Profiled in the Report are:
Honeywell, Siemens, Johnson Controls, Schneider Electric, Amazon, Apple Inc., ADT Security Services, Robert Bosch, Assa Abloy, and ABB.
Increasing adoption of smart appliances, which include smart air conditioners, smart refrigerators, and smart washing machines helps in attaining better energy efficiency. Rising need to minimize negative environmental effects and increase utilization of resources is increasing adoption of smart buildings. Increasing government initiatives for smart city projects and green buildings is expected to further drive growth of the smart home market during the forecast period.
Some Key Highlights from the Report
In August 2020, Google announced that it had taken an investment stake in alarm company ADT and also signed a deal to tie ADT’s installer network to the Google ecosystem of smart home products. The deal is expected to help Google by bringing professional installers into the homes of consumers to resell and install Google’s products and also help ADT by giving it a lower cost-cost security offering.
North America accounted for largest revenue share contribution to the global smart home market in 2020. Rising adoption of smart home technology to increase energy efficiency and minimize energy bills is expected to drive market growth during the forecast period.
Behavioral segment accounted for largest revenue share in 2020. Behavioral software and service is increasingly utilized in smart homes as it helps in increasing energy efficiency of homes and minimizes energy bills based on behavioral data analysis.
Entertainment control segment revenue is expected to expand at a rapid CAGR during the forecast period. Rising disposable income among consumers in developing countries is boosting demand for volume & multimedia controls, and home theater system controls.
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Emergen Research has segmented the global smart home market on the basis of software and service, product, and region:
Software and Service Outlook (Revenue, USD Billion; 2018–2028)
Product Outlook (Revenue, USD Billion; 2018–2028)