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New York, March 10, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Smart Home Market: Trends, Opportunities and Competitive Analysis” – https://www.reportlinker.com/p06244241/?utm_source=GNW

The future of the smart home market looks promising with opportunities in safety and security, appliance, entertainment, lighting, HVAC, healthcare, and kitchen applications. The global smart home market is expected to reach an estimated $144.7 billion by 2027 with a CAGR of 10.5% from 2021 to 2027. The major growth drivers for this market are increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience, and the growing adoption of cloud-based technologies.

Emerging trends, which have a direct impact on the dynamics of the industry, include development of voice assistant technology for high-end automated households, emergence of air quality sensor devices that measure volatile organic compounds (VOCs), and growing adoption of video enabled drones. Honeywell, Johnson & Johnson ADT Corporation, Control4, United Technologies Corporation, Siemens AG, Philips, Acuity Brands, and Vivint Inc. are among the major smart home providers.

Smart Home Market by Application, Technology, Product and Service

In this market, safety and security is the largest application segment, and wireless is the largest technology segment. Growth in various segments of the smart home market are shown in the figure below:
Smart Home Market by Segments

The study includes trends and forecasts for the global smart home market by application, technology, product and service, and region as follows:

By Application [$M shipment analysis for 2016 – 2027]:
Safety and Security
Home Appliances
Entertainment
Lighting
HVAC
Home Healthcare
Smart Kitchen
Others

By Product and Service Type [$M shipment analysis for 2016 – 2027]:
Products
Services

By Technology [$M shipment analysis for 2016 – 2027]:
Wired
BACnet
Lonworks
DALI
Modbus
KNX
Others
Wireless
Zigbee
Wi-Fi
Bluetooth
EnOcean
Z-Wave
Others

By Region [$M shipment analysis for 2016 – 2027]:
North America
United States
Canada
Mexico
Europe
United Kingdom
Germany
France
Asia Pacific
China
Japan
India
South Korea
The Rest of the World
The analyst forecasts that the safety and security market is expected to remain the largest application segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The entertainment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing need of advanced technology that can provide a single platform for high level of control and flexibility and deliver the best entertainment experience.

Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the increasing adoption of cloud-based technologies and increasing awareness related to safety and security. Increasing population, urbanization, rising standard of living, and increasing government expenditure on smart cities will further spur the growth in this region.

Features of Smart Home Market
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Source: https://finance.yahoo.com/news/global-smart-home-market-expected-113900077.html