Facts and Factors Market Research has published a new report titled “Smart Homes Systems Market By Product (Lighting Control, Home Appliances, Security & Access Control, Entertainment & Other Controls, HVAC Control, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2025”. According to the report, the global Smart Homes Systems market was valued at approximately USD 75,240 million in 2018 and is expected to reach a value of around USD 171,291 million by 2025, at a CAGR of around 12.4% between 2019 and 2025.
Smart home systems help in monitoring the heating, air conditioning, and television facilities in the households. They also offer services like home security, access monitoring, and alarm system solutions to consumers. Through the integration of smart home systems with the web, the former can be controlled through the utilization of mobile equipment. Moreover, a smart home system connects controlled equipment with a server or central hub. Additionally, the system can be controlled via wall-mounted screens, tablet computers or desktops, a mobile application, and a web interface. It can also be regulated from a distant location or site through the use of the internet.
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Furthermore, a household security system combined with a home automation system can offer services like remote surveillance of security cameras over the web, access control, and central locking of all border windows & doors. Apart from this, technological breakthroughs in the smart home systems can help it integrate with lights, electrical outlets, appliances, and heating & cooling systems whose operations are controlled by the internet or different gateways.
Rise in the number of internet users & rise in the smart equipment demand to drive the market trends
An increase in the number of internet users along with the prominent rise in the acceptance of smart equipment will steer the market growth over the forecast period. In addition to this, a massive rise in the awareness pertaining to healthy living & fitness across the emerging countries will accentuate the expansion of the smart homes system industry over the forecast timespan. Furthermore, growing IoT trends are also predicted to drive the growth of the smart homes systems industry over the period from 2019 to 2025.
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Additionally, the growing significance of monitoring of home activities through remote sites along with an increase in the requirement for power-saving & low carbon-emitting solutions will steer the business growth over the forecast period. Apparently, an increase in the use of smartphones and smart gadgets coupled with growing safety concerns will drive the market expansion over the timespan from 2019 to 2025. Governments across the globe are encouraging the use of home automation systems and this will further succor the industry growth over 2019-2025. However, restricted transmission between the electronic equipment and low awareness about the benefits of using smart homes systems will inhibit the expansion of the market over the forecast timeframe. Apart from this, huge costs of platform integration can further hamper the market growth over the period from 2019 to 2025.
Entertainment & other controls segment to register highest CAGR over the forecast period
The entertainment & other controls segment is set to record the highest growth rate of over 13% during the period from 2019 to 2025. The growth of the segment over the forecast timespan is attributed to the use of the entertainment & other control systems for saving the energy as well as reduces the electric bill costs.
Indian market to garner lucrative revenues gains over the forecast period
The growth of the smart homes systems industry in India over the forecast timeline is due to a huge inclination towards the use of smart home appliances, lighting control, security & access control, HVAC control products in the county.
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Some of the key players in the market include Alarm.com, Amazon.com, Inc., Chiyu Technology Co., Ltd., Control4, Crestron Electronics, Google LLC, Leviton Manufacturing Company, Inc., Logitech International S.A., Mantra Softech Pvt. Ltd., Orient Electric Limited, Honeywell International, Johnson Controls International plc, Samsung, Schneider Electric SE, Siemens, and Robert Bosch GmbH.
This report segments the Smart Homes Systems market as follows:
Smart Homes Systems Market: By Product Segment Analysis
- Lighting Control
- Home Appliances
- Security & Access Control
- Entertainment & Other Controls
- HVAC Control
Smart Homes System Market: Regional Segment Analysis
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