According to a new research report published by Transparency Market Research titled, ‘Smart Home Installation Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’, the global smart home installation services market was valued at US$ 2,515.5 Mn in 2017, and is expected to expand at a CAGR of nearly 25% from 2019 to 2027, to reach value of more than US$ 21,000 Mn by the end of the forecast period. According to the global smart home installation services market report, North America was a significant contributor to the global smart home installation services market, in terms of revenue, in 2018. The prominent market share of this region in the global smart home installation services market is attributable to the high adoption of smart home installation services across the region, especially in the U.S. and Canada.
Key Growth Drivers of the Smart Home Installation Services Market
- Rising Adoption of Cognitive Systems Driving the Global Smart Home Installation Services Market
- The global smart home installation services market is currently driven by an increase in the adoption of cognitive systems by end users. The adoption of intelligent assistance-embedded consumer devices (products) has increased rapidly over the last few years, owing to their advanced features, especially in terms of portability.
- The introduction of cognitive computing solutions in smart consumer devices is projected to drive the demand for intelligent assistance-embedded consumer devices during the forecast period, as companies are investing in technological advancements in embedded devices by integrating cognitive systems for enhancing performance. For instance, according to forecasts by the Worldwide Semiannual Cognitive Artificial Intelligence Systems Spending Guide, cognitive system and artificial intelligence spending is likely to increase to US$ 52.2 Bn by 2021.
- The rising adoption of connectivity technologies is a major factor fueling the demand for smart home installation services. This is primarily due to increasing adoption of intelligent assistance-embedded consumer devices over the last few years, led by the increasing demand for connected devices.
- Devices with embedded systems can be easily integrated with the Internet so as to remotely access them from any location. The use of embedded systems allows companies to create a secure network of connected devices. For instance, according to Bluetooth SIG, Inc., a U.S.-based company, approximately 2 billion units of Bluetooth devices were shipped by the end of 2018 on the global level. Market leaders are progressively turning toward Bluetooth in order to power their Internet of Things (IoT) solutions.
- The rising adoption of personal assistants in smart homes is expected to create new opportunities for smart home installation service providers in the next few years. This is primarily because consumers are adopting technologically-advanced devices, including artificial intelligence-embedded devices such as smart TVs, smart speakers, and gaming devices.
- The rising concerns about data privacy and security is a major factor limiting the smart home installation services market.