The global smart home device market, according to the report by Market Research Future (MRFR), is expected to acquire a market valuation of USD 40.23 billion by 2025, at a substantial CAGR of 18.9% over the review period of (2019-2024).
Drivers and Restraints
The global smart home devices market is slated to flourish owing to the increasing adoption and advancement of the Internet of Things technology (IoT), artificial intelligence (AI), among others. The growing consumer demand for automation in homes is one of the significant driving factors for the increasing adoption of smart home devices. Moreover, the constant research and development activities taking place to evolve the automation and IoT technologies, and their integration into daily objects is one of the significant driving factors over the review period.
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The demand for smart home devices is segmented based on the product, platform/virtual assistant, and connectivity.
The products available in the global smart home devices market are smart surveillance cameras (video doorbell camera, standalone security camera, and others), smart hubs and controllers (smart panels and switches, smart speakers, smart remote control, and others), smart locks and security system (fire control system, biometric controlled locks, and others), smart kitchen appliances (precision cookers, microwave/ovens, smart coffee makers, and others), smart HVAC (smart wall panels, and smart thermostat), based on lighting (smart bulb and light, and smart wall switch), and other home appliances (vacuum cleaners, smart bed, fitness devices, and others).
The connectivity options accessed by smart home devices are Bluetooth, WiFi, Zigbee, and others.
The various platforms/virtual assistants that operate in the global market for smart home devices are Amazon Alexa, Google Assistant, Apple Siri, Samsung Bixby, and others.
The major market players operating in the global market for smart home devices are Amazon.com Inc. (US), Wink Labs Inc. (US), Brilliant Home Technology Inc (US), Logitech International SA (Switzerland), Samsung Electronics Co. Ltd (Republic of Korea), NetGear Inc. (US), SkyBell Technologies Inc. (US), Nest Labs (US), ADT Inc. (US), Vivint Inc. (US), SimpliSafe Inc. (US), Robert Bosch GmbH (Germany), PHILIPS LTG N V/ADR (Signify) (Netherlands), Cree Inc. (US), Honeywell International Inc (US). Google LLC (US) and Apple Inc. (US).
The other market players acknowledged by MRFR include Siemens AG (Germany), Johnson Controls International PLC (US), Schneider Electric SE (France), United Technologies Corporation (US), ASSA ABLOY AB (Sweden), Legrand SA (France), ABB Ltd (Switzerland), Ingersoll-Rand PLC (Ireland), Comcast Corporation (US), Hubbell Incorporated (US), Huawei Technologies Co. Ltd (China), Sony Corporation (Japan), Panasonic Corporation (Japan), LG Electronics Inc (South Korea), Lutron Electronics Co Inc (US), Creston Electronics Inc (US), Hitachi Ltd (Japan), Delta Controls Inc (US), Control4 Corp (US), Lennox International Inc. (US), General Electric Company (US), Axis Communications AB (Sweden), Distech Controls Inc (US), Canary Connect Inc. (US) among others.
October 2019: Dish Tv India launched a new range of smart connected devices with an android-based set-top box and Alexa built-in smart kits and smart home controls with voice commands and combining linear TV with popular OTT applications into a single entertainment device.
October 2019: Google unveiled its new Nest mini, with enhanced speakers and new Nest WiFi routers, along with the latest updates for its Nest smart-home unit.
October 2019: Google announced the release of Home Feed, a new security feed for the current Google Home and Nest Home devices, which will be accessible through the Home app. The systems offered special security features that enabled users to listen to the sound alerts that triggered the Google Assistant-powered speakers, such as smoke alarms, dog barks, among others. For instance, if the notification received on the app is that of a smoke alarm, the app allowed users to dial necessary emergency service numbers through a pop-up icon.
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The global market for smart home devices is expected to gain traction in North America, and Europe owing to the presence of an established IT sector, which is investing towards technological innovations. Moreover, the presence of major market giants in these regions is also expected to offer lucrative opportunities for market growth in the forecast period. Asia Pacific region is also assessed as a promising market for smart home devices, followed by the Middle East. These regions are expanding owing to the rapid industrialization and technological penetration.
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