Major players in the smart homes devices market are ABB Ltd, General Electric Company, Johnson Controls, Inc. , Siemens AG, and Schneider Electric SE. The global smart home devices market is expected to grow from $54.
New York, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Home Devices Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151602/?utm_source=GNW
77 billion in 2020 to $60.37 billion in 2021 at a compound annual growth rate (CAGR) of 10.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $123.36 billion in 2025 at a CAGR of 19.6%.
The smart homes devices market consists of sales of smart home appliances and devices.Smart home devices are controlled remotely from any internet-connected place in the world using a mobile or any other network device.
Appliances of the smart homes are interconnected in such a manner that the user gets the access to control the functions such as security check to the home, temperature, lighting, and home theatre.
The smart home devices market covered in this report is segmented by technology into Wi-Fi technology, bluetooth technology. It is also segmented by application into energy management, climate control system, healthcare system, home entertainment system, lighting control system, security & access control system and by sales channel into online, offline.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
High switching costs restrains the smart home device market.The cost of smart appliances is high and involves other upfront costs like installation and maintenance cost as well.
The high cost obstructs adoption and acceptance of smart devices by the customers including many organizations.According to the GFK study 36% of the respondents feel high prices associated with the smart home devices is their major concern.
Moreover, a smart thermostat in the USA costs around $250 whereas the traditional thermostat cost around $25. The cost factor influences the market negatively.
Companies are developing voice assistants to control smart home devices.Voice assistants are digital assistants that react to voice commands and reply with relevant information.
They are different from the traditional keyboard-based searches.They put more focus on the conversational phrasing of any content and prioritize the long tail keywords for any search.
For example, Amazon and Google have launched their own voice assistants in their respective smart speakers. Amazon has launched Alexa Voice Assistant in its Echo smart speaker while Google has launched ’Google Assistant’ voice assistant for its Google Home smart speaker.
In February 2018 Amazon, a multinational technology company acquired Ring Inc. for $1 billion. This acquisition increased Amazon’s products portfolio in the smart home security products. Ring Inc. is a smart doorbell-camera startup known for its connected doorbells, high-security cameras, and floodlights. It was incorporated in 2012 and has headquarter in Santa Monica, California.
The rise in the need to save energy and decrease carbon emission drives the smart home devices market.This increase in the need for sustainable solution has been initiated by strict government regulations that introduced a cap on maximum carbon emissions allowed for each company.
Conventional devices continuously use electricity until someone turns them off.However, in the case of smart home devices, they are equipped with motion sensors which can detect the absence of people in the room for given time and automatically turn off, thus saving money and electricity.
Saving unnecessary usage of electric devices and decreasing the power demand on the power plants help reduce carbon emission. For example, according to a report published by Tech UK, smart buildings have already saved at-least 2.9 million tons of CO2 in a year in UK.
The smart home devices are regulated by government bodies such as National Institute of Standards and Technology (NIST), European Telecommunications Standards Institute (ETSI), and others.The ETSI Cybersecurity Technical Committee (TY Cyber) released ETSI TS 103 645 standard to keep a security baseline for all the internet user product.
The standard states that the IoT/Smart Home devices must make it easy for consumers to delete their personal data when there is transfer of ownership.The standard also requires the implementers to stop using universal default passwords as this give rise to a large number of security issues.
It also allows the security researchers to report any kind of security flaw in the IoT/Smart Home devices.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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