The global smart home technology market will grow at a CAGR of 19.5% during the forecast period 2021-2027. North America’s smart home technology market size was valued at US$ 27,084.3 million in 2020.
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Home automation is a method of controlling devices, appliances, and systems through the internet, which is connected to a computer or network and can be controlled independently and remotely. Smartphones and tablets both interact with connected devices, and the overall adoption of smart homes is mainly accelerated by an increase in smartphone penetration. Applied innovations including cloud computing, IoT, and artificial intelligence, smartphone penetration, and increased internet access are propelling smart or connected technologies forward at an exponential rate, influencing digital transformation in homes and influencing smart product and service creations.
Factors Affecting the Growth of Global Smart Home Technology Market
The trend of smart home appliances including those related to safety & security, smart home entertainment, and energy management is driven primarily by the growth of consumer convenience, safety & security, and energy consumption.
Mobile communication software market growth has been influenced by factors such as the increasing adoption of smartphones and internet penetration around the globe during the review period.
In the coming years, the growth of the Smart Home Market will be driven largely by consumer interest in video doorbells, voice-assist technology (including Alexa and Google Home), and surveillance systems.
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Covid-19 Impact on the Global Smart Home Technology Market
Global smart home development has been severely affected by the Covid-19 pandemic.
Depending on the progression of the virus, it is expected that global sales will decrease in this fiscal year.
In China, supply shortages resulting from the Covid-19 disruption have adversely affected smart home systems demand.
A reduction in new construction projects in China and the temporary closure of factories are some of the factors hampering growth in the market.
Regional Outlook of the Global Smart Home Technology Market
The North American market dominated in 2020 due to first-mover advantages. In the current scenario, North America dominates the smart home market due to the growing demand for smart devices and the high penetration of smartphones & the internet. A rising disposable income coupled with government initiatives is expected to lead to the highest growth for the Asia-Pacific region during the studied period.
According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.
This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).
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Key Players in the Global Smart Home Technology Market
Several leading competitors in the global smart home technology market include:
Haier Electronics
Samsung Electronics Ltd
United Technologies Corporation
Acuity Brands, Inc.
AMX, LLC
ABB Limited
IBM Corporation
ASSA ABLOY
Cisco Systems, Inc.
Control4 Corporation
Emerson Electric Co.
General Electric Company
Honeywell International Inc.
Crestron Electronics Inc.
Deutsche Telekom AG
LG Electronics Inc.
Monitronics International Inc.
Schneider Electric S.E.
Siemens AG
Vivint Inc.
Other Prominent Players
Aim of the Report: The Global Smart Home Technology Market
The global smart home technology market is segmented by Product, Technology, End-User, and Regions.
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Segmentation based on Product
Safety and Security
Smart Appliances
Heating Ventilating, Air Conditioning (HVAC)
Home Entertainment
Smart Lighting Systems
Smart Energy Management Safety and Security
Smart Appliances
Heating Ventilating, Air Conditioning (HVAC)
Home Entertainment
Smart Lighting Systems
Smart Energy Management
Segmentation based on Technology
Wireless Smart Home Technology
Wi-Fi Technology
Bluetooth Technology
ZigBee Technology
Z Wave Technology
Other Wireless Technology
Wired Smart Technology
Ethernet Technology
Power Line Communication
Fiber to Home Technology
Other Wired Technology
Segmentation based on End-User
Residential End-User
Luxury Homes
Mid-Range Apartments/Homes
Assisted Homes
Low Energy Homes
Commercial End-User
Smart Hotels
Smart Hospitals
Other Commercial Buildings
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Segmentation based on Regions
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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