NEW YORK, June 27, 2017 (GLOBE NEWSWIRE) -- According to a new research report “Global Smart Homes Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Product (Home Entertainment System, Lighting Control System, Smart Home Appliances, Security & Access Control, HVAC Control, and Smart Home Healthcare), by Technology (Wi-Fi, Bluetooth, GSM/GPRS, RFID, and Others)” published by P&S Market Research, the global smart homes market is projected to reach $70,208.6 million by 2023, growing at a CAGR above 14% during 2017 - 2023.
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Due to increasing internet penetration globally, and significant growth in automation technologies such as internet of things (IoT), the global smart homes market is gaining huge traction. Furthermore, recent developments in home automation technologies have resulted in drop in prices of sensors and processors, which are contributing to the growth of global smart homes market. Technology manufacturers investing and promoting automation in residential and household sector are also expected to back the global market growth.
As per the findings of the research, home entertainment system segment has been the largest revenue generator among the various product segments in the global smart homes market. Smart home healthcare segment is expected to witness the fastest growth during the forecast period.
In recent years, extensive rise in access to Wi-Fi technology is facilitated by rapid growth in IoT. Since a number of automation devices operate through wireless connectivity, Wi-Fi technology enables remote monitoring and effective control of these devices. Moreover, the proliferation of Wi-Fi technology in residential sector is expected to further aid in the expansion of the global smart homes market. This includes Wi-Fi enabled lighting control system, security & threat control, wireless home appliance operation, and entertainment system.
Geographically, North America has been the largest market for smart homes; whereas, the market is expected to witness the fastest growth in Asia-Pacific, during the forecast period.
The telecom industry in Asia-Pacific has grown by leaps and bound, with rapid increase in the number of internet subscribers. This has directly led to increase in the adoption of smart devices at a rapid pace, and is further helping the smart homes industry in escalating the use of smart phones and tablets for controlling different home equipment.
Factors propelling growth in the global smart homes market include significant increase in demand for smart home appliances, surge in demand for smart home healthcare solutions, amplified adoption of IoT and related technology in household sector, and rising need for energy saving solutions having lower carbon footprint.
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Demand for smart home healthcare solutions is also a key factor driving the growth of global smart homes market. Latest mobile health and digital technologies are escalating the demand for smart home healthcare in the global smart homes market.
The research states that the global smart homes market is moderately competitive, with players investing in advanced research & development of new home automation solutions. Some of the key players operating in the global smart homes market are Honeywell International Inc., Siemens AG, Schneider Electric SE, ABB Limited, Johnson Controls Inc., Samsung Electronics Co. Ltd., United Technology Corporation, and Cisco Systems Inc.
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