In this analytical research report titled Persistence Market Research has covered every facet of the connected home market that is influencing its growth. Various trends, developments, drivers and challenges have been analyzed that are impacting the expansion of the connected home sector and this analysis is carried out across different regions in the globe giving the research an all-inclusive angle.
The global connected home market is projected to grow at a high CAGR of 14.2% during the period of forecast to touch a significant market valuation by the end of the year of assessment (2026).
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Connected home market is poised to reflect huge growth wave in the next few years. Connected home enables the interoperability and interconnection of various devices and appliances associated with security, healthcare, energy management, media, lighting, kitchen solutions, etc., with the user by using various platforms such as smartphones and laptops.
The user is able to control appliances remotely owing to enhanced connectivity and technological advancements in communication and networking. The IoT has a major role to play in the growth of the connected home market along with home automation, which is a part of this industry. Home automation is increasing at a rapid scale driving the need for the development of enhanced products and services to fulfill user solutions with respect to security, entertainment, home healthcare etc.
Global Connected Homes Market: Dynamics Impacting Growth
There are several aspects that are responsible for the meteoric growth of connected homes market. Factors such as rising consumer needs and desire for convenience purpose, increasing need for security and safety by the user, rising innovations in touch screens and sensors from a technology standpoint, rising widespread connectivity and benefits such as energy efficiency and optimization in consumption of energy are boosting the growth of the global connected homes market. However, challenges like high cost, lack of awareness and complex installations are hindering the growth of the global market for connected homes.
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Global Connected Homes Market: Segmental Snapshot
The global connected homes market is segmented on the basis of functionality, by platform, by component, by type of homes and by region.
- By region, the North America region is expected to showcase higher market attractiveness in the coming years. The connected homes market in North America is estimated to reach a higher market valuation by the end of the year of assessment. However, Latin America is projected to grow at the highest CAGR during the forecast period
- By functionality, the smart appliances segment reflects higher potential during the forecast period. This segment is also likely to dominate the global market
- By component, professional services segment is the fastest growing segment. However, the security solution segment reflects higher valuation owing to increased adoption and is the largest segment
- By platform, laptops and smartphones segments both showcase high attractiveness and are expected to reflect similar market strength. However, the laptops segment is a shade higher than smartphones segment in terms of value. The other platforms segment is expected to grow at a comparatively higher CAGR
- By type of homes, villa/bungalow segment is estimated to reach a value higher than US$ 70 Bn by the end of the assessment year and is expected to lead the global market for connected homes by presenting huge growth opportunities
Global Connected Homes Market: Competitive Landscape
The research report on global connected home market covers intelligence on key companies such as Samsung Electronics Co., Ltd., Legrand S.A., Johnson Controls, Inc., United Technologies Corporation, General Electric Company, Honeywell International, Inc., ABB Ltd., Siemens AG, Schneider Electric Se and Ericsson AB.
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