DALLAS, TX / ACCESSWIRE / February 22, 2021 / According to a new market report published by Lucintel, the future of the smart home market looks attractive with opportunities in the home safety and security, appliance, entertainment, lighting, HVAC, healthcare, and kitchen applications. The smart home market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $119 billion by 2025 with a CAGR of 8% from 2020 to 2025. The major growth drivers for this market are increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience, and the growing adoption of cloud-based technologies.
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In this market, safety and security, home appliance, kitchen appliance, entertainment control, lighting control, HVAC control, and smart healthcare are the major applications. Lucintel forecasts that the safety and security market is expected to remain the largest segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The entertainment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing need of advanced technology that can provide a single platform for high level of control, flexibility, and deliver the best entertainment experience.
Within the smart home market, the wireless segment is expected to remain the largest technology. It is also expected to witness the highest growth over the forecast period due to the increasing demand for Zigbee in healthcare, safety and security applications to support remote monitoring facilities, and consumer comfort and convenience enhancement.
Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the increasing adoption of cloud based technologies and increasing awareness related to safety and security. Increasing population, urbanization, rising standard of living, and increasing government expenditure on smart cities will further spur the growth in this region.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of voice assistant technology for high-end automated households, emergence of air quality sensor devices that measure volatile organic compounds (VOCs), and growing adoption of video enabled drones. Honeywell, Johnson & Johnson ADT Corporation, Control4 Corporation, United Technologies Corporation, Siemens AG, Philips, Acuity Brands, and Vivint Inc. are among the major smart home providers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the smart home market by application, product and service type, technology, and region and has come up with a comprehensive research report entitled "Growth Opportunities in the Smart Home Market 2020-2025: Trends, Forecast, and Opportunity Analysis." The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the smart home market by application, product and service, technology, and region as follows:
By Application [$M shipment analysis from 2014 to 2025]:
- Safety and Security
- Home Appliance
- Home Healthcare
- Smart Kitchen
By Product and Service Type [$M shipment analysis from 2014 to 2025]:
By Technology Type [$M shipment analysis from 2014 to 2025]:
- Protocols & Standards
By Region [$M shipment analysis for 2014 - 2025]:
- North America
- United States
- United Kingdom
- Asia Pacific
- South Korea
- The Rest of the World
This 182-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link [email protected].
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
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