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April 22, 2021, 8:12 a.m. EDT

Smart Home Market Latest Industry Trends, Future Growth, Regional Overview and Growth Forecast Outlook till 2028, Fortune Business Insights

Smart Home Market Size, Share & Industry Analysis, By Product (Home Monitoring/Security, Smart Lighting, Entertainment, Smart Appliances, and Others (Thermostat, etc.)), and Regional Forecast, 2019-2026

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Apr 22, 2021 (The Expresswire) -- According to the report, the global smart home market size is projected to reach USD 622.59 billion by 2026, thereby exhibiting a CAGR of 29.3% during the forecast period. Fortune Business Insights™ published this information in a recent study, titled, “ Smart Home Market Size , Share and Industry Analysis, By Product (Home Monitoring/Security, Smart Lighting, Entertainment, Smart Appliances, and Others (Thermostat, etc.)), and Regional Forecast, 2019-2026.”

The report further mentions that the market was valued at USD 79.90 billion in 2018. It is likely to gain momentum from the rising mergers and acquisitions between prominent companies for developing novel solutions for residences.

Highlights of the Report

  • Extensive analysis of the competitive landscape, such as mergers, acquisitions, contracts, agreements, strategic collaborations, and innovative product launches.

  • In-depth information about the smart home market trends, growth drivers, barriers, opportunities, and challenges.

  • List of all the segments present in the market.

Request a Sample Copy:

https://www.fortunebusinessinsights.com/enquiry/sample/smart-home-market-101900

Quantify Technology Joins Hands with Harvey Norman and 3PG

December 2019 : Quantify Technology, a pioneer of Truly Intelligent Buildings (TIB) and the Internet of Things (IoT), based in Western Australia, announced that it has signed an agreement with Harvey Norman Commercial Division, and 3 Property Group (3PG). The agreement will ensure that all the future 3PG projects must possess Quantify's smart home solutions for the next three years. These innovative solutions will be available in the market under the name of ‘3Q Home Automation.’ The agreement is worth $170,000 and is vital for Quantify as it would help the company in entering the flourishing market in the ACT. The solutions will be provided in total of 53 townhouses across Sage and Soho and Balcombe Terraces projects.

Fortune Business Insights™ profiles some of the renowned companies operating in the smart home market. They are as follows:

  • ABB Ltd.

  • Assa Abloy

  • Centrica Connected Home Limited

  • Control4 Corporation

  • Crestron Electronics

  • Emerson Electric Co.

  • General Electric Company

  • Honeywell International

  • Johnson Controls, Inc.

  • Samsung Group

  • Schneider Electric SE

  • Sony Corporation

  • Other key market players

MARKET OPPORTUNITY

Globally, several countries including China, Germany, Brazil, India, Canada, South Korea and others, are adopting green building policies. This initiative would help in creating huge opportunities for the smart home market in the coming years. It will also help in boosting the adoption of energy management smart devices including thermostats, smart meters, and smart plugs. Several initiatives and projects have been launched by the government of different regions to promote the development of green buildings. Apart from these, advancements in the data communication technology and smart city projects are some of the key emerging opportunities that would augment smart home market revenue.

According to the U.S. Green Building Council (USGBC), during 2015-2019, around 76,500 residential units have been certified worldwide, under Leadership in Energy and Environmental Design (LEED) projects. LEED projects were adopted by more than 150 countries and territories across the world.

Increasing Adoption of Smart Devices for Energy Management to Boost Growth

Numerous countries, such as South Korea, China, Canada, India, Brazil, and Germany, are utilizing green building policies. This initiative would aid in creating immense opportunities for the market during the forecast period. It is also expected to promote the adoption of energy management smart devices, namely, smart plugs, smart meters, and thermostats. The governments of various countries across the world are putting forward many projects and taking initiatives to develop green buildings for sustainable living. Besides, technological advancements in data communication and the rising number of smart city projects are likely to drive smart home market growth in the coming years.

Ask for customization: https://www.fortunebusinessinsights.com/enquiry/customization/smart-home-market-101900

MARKET DRIVERS

The Internet of Things (IoT) platform is one of the most prominent global economic drivers for the smart home market. IoT-based appliances offer energy-efficient capabilities at residences. Key companies are focused on the development of IoT platforms and related technology (Machine Learning, Artificial Intelligence, etc.), that can be deployed in smart home products. For instance, in 2018 Cisco Systems, Inc. partnered with SAS Institute, Inc. The partnership was initiated to develop an edge-to-enterprise IoT analytics platform. This platform will help several organizations to develop residential applications based on analytics software as per different requirements.

Moreover, with the rising adoption of IoT platforms in smart appliances, market growth for homes is expected to rise exponentially. According to Intel Corporation, in 2015 around 15 billion active IoT devices were registered worldwide. This number is expected to reach a market unit of around 200 billion by the end of 2020. Apart from that, the growth in the IoT will certainly help to boost the global smart home market in the near future.

KEY QUESTIONS ANSWERED:

  • What are the key technological and Smart Home Market trends shaping the market?

  • What are the key opportunities in the market?

  • What are the key companies operating in the market?

  • Which company accounted for the highest market share?

  • Why Choose Fortune Business Insights?

  • What is the market size and growth rate of the global and regional market by various segments?

  • What is the market size and growth rate of the market for selective countries?

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