Smart Home Market Estimated to Touch USD 254.78 Billion by 2030 with a CAGR of 12.3% – Report by Market Research Future (MRFR) – GlobeNewswire
New York, US, April 21, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Smart Home Market” information by Component, by Application and Region – Forecast to 2030” market size to reach USD 254.78 billion, growing at a compound annual growth rate of 12.3% by 2030.
The increasing adoption of various security solutions such as surveillance systems, video doorbells, and voice-assisted technologies like Google Home & Alexa will offer robust opportunities for the market over the forecast period.
Dominant Key Players on Smart Home Market Covered are:
- Honeywell International (US)
- Johnson Controls (Ireland)
- Siemens AG (Germany)
- Schneider Electric (France)
- UTC (US)
- Google LLC (US)
- Amazon (US)
- Apple Inc. (US)
- ADT Inc. (US)
- Assa Abloy (Sweden)
- Dahua Technology (China)
- ABB Ltd (Switzerland)
- Robert Bosch (Germany)
- Axis Communication (Sweden)
- Samsung Electronics (South Korea)
- Panasonic Corporation (Japan)
- Legrand SA (France)
- CP Plus Inc. (India)
- Hangzhou Hikvision Digital Technology Co. Ltd (China)
- General Electric (US)
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Market USP Exclusively Encompassed:
Growing Demand for Home Automation Technologies to Boost Market Growth
The growing need for home automation technologies will boost smart home market growth over the forecast period. Traditional home systems were created with a limited level of connectivity in mind. Users were also restricted to operating systems that fell inside a specific range. The emergence of smart home technology, on the other hand, is opening up a whole new universe of possibilities. It has made advantage of connection to allow owners to access their properties remotely. According to Investopedia, there are around 175 million smart homes worldwide. The most recent application trend blends artificial intelligence and automation to give household assistance in a novel and inventive method. These most recent developments ensure both powerful technical gadgets and security.
High Cost to Remain Market Restraint
The high price of switching for existing smart device consumers coupled with the issues associated to device malfunctioning & breaches in privacy and security may act as restraints for smart home market over the forecast period.
Compatibility Issues to act as Market Challenge
The compatibility issues amid devices of various companies may act as a challenge for smart home market over the forecast period.
Browse In-depth Market Research Report (288 Pages) on Smart Home Market:
Segmentation of Market Covered in the Research:
The global smart home market is bifurcated based on component.
By component, hardware will lead the smart home market over the forecast period.
North America to Spearhead Smart Home Market
North America will spearhead the smart home market over the forecast period. One of the factors propelling the market is the growing number of government efforts to assist energy-efficient building, which provide benefits such as improved energy savings, lower lifetime costs, and lower greenhouse gas emissions. In the last four years, smart …….