According to GMI Research report, “Global Smart Home Market By Application and By Geography – Opportunities & Forecast 2016–2025”, the global smart home market was estimated to be USD 48.7 billion in 2016 and is projected to reach USD 125.9 billion by the end of 2025, exhibiting a CAGR of 11.1% during the forecast period. The key factors driving growth of the market are rise in the internet of things, increasing penetration of energy-efficient systems and solutions as well as growing demand for real time home security solutions and consumer electronics worldwide.
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Based on Application, Home Appliances are expected to grow at the highest CAGR through 2025
The rise in the disposable income coupled with changing lifestyles of people worldwide has created huge demand for smart home appliances worldwide. The household consumers are focussing more towards reducing their energy costs by using these technologically advanced home appliances. Smart home appliances have ability to connect to internet and can communicate effectively to the end-user. The smart home appliances market is gaining attention from companies across diverse sectors.
Apart from this, the lighting control held the largest share in the smart home market in 2016. The increase in the adoption rate of intelligent lighting controls by households worldwide has fuelled the growth of the market. These have the ability to reduce electricity consumption as it consists of advanced sensors which automatically adjusts the intensity of artificial light according to the surroundings.
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On the other hand, Entertainment Control is also witnessing a substantial growth in the smart home market. The growth of market is attributed to the ease of managing and controlling entertainment systems such as audio, volume, multimedia room controls within a house. Also, the demand for home theatre system controls has grown significantly owing to the advancement in wireless communication technologies.
North America accounted for the largest share in the market in 2016
Increased demand for energy efficient systems and solutions, growing need for advanced security and access control solutions as well as rising usage of smartphones and tablets in smart home solutions can be attributed as the potential reasons for the growth of smart home market in North American region in 2016. United States is the key country in the region which has highest number of smart homes. Asia-Pacific region is projected to grow at the highest rate during the forecast period. The rise in GDP growth rates coupled with soaring disposable income of people of key economies, especially China and Japan are bolstering growth of the market in the Asia-Pacific region. The penetration rates in application areas such as lighting controls, HAVC controls, home appliances and Entertainment has witnessed a huge upsurge in recent years in the region.
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