The proliferation and smartening of IoT devices has remarkably scaled up the potential for the industry and significant amount of data or information can be stored, collected, analyzed and transmitted, helping the companies save substantial amount of money. Hence, during 2017, wireless smart technology held a prominent share of 84.3%, followed by wired technology. Wireless smart home devices market generated a revenue of US$ 27,141.3 million in 2017 and is projected to grow at a CAGR of 23.5% during the forecasted period. In addition, Wifi technology application in smart home held 60% share and garnered revenue of US$16,858.8 million in 2017. While Ethernet wired connection occupied largest share in the respective technology. During 2017, wired connection is expected to showcasing remarkable compound growth of 26.4% during the forecasted period. Based on end-users, global smart home market is segmented into residential and commercial end-users. In 2017, smart home technology was more applicable among residential end-users. The segment dominated the market and is expected to maintain its dominance throughout the analyzed period. Furthermore, depending on residential end-users, type, the market is further classified into luxury homes, mid-range apartments, assisted homes and low energy homes. During 2017, mid-range apartments occupied the largest share of 38.1%, followed by luxury apartments and luxury villas in the global smart home residential end-user segment market. Surging investments by major tech giants and venture capitalists to bring in innovation within smart home domain along with flourishing real estate sector and US recovery from subprime crisis has tremendously contributed towards the growth prospects of smart home technology worldwide.
Moreover, benefits of smart home technology can also be witnessed among commercial end-users such as hotels, hospitals and other commercial buildings. Technological breakthroughs have been successful in bringing about new shapes in the global smart home market. Smart home technology application was majorly prominent among hospitals. Based on estimation, the respective segment is projected to generate revenue of US$ 23,192.1 million by 2024 displaying tremendous CAGR of 25.4% during the forecasted period.
Moreover, strong competitiveness, flourishing IoT, spur in product development, R&D activities and dramatic uptake of technological advancements, investments by major peers, rising consumer awareness, spur in smartphone penetration have being significantly contributing in prospering the market size of smart home technology. Owing to this, the global smart home market was valued at US$ 32,171 million during 2017 and is projected to reach US$ 1,40,458.2 million by 2024. However, concerns regarding privacy and hacking, high cost involved in complex installation and high prices of smart home devices needs to be addressed globally to experience the never ending growth of smart home market. Furthermore, for better understanding of the industry the report analysis the penetration of smart home devices in different geographies and countries including North America, Europe, Asia-Pacific Latin America and Middle East and North Africa (MENA). Based on estimation, North America dominated the global smart home market, with more than 53% share in 2017. Positive impact on businesses of smart device manufactures and booming concept of Internet of Things has bolstered the growth of global smart home technology market. Europe and Asia Pacific followed North America with 24.3% and 17.9% shares respectively in 2017.
Looking at the growth prospect and consumer growing concern over home security various companies have forayed in the global smart home technology market, offering smart devices such as smart speaker, security systems, smart TVs, LEDs and switches, kitchen ware appliances and other devices. With an objective to enhance their product portfolio, the key market players have entered into various acquisitions and collaborations to expand their market reach and share. Major players profiled in the report includes Haier Electronics, Cisco Systems, Inc., Google, Amazon, Honeywell International, Crestron Electronics Inc., General Electric Company, IBM Corporation, LG Electronics Inc., Schneider Electric S.E., and Siemens AG among others.