Global Smart Homes & Buildings Market size is projected to be valued $146 Billion by 2025; with a CAGR of 32.1% from 2017 to 2025. Smart Home & Building is a hub that controls communications in a home automation network between home automation gadgets automatically or on command. It incorporates devices such as lights, locks, remote cameras, video-enabled doorbells, security frameworks, and even duties like pet feeding. Smart technology can upgrade the performance of homes & buildings, and the experiences of people living and working in them. They can help cut carbon emissions, reduce energy use, and support more intelligent, fast and flexible management of energy supply and demand. Responsive, flexible and intelligent assisted living services can give support for the elderly and those with chronic illnesses, helping them live better and for longer at home. This technology makes life easier and comfortable by allowing control through voice and mobile apps as well as using automation and artificial intelligence to support and predict our changing needs.
Growing energy cost, increasing government rules & initiatives, and increasing requirement for integrated security & safety solutions are the factors driving the growth of the smart homes & buildings market. However, high initial investment needed for well-integrated smart technologies may hinder the growth of the market. Moreover, growing trend of smart cities might provide with several growth opportunities in the forecasted years.
The global smart homes & buildings market is segmented on the basis of product, technology, application, end user, and geography. The market is segmented by product as safety & security products/devices (surveillance cameras, door locks, smoke detectors & fire sprinklers), controllers (light sensors, motion sensors, CO2 sensors, dimmers, timers, and energy efficient lights), and home appliance & entertainment controllers (thermostats, remote controls, & smart plugs and energy monitors). Technology comprises Bluetooth, Zigbee, RFID, GSM/GPRS, and Wi-Fi. Further, the market is segmented by application as energy management, lighting control, HVAC control, appliances & entertainment control, safety & security, and home healthcare & child safety. By end user, the market is classified into residential users (individual homes, residential buildings & housing societies), commercial users (corporate offices, industrial production units, healthcare facilities, retail outlets and convenient stores, & hotels & restaurants), and government organizations.
Based on geography, global smart homes & buildings market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico whereas Europe segment consist of UK, Russia, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into China, Japan, India, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Major companies operating in the global Smart Homes & Buildings market are Cisco Systems, Inc., Hitachi, Ltd., Schneider Electric, Siemens AG, Emerson Electric Co., Smarthome, Inc., Honeywell International Inc., Control4 Corporation, Delta Controls, and Ingersoll-Rand plc, among others.
The key takeaways from the report
Scope of the Global Smart Homes & Buildings Market
End User Segments