Smart Home Device Market Global Size, Industry Share, Recent Trends, Business Growth, Statistics, Key Companies, Regional Forecast 2019 to 2023
Jul 17, 2019
The Global Smart Home Device Market was valued at USD 14.55 billion in 2018; it is expected to reach USD 40.23 Billion by the end of the forecast period at a CAGR of 18.9%.
pune, India - July 17, 2019 /MarketersMedia/ —
Market Highlights
The smart home device market is expected to register a high CAGR during the forecast period. Rapid advancements in artificial intelligence and IoT technologies have increased the use of smart home devices. Moreover, the adoption of self-assembly and integrated devices fuels market growth. Among the regions, Asia-Pacific is expected to register the highest CAGR during the forecast period. The applications of smart home devices include heating and cooling regulation, security and surveillance, entertainment, and wellness. Most of these applications are controlled by smart hub, thereby making the segment hold the largest market share by product type. Also, most of the smart home devices are powered by Wi-Fi, which hold the largest market share in terms of connectivity.
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Key Players
The key players in the smart home device market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Amazon.com Inc. (US), Wink Labs Inc. (US), Brilliant Home Technology Inc (US), Logitech International SA (Switzerland), Samsung Electronics Co. Ltd (Republic of Korea), NetGear Inc. (US), SkyBell Technologies Inc. (US), Nest Labs (US), ADT Inc. (US), Vivint Inc. (US), SimpliSafe Inc. (US), Robert Bosch GmbH (Germany), PHILIPS LTG N V/ADR (Signify) (Netherlands), Cree Inc. (US), Honeywell International Inc (US). Google LLC (US), and Apple Inc. (US). These players contribute significantly to market growth.
Apart from the top key players, the other players contribute nearly 35–40% in the smart home device market. These are Siemens AG (Germany), Johnson Controls International PLC (US), Schneider Electric SE (France), United Technologies Corporation (US), ASSA ABLOY AB (Sweden), Legrand SA (France), ABB Ltd (Switzerland), Ingersoll-Rand PLC (Ireland), Comcast Corporation (US), Hubbell Incorporated (US), Huawei Technologies Co. Ltd (China), Sony Corporation (Japan), Panasonic Corporation (Japan), LG Electronics Inc (South Korea), Lutron Electronics Co Inc (US), Creston Electronics Inc (US), Hitachi Ltd (Japan), Delta Controls Inc (US), Control4 Corp (US), Lennox International Inc. (US), General Electric Company (US), Axis Communications AB (Sweden), Distech Controls Inc (US), Canary Connect Inc. (US) among others
Segmentation
The global smart home device market has been segmented based on product, connectivity, platform/virtual assistant, and region.
By product, the smart home device market has been segmented into smart hubs and controllers (smart speakers, smart panels and switches, smart remote control, and others), smart surveillance cameras (standalone security camera, video doorbell camera and others), smart locks and security system (biometric controlled locks, fire control system, and others), smart HVAC (smart thermostat, smart wall panels), smart lighting (smart bulb and light, smart wall switch), smart kitchen appliances (precision cookers, smart coffee makers, microwave/ovens, and others), and other home appliances (vacuum cleaners, fitness devices, smart bed, and others).
By connectivity, the smart home device market has been segmented into Bluetooth, Wi-Fi, Zigbee, and others.
By platform/virtual assistant, the smart home device market has been segmented into Amazon Alexa, Google Assistant, Apple Siri, Samsung Bixby, and others.
By region, the smart home device market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Central and South America.
Key Developments
In April 2018, SimpliSafe partnered with August Home, a smart lock maker. The partnership enabled SimpliSafe to integrate its home security system with August Home’s locks. The customers of Simplisafe can automate the processes of locking and unlocking August Smart Lock and August Smart Lock Pro using an app provided by SimpliSafe.
In February 2018, NETGEAR separated its Arlo business from itself. This separation differentiates the company’s home security camera business from the other businesses of NETGEAR.
In September 2017, Nest Labs launched a home security solution portfolio, that includes the Nest Secure alarm system, Nest Hello video doorbell, Nest Cam IQ outdoor security camera, and software and services, in the US and Canada.
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Regional Analysis
The global market for smart home devices has seen a tremendous surge in the unit shipment of smart hubs and controllers, and other devices. The market is expected to show positive growth during the forecast period from 2019 to 2024. The geographic analysis of the smart home device market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America.
Among the aforementioned regions, North America witnesses the presence of nearly 65% of the major smart home device manufacturers, integrators, and start-ups. This enabled the region to acquire the largest market share in 2018. The presence of major integrators and early adoption of technologies such as IoT and artificial intelligence further drive the growth of the smart home device market in North America. The US holds more than 30% of the global market share in the smart home device market. However, the adoption of smart homes and smart home devices in Asia-Pacific is expected to be extremely high due to the rapidly changing economical development and technological advancements.
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