“Emergency Research | Smart Home Devices Market”
Market Size – $84.52 billion in 2021, Market Growth – at a CAGR of 10.4%, Market Trends – Significant investments in R&D activities
According to the latest analysis by Emergen Research, the global smart home devices market size reached US$84.52 billion in 2021 and is expected to register a 10.4% revenue CAGR during the forecast period. The integration of lighting controls with built-in data connectivity technology is a major factor behind the revenue growth of the market. In recent years, the lighting control industry has expanded greatly. A wide range of goods are available at this market including timers, daylight sensors, dimmers and occupancy sensors. These items can be used separately or in conjunction with each other. They are compatible with both wireless network and wired network technologies for home automation integration.
Emergen Research has released a new market research report titled Global Smart Home Devices Market Forecast to 2030 which includes statistical data represented in Tables, Pie Charts, Graphs and Figures to help understanding of the market. The research report offers a comprehensive assessment of the market offering a futuristic perspective on market trends, growth factors, facts, and industry-validated market data. It offers an in-depth assessment of the market size, share and revenue growth along with a thorough analysis of the competitive landscape with deep profiling of key competitors. Rising investments and advances in technology are expected to significantly drive the growth of the market over the forecast period.
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Some key highlights from the report
The entertainment and other controls segment accounted for the largest share of sales in 2021. The ease with which these controls make it possible to manage and control entertainment systems in a home is fueling the expansion of the video, multimedia and audio control business. With the help of intelligent entertainment systems, users are eliminating the clutter of remote controls in favor of a more sophisticated approach. In addition, they can simplify their setup, allowing users to quickly access the music and movies they want. In addition, intelligent entertainment devices allow the user to interact in a more seamless, natural way, whether through touch, gesture or voice. Benefits like these are expected to drive segment revenue growth.
The sub-$25 smart home device segment accounted for the largest share of sales in 2021. Anyone can increase the intelligence of their home with the cheapest smart home devices without spending a fortune. There are several inexpensive devices that you can use to turn on the lights, control the temperature, play music, and even keep an eye on the house while the homeowner is away. For example, one of the best cheap smart home gadgets, and in our opinion the best smart plug, is the $25 Wemo WiFi Smart Plug. Also compared to its predecessor, the Wemo Mini is more compact than alternative solutions. The Wemo WiFi Smart Plug is compatible with all major smart assistants, although like some other smart plugs it lacks power monitoring.
The online segment accounted for the largest share of sales in 2021 due to the growing population and widespread use of mobile phones. Market demand is driven by advances in technology and the rise of e-commerce. Demand is fueled by the rise of e-commerce platforms like Alibaba, Amazon and eBay, which offer cheaper prices and offers like cash on delivery (COD) and easy returns. Many people are attracted to the platform due to the variety of gadgets available. Customers find it convenient and easier to buy things online by comparing prices, types and brands, saving them time from having to go to a store that drives the segment’s sales growth.
The report provides a comprehensive view of the competitive landscape and includes company profiles, production and manufacturing capacities, product portfolio, expansion strategies, and business initiatives such as mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches and brand promotions, among others. It also provides key insights into financial health, market reach, global position, gross profit margins, and investment and funding initiatives.
The key players/manufacturers profiled in the report are:
SAMSUNG, LG Electronics, Honeywell International Inc., Schneider Electric, Koninklijke Philips NV, Amazon.com, Inc., Robert Bosch GmbH, Apple Inc, Panasonic Holdings Corporation and Sony Corporation.
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Emergen Research has segmented the global smart home devices market based on product, price range, distribution channel and region:
Product Outlook (Revenue, $Bn; 2019-2030)
firefighting
light control
relay
presence sensors
daylight sensors
timer
dimmer
Switch
accessories and other products
security and access control
video surveillance
hardware
Software/Video Analysis
price ranges
access control
Biometric access control
Non-biometric access control
HVAC control
Smart thermostats
sensors
control valves
heating and cooling coils
mute
actuators
pumps & fans
Intelligent ventilation
Entertainment and Other Controls
entertainment control
Other controls
Smart speaker
Home care
condition monitoring
Physical activity monitors
Smart kitchen
Smart fridges
Intelligent coffee machines
Smart kettle
Intelligent dishwashers
Smart Ovens
Smart hobs
Smart herd
domestic appliances
Smart washing machines
Smart Dryers
Smart water heater
Smart vacuum cleaner
Smart furniture
Smart Tables
Smart desks
Intelligent stools and benches
Smart sofas
Smart Chairs
Price Range Outlook (Revenue, $Bn; 2019-2030)
Under USD 25 smart home device
USD 25-50 smart home device
Over $50 smart home device
Distribution Channel Outlook (Revenue, $Bn; 2019-2030)
On-line
Offline
Regional Analysis:
The report throws light on the region expected to dominate the Smart Home Devices market in the years to come. The report estimates market size in terms of volume and value, providing an accurate estimate of the market share each region is expected to hold during the forecast period. The report analyzes the spread of the smart home devices market across major geographic regions North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis provides an idea of production and consumption patterns, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.
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The report further highlights the strengths, weaknesses, opportunities, and threats faced by the businesses in the global Smart Home Devices market additionally measuring the feasibility and return on investment analysis in the report. Additionally, the report includes the latest COVID-19 pandemic impact on the market and includes the initial and future assessment of the impact of COVID-19 on the market. The report is a qualitative and quantitative assessment of the global Smart Home Devices market that has been formulated through extensive primary and secondary research with the data further validated by industry experts and professionals.
Main benefits of the report:
Comprehensive analysis of the competitive scenario and its changing dynamics
Analytical data with detailed SWOT analysis and Porter five forces analysis
In-depth 8-year analysis of the global smart home devices market
Critical assessment of the most important market segments
Comprehensive analysis of drivers, barriers, trends and opportunities
Detailed regional analysis and extensive company profiles
Comprehensive assessment of current and emerging market trends
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About Emerging Research
Emergen Research is a market research and consulting firm that offers syndicated research reports, custom research reports, and consulting services. Our solutions are solely focused on your purpose of locating, targeting and analyzing changes in consumer behavior across demographics and industries and helping customers make smarter business decisions. We offer market intelligence studies that ensure relevant and fact-based research across multiple industries including Healthcare, Touch Points, Chemicals, Types and Energy. We are constantly updating our research offerings to ensure our clients are up to date with the latest trends in the market. Emergen Research has a strong base of experienced analysts from different disciplines. Our industry experience and ability to develop a concrete solution to any research problem provides our clients with an opportunity to gain an advantage over their respective competitors.
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