Global smart home market to grow to US$107.4 billion in size by 2023

Global smart home market to grow to US$107.4 billion in size by 2023
The global smart home market is expected to reach an estimated US$107.4 billion in five years, with an annual growth rate of 9.5 percent from 2018 to 2023, according to a report by ResearchAndMarkets.

The major growth drivers for this market are increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience, and the growing adoption of cloud-based technologies.

The future of the smart home market looks attractive with opportunities in the home safety and security, appliance, entertainment, lighting, HVAC, healthcare and kitchen applications, the report says.

Emerging trends include development of voice assistant technology for high-end automated households, emergence of air quality sensor devices that measure volatile organic compounds and growing adoption of video enabled drones.

The research forecasts that the safety and security market is expected to remain the largest segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary and theft. Meanwhile, the entertainment segment is expected to experience the highest growth, supported by the increasing need of advanced technology that can provide a single platform for high level of control, flexibility and deliver the best entertainment experience.

Within the smart home market, the wireless segment is expected to remain the most critical technology. It is also expected to witness the highest growth due to the increasing demand for Zigbee in healthcare, safety and security applications to support remote monitoring facilities, and consumer comfort and convenience enhancement.

Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the increasing adoption of cloud based technologies and increasing awareness related to safety and security. Increasing population, urbanization, rising standard of living and increasing government expenditure on smart cities will further spur the growth.

Well known players in the smart home market, based on the report, include Honeywell, Johnson & Johnson ADT, Control4, UTC, Siemens, Philips and Vivint.
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