Smart Home Device Market – Overview
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%.
The fast-paced integration of smart devices is opening up the development potential of the market. Reports that analyze the semiconductors and electronics industry has been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is projected to gain incomes worth USD 40.23 Billion while harnessing a CAGR of 18.9 % in the forecast period.
The increased acceptance of the concept of smart homes is bolstering the demand for smart device home in the coming years. The utility offered by these devices increases the device efficiency while making them an efficient component of the fast-paced urban lifestyles. The availability of robust internet infrastructure is expected to further increases the progress of the market in the coming years.
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The notable players in the smart home devices market is Wink Labs Inc. (US), Brilliant Home Technology Inc. (US), Logitech International SA (Switzerland), PHILIPS LTG N V/ADR (Signify) (Netherlands), Amazon.com Inc. (US), Samsung Electronics Co Ltd (South Korea), Nest Labs (US), NETGEAR Inc. (US), SkyBell Technologies Inc. (US), ADT Inc. (US), Vivint Inc. (US), SimpliSafe Inc. (US), Cree Inc. (US), Honeywell International Inc. (US), Robert Bosch GmbH (Germany), Google LLC (US), and Apple Inc. (US).
The segmental evaluation of the smart home device market has been conducted on the basis of connectivity, product, platform/virtual assistant, and region. On the basis of product, the smart home devices market has been segmented into smart surveillance cameras, smart hubs and controllers, smart HVAC, smart locks and security system, smart kitchen appliances, smart lighting, and other home appliances. Based on the connectivity, the market for smart home devices has been segmented into Wi-Fi, Bluetooth, Zigbee, and others. The segmentation of the smart home device market based on the platform/virtual assistant consists of Google Assistant, Apple Siri, Amazon Alexa, Samsung Bixby, and others. The smart home device market by region has been segmented into Europe, the Middle East & Africa, Asia Pacific, North America, and Central & South America.
Detailed Regional Analysis
The regional assessment of the smart home devices market includes North America, Europe, the Middle East & Africa, Asia Pacific, and Central & South America. The analysis has perceived tremendous growth in the component shipment of smart hubs and controllers, among other devices. The market is projected to display positive growth through the forecast period. The North American region has the presence of approximately 65% of the main smart home device producers, integrators, and start-ups in the world. This has permitted the region to gain the chief market segment in 2018. The incidence of key integrators and initial adoption of technologies such as artificial intelligence and IoT are further driving the development of the smart home device market in the North American region. The US controls more than 30% of the market share in the market for smart home devices. Though, the implementation of smart home devices, especially in the Asia Pacific, is anticipated to be very high owing to the speedily changing economic growth and technological progress.
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The market is being defined by the driving forces that are exerting an authoritative influence. The improvements in the extraction of natural resources are further reinforcing market expansion. The development of alternative raw material sources is expected to further address the supply demands in the market. The fluxes in the currency are projected to steady and therefore leave a favorable effect on the market. The advancement of investment into physical capital is anticipated to reinforce the market’s expansion in the forecast period. The upgrading of the production facilities is anticipated further the market’s growth pace in the coming years. Moreover, breakthroughs in technology are expected to exert a positive influence on the development of the market. The impact of governmental plans is inspiring additional progress in the market. The improvements in the logistic chain are expected to create favorable prospects for growth in the coming period.
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