- Global smart home market was valued at US$36.27 Bn in 2017.
- Rising inclination toward energy saving fuelling growth of smart home market.
- Rising number of smart city projects responsible for the most lucrative growth in the Asia Pacific region.
The global smart home market has picked up pace in the last few years due to advancements in Internet of Things (IoT) systems and increasing adoption of consumer electronics, reveals a Transparency Market Research report.
Analysts at TMR predicts that the market would grow at an astounding CAGR of 18.4 percent over the forecast period from 2018 to 2026. The global smart home market was valued at US$36.27 Billion in 2017.
North America to dominate the smart home market
North America occupied about 41.9 percent share in 2017 in the smart home market, TMR estimates.
Increasing adoption of home healthcare in North America is augmenting demand for smart home assistance and fuelling growth of the global smart home market.
Europe is expected to accumulate the second-leading share in the revenue of the global smart home market. This growth in the region is primarily due to the rising adoption of green buildings coupled with rising concerns over energy consumption, the report says.
The smart home systems are witnessing higher adoption from the U.K., France, Germany and Italy, thanks to their governments which are implementing several regulations for energy consumption.
Rising smart city projects boosts smart home market in APAC region
According to the report, rising number of smart city projects in developing countries across Asia Pacific are highly responsible for the most lucrative growth in the region. The changing lifestyle scenarios in China, Japan and India are creating large opportunities for key players and are expected to remain the same for the next few years.
Additionally, rising consumption and need for energy and electricity in the region is augmenting demand for energy-efficient devices, consequently influencing growth of the market.
Further innovation in technology is expected to fuel growth of the smart home market.