Smart home devices are used to implement home automation systems that may include important electrical appliances used at home for establishing a communications network with such devices and for controlling such devices remotely. Smart home devices can also be used to monitor and access the data related to various home devices. By using smart home devices, users can easily monitor and control the home functions and multiple aspects associated with it. For instance, smart home devices can be used to control the lighting, temperature, various multi-media devices, security devices, as well as window and door operations. As per the estimates by Future Market Insights, revenue from the global smart home devices market is estimated to increase from nearly US$ 20 Bn in the year 2017 to about US$ 125 Bn by the end of the year 2027, exhibiting a CAGR of 19.7% during the period of assessment from 2017 to 2027.
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Increase in the global per capita income and increased spending on smart cities likely to benefit the global smart home devices market
Macro-economic factors such as an increase in the global per capita income and increased spending on smart cities globally is stimulating the global smart home devices market. As per the available data, the global per capita income in the year 2012 was US$ 14,072, which increased to US$ 16,143 in the year 2016. Consequently, there has been an increased spending on smart home devices all over the world. This increase in per capita income has in turn boosted the growth of the smart home devices market all over the world.
Another factor that is supporting revenue growth of global smart home devices market is the rapid growth in smart cities all over the world, and this growth is likely to significantly impact the growth of the smart home devices market. Various governments in the world are supporting the growth of smart cities by committing all kinds of support, both policy wise and resource allocation wise. With the development of smart cities, the pace of new construction will increase, which is likely to support the growth of the smart home devices market the world over. Another aspect to the development of smart cities is the emergence and construction of smart buildings. An increase in the need for smart buildings is expected to increase the demand for energy saving infrastructure such as smart home devices, and this is likely to lead to the development of the smart home devices market globally.
Global smart home devices market analysis by application
The security and surveillance segment is anticipated to dominate the application category of the global smart home devices market. In the year 2017, the security and surveillance segment is estimated to be valued at nearly US$ 5,300 Mn, and this is forecasted to reach a valuation of nearly US$ 35,850 Mn in the year 2027, exhibiting a CAGR of 21.1% during the period of assessment. This is the highest growth rate exhibited by the security and surveillance segment amongst all the segments in the application category. The building energy management segment is estimated to be valued at US$ 4,120 Mn in the year 2017 and is forecasted to reach a value of nearly US$ 24,500 Mn in the year 2027, exhibiting a CAGR of 19.5% during the period of assessment. The lighting segment is estimated to be valued at nearly US$ 4,300 Mn in the year 2017 and is poised to reach a value of nearly US$ 28,500 Mn in the year 2027, registering a CAGR of 20.9% during the period of assessment.
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Smart Home Devices Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 –
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