As per Transparency Market Research (TMR), the degree of competition
witnessed in the smart home market will remain medium in the long
term. A new study by TMR, have held the concentration of industries
in the global smart home market responsible for the prevailing
competitive forces. While it makes consolidation of shares a
challenge for the manufacturers, it definitely does not shy them away
from toying with novel strategies. In the forthcoming years,
manufacturers are likely to introduce several new avenues for
value-added services. Besides this, their focus towards
product-differentiation will aid in the market’s growth as well.
With companies such as Honeywell International, Inc., Siemens AG,
Schneider Electric SE, ABB Ltd, and Johnson Controls, Inc., offering
tailor-made smart home solution catering to specific consumer
segments, the market is likely to report strong growth in the coming
years. As per TMR, the global smart home market will exhibit a CAGR
of 14.6% between 2017 and 2025. Given the pace of growth, the market
will reach US$97.61 bn by the end of 2025, from its valuation of
US$30.02 bn in 2016.
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Based on application, the HVAC control segment held the dominant
share of 27.2% in the global smart home market in 2016. It is also
expected to remain the leading application segment through the
forecast period. Regionally, North America held the highest share of
38.7% in the global smart home market in 2016 and is expected to
remain dominant in the forthcoming years.
Rising Demand for
Wireless Connectivity to Boost Deployment of Smart Home Appliances
The popularity of smart homes is rising on back of the recent
advancements in the Internet of Things (IoTs). As these advancements
have resulted in drop in the prices of processors and sensors,
manufacturers are encouraged to experiment with the latest
technologies and innovate more user-friendly products for use in the
household sector. Also with the increasing penetration of high speed
internet services, opportunities are expected to increase for the
smart home market, as majority of smart home appliances operate
effectively with the assistance of wireless connectivity.
Another factor, which is working in favor of the smart home market is
that, smart home appliances are energy-efficient. As consumers around
the world become aware about the importance of saving energy, the
demand for smart home appliances will increase in response. Also the
deployment of cloud-based services helps consumers in lowering energy
bills to a great extent. Considering the benefits offered by smart
home appliances, consumers are encouraged to invest in them. They
have started acknowledging the need of secure and energy-efficient
solutions offered by smart homes. Spurred by these factors, the
global smart home market will exhibit strong growth in the coming
years.
Vulnerability to
Security Breaches Emerges as Key Challenge
On the downside, cloud-connectivity has its share of disadvantages.
The technology is still vulnerable to privacy breaches. Recent
incidents of data theft on cloud have made customers wary of
installing smart home appliances. While the demand for advanced
security measures continues to spike in the household sector, chances
of violating privacy on cloud are inhibiting them from investing in
these advanced measures. As smart home devices are connected via the
Internet of Things, the chances of these devices getting hacked or
exploited with cannot be completely eliminated. Such network security
vulnerabilities have continued coercing customers to opt for
traditional methods of home security, especially in developing parts
of the world. This is a key challenge that market players are
currently faced with.
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Nevertheless, with immense scope for improvement in technology and
rising investment in research and development, manufacturers are
expected to enhance the security feature in their household
appliances in the coming years. Besides this, the introduction of the
power line technology could be one of the major opportunities in the
global smart home market.
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