The global smart home market is estimated to exhibit massive growth over the period of review, from 2018 to 2026. It is forecasted that the market will expand exhibiting double-digit growth rate of 18.4% CAGR over the tenure of assessment. Smart home solutions are also known as home automation systems. Smart homes refer to an automation system that regulates entertainment, home security, lighting, entertainment, and climate. The global smart home market is estimated to rife high on the back of increased integration of internet of things (IoT) and increased demand for energy saving solutions.
Some of the leading market players of the global smart home market are Apple Inc., Robert Bosch GmbH, Samsung Electronics Co., Ltd, Lutron Electronics Co. Inc., Ingersoll-Rand PLC, and Comcast Corporation.
Asia Pacific is Likely to Emerge as a Rapidly Growing Region over the Assessment Tenure
The global smart home market in likely to witness a dominating role from the Asia Pacific. The regional market is likely to be influenced by the increasing disposable income of the people and propensity to spend on premium products such as smart homes is expected to leave a positive impact on the market in the region. In addition to that, rapid urbanization leading to sophisticated infrastructure in countries like China is estimated to spell growth for the regional market over the tenure of assessment.
With the expansion of the smart home industry coupled with large scale adoption of software and hardware solution in Japan and China is likely to make these countries grow faster than other countries in the region. Implementation of security and access controls, HVAC controls, and lighting controls in the region is anticipated to open up growth opportunities for the global smart home market in forthcoming years.
Countries like Canada and the US to continue with its regional supremacy over the assessment tenure, thanks to its tendency of early adoption of technologically advanced solutions.