The Smart Home Market Industry size is estimated to grow at a CAGR of over 12.3% and is expected to reach USD 254.78 Billion by the end of the forecast period.
Smart Home is the networked integration of technology and services for a higher quality of life. The technology assists the user in reducing workload, among other things. Smart Homes provide customers with advantages such as comfortable living, energy management, security, and benefits for disabled people. Smart homes have Internet-connected gadgets that allow them to regulate, automate, and optimize services such as temperature, lighting, security, and entertainment. A computer, phone, tablet, or independent system can operate, monitor, and access these devices remotely. Smart technologies for linking gadgets and accessories have made it feasible to regulate the environment in a building automatically.
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The new coronavirus pandemic has significantly damaged and disrupted supply chain hubs across all major end verticals, including China and European countries. In manufacturing, the United States has been hit the worst, with China's production capacity falling by over 14% and worldwide electronic component sales falling by nearly 40%. The industrial industry, which accounts for roughly 17% of global GDP, is one of the worst-affected sectors during the COVID-19 epidemic. China is in the epicenter of the pandemic, as well as the hub for most raw material suppliers who supply raw materials and components to a variety of manufacturing units around the world. The worldwide standoff has stifled production at these plants, causing the entire supply chain to fall apart.
Based on the component, the Smart Home Market Industry has been segmented into hardware, smart appliance, AI speaker, and services. The hardware segment is further segmented based on security, home automation, home entertainment, and home healthcare.
Video surveillance systems and access control make up the security section of the global smart home system.
Based on the region, the Smart Home Market Industry has been segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa.
North America had the greatest market share, accounting for 36.55% of the global market during the historic forecast period. One of the factors driving the market is the growing number of government efforts to assist energy-efficient building, which provide benefits such as lower lifetime costs, improved energy savings, and lower greenhouse gas emissions. In the last four years, smart home gadget adoption has been one of the fastest rising technical trends in Mexico. In Latin America, the country was one of the first to commercialize Google's smart voice assistant (Home). Furthermore, the Mexican government has taken various steps to reform energy consumption habits and telecommunications networks, which has pushed consumers to choose a connected network at their homes.
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The major key players in the market are Honeywell International (US), Johnson Controls (Ireland), Siemens AG (Germany), Schneider Electric (France), UTC (US), Google LLC (US), Amazon (US), Apple Inc. (US), ADT Inc.(US), Dahua Technology (China), Assa Abloy (Sweden), ABB Ltd (Switzerland), Robert Bosch (Germany), Axis Communication (Sweden), Samsung Electronics (South Korea), Panasonic Corporation (Japan), Legrand SA (France), CP Plus Inc.(India), Hangzhou Hikvision Digital Technology Co., Ltd (China), and General Electric (US). Due to their industry experience, large product portfolio, global revenue base, and global distribution network, these players account for a significant portion of the global market.
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