April 17, 2018
WELLESLEY, Mass., April 17, 2018 – An increase in internet connectivity and the economic growth of emerging Asia-Pacific countries are among key drivers of the global market for smart home technologies. In a new report Smart Home Technologies: Global Markets to 2022, BCC Research estimates this market to reach $38.0 billion and $55.0 billion by 2017 and 2022, respectively, indicating a compound annual growth rate (CAGR) of 7.7%.
The global smart home market is growing substantially as industry participants strive to meet the fundamental demand for a universal solution—one that integrates complex platforms into a single home technology system. Price is another key challenge that must be resolved to enter the mainstream market with the mass adoption of products. The market would then be driven by increased penetration and product adoption compared to the current scenario, which is currently characterized by high margins with custom or luxury solutions being key revenue contributors.
“The global smart home market—until now considered an elite market—has been growing in popularity across widespread social segments, facilitated by the development of wireless, open and standard technologies,” said Sinha G. Gaurav, BCC Research analyst and author of the report. “These technologies have helped reduce the cost of wiring and labor, thus lowering overall prices. Also, many players have induced price competitiveness, forcing them to develop mainstream solutions.”
Smartphone Applications Drive Market
Smartphone apps have the potential to meet the challenges posed by a lack of a universal solution. They also help reduce cost by avoiding the need for a separate remote control or user interface. A deep market penetration of smartphones and the services of cellular network providers is expected to aid in the adoption of smartphone-enabled smart home services. The ability to control activities at home from a remote location through one’s phone is used as a key selling point by smart home solution vendors to attract consumers.
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Smart Home Technologies: Global Markets to 2022( IFT151A )
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