Global Iot Smart Home Market: Extensive Rise in Use of Smartphones to Provide Large Boost To Market Growth

Published Date : Jan 30, 2018

Albany, New York, January 30, 2018: A recent market research report added to the large research portfolio of presents a detailed overview of the global IoT smart home market, based on several associated parameters. This report titled “IoT Smart Home Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025” includes detailed descriptions about the market’s regional extent, prime market drivers, top market segments, competitive landscape with key players, and several other factors.

Based on three criteria, the global IoT smart homes market is mainly segmented on the basis of three categories: products, providers and regional extent. From the products criteria, the HVAC control segment registered the maximum market growth, and is further expected to expand in the future. Based on the product, the market is also divided into other segments such as appliances, thermostats, security, utilities management, and others. In contrast, from the perspective of providers, the market is segmented into device provider and service provider.

One of the most prominent factors behind the growth of the global IoT smart home market is the decreasing costs of home control systems. Many of these systems are multifunctional and quite easy to use. The need for staying continuously connected through IoT solutions is one of the major factors that has been propelling the market since a considerable time. Another factor that has been driving the market is the rising demand and utilization of smartphones all over the world. This is mainly because of the use of smartphones for controlling the systems. From a futuristic perspective, increase in the consumer awareness of the IoT smart home market is anticipated to provide a significant boost to the market growth during the forecast period.

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Apart from the driving factors, the global IoT smart home market is greatly hindered by the rising security issues, both from the perspective of security as well as digital and physical scenarios. Many of these systems may prove complicated to use during the initial times, thus decreasing the enthusiasm of users, and hence leading to a negative growth for the global IoT smart home market.

In terms of geographical reach, the global IoT smart home market is spread across six main regions: Asia Pacific, North America, Eastern Europe, Western Europe, Latin America, Middle East and Africa. Amongst all these regions, North America has held the top regional segment position since the inception of the market. This is mainly due to high penetration of the technology over major countries such as U.S. and Canada, based in this region. The high per capita income to invest that exists in this region is also a factor that has been contributing towards the leading position. Apart from North America, the Asia Pacific region is also anticipated to exhibit substantial rise in the revenues for the global IoT smart home market. This is mainly expected due to rising number of initiatives taken by the government to build infrastructure, coupled with growing demand for energy management.

The global IoT smart home market is characterized with a highly diverse competitive landscape, with several market players having a considerable share of the market’s revenue. With top-notch and popular companies existing in the industry, the competitive scenario is expected to take a few decades to stabilize, especially with IoT technology being in nascent stage. Some of the key players in the Philips Siemens AG, United Technologies Corporation, Ingersoll-Rand PLC, Samsung Electronics Co. Ltd., Lutron Electronics Co. Inc., ABB Ltd., Johnson Controls, Honeywell International Inc., Schneider Electric, Apple Inc., Amazon, August Home Inc., Acuity Brands Inc., amongst several others.

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