Published Date : Aug 21, 2018
ALBANY, New York, August 21, 2018 - The global smart light internet of things (IoT) market is predicted to achieve success while riding on the high demand for IoT lighting solutions in the commercial sector. In a report added by MarketResearchReports.biz, the market is carefully researched on the basis of market segmentation, geography, competition, and other critical aspects. It bears the title “2018-2025 Smart Light IoT Report on Global and United States Market, Status, and Forecast by Players, Types, and Applications.” As per a new research study, commercial building tenants, managers, and owners are desperately seeking ways to access data to drive and analyze occupant well-being and health.
The rising need for increased operational and energy cost-savings in the commercial sector is expected to augment the demand for IoT lighting solutions. Players could find it exciting to know that even though smart light IoT is in its early stages of development, its demand may go well beyond operational efficiencies. However, privacy concerns over data sharing and data security fears could restrict the growth of the global smart light IoT market. Nonetheless, there could be market opportunities coming by with increasing interest in IoT-enabled lighting as granular data points delivered by sensor-laden fixtures could provide unique insight.
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The global smart light IoT market is classified as per application and product. In terms of applications, the market sees a classification into location and asset tracking, smart buildings, and retail and hospitality. By product, the market is segregated into lighting controls, fixtures, and smart bulbs. LED could be a prominent product offered in the market as it can replace conventional incandescent lighting systems owing to its impressive energy efficiency and cost-effectiveness. Availability of rebates and government subsidies is predicted to increase the adoption of LED bulbs in the coming years. This scenario could be mainly witnessed in the U.S., China, and India.
On the geographical front, the U.S. is envisaged to take an important position in the global smart light IoT market. Obviously, this could mean that North America could secure the lead in the market. Factors affecting the growth of the U.S. market are projected to influence North America. Stringent energy efficiency requirements, high deployment of smart lighting, and increasing number of smart city projects are foretold to set the tone for valuable growth in Europe. On the other hand, faster growth of Southeast Asia, India, and China in the market are envisioned to help Asia Pacific grow at a handsome rate.
Product innovation could be a leading strategy adopted in the global smart light IoT market to secure a prominent status. The market marks the presence of top companies such as Cooper Industries, Inc., Honeywell International, OSRAM Licht AG, General Electric Company, Acuity Brands Lighting, Inc., and Philips Lighting.
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