Technavio has been monitoring the smart home market and it is poised to grow by USD 65.95 bn during 2020-2024, progressing at a CAGR of almost 17% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Smart Home Market 2020-2024 (Graphic: Business Wire)
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Frequently Asked Questions:
What are the major trends in the market?
Growing consumer interest in home automation is a major trend driving the growth of the market.
At what rate is the market projected to grow?
The year-over-year growth for 2020 is estimated at 14.94% and the incremental growth of the market is anticipated to be $ 65.95 bn.
Who are the top players in the market?
Alphabet Inc., Allegion Plc, Amazon.com Inc., Apple Inc., ASSA ABLOY AB, General Electric Co., Honeywell International Inc., Panasonic Corp., Samsung Electronics Co Ltd., and Schneider Electric SE, are some of the major market participants.
What are the key market drivers and challenges?
The developments in connectivity technologies is one of the major factors driving the market
How big is the North America market?
The North America region will contribute 36% of the market share.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Alphabet Inc., Allegion Plc, Amazon.com Inc., Apple Inc., ASSA ABLOY AB, General Electric Co., Honeywell International Inc., Panasonic Corp., Samsung Electronics Co Ltd., and Schneider Electric SE are some of the major market participants. The developments in connectivity technologies will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Smart Home Market 2020-2024: Segmentation
Smart Home Market is segmented as below:
- Home Entertainment
- Smart Appliances
- Energy Management
- Lighting Control System And HVAC
- Safety And Security System
- North America
- South America
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Smart Home Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The smart home market report covers the following areas:
- Smart Home Market Size
- Smart Home Market Trends
- Smart Home Market Industry Analysis
This study identifies growing consumer interest in home automation as one of the prime reasons driving the smart home market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Smart Home Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist smart home market growth during the next five years
- Estimation of the smart home market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the smart home market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart home market vendors
Table of Contents:
- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application placement
- Home entertainment – Market size and forecast 2019-2024
- Smart appliances – Market size and forecast 2019-2024
- Energy management – Market size and forecast 2019-2024
- Lighting control system and HVAC – Market size and forecast 2019-2024
- Safety and security system – Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver – Demand led growth
- Volume driver – Supply led growth
- Volume driver – External factors
- Volume driver – Demand shift in adjacent markets
- Price driver – Inflation
- Price driver – Shift from lower to higher-priced units
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Alphabet Inc.
- Allegion Plc
- Amazon.com Inc.
- Apple Inc.
- ASSA ABLOY AB
- General Electric Co.
- Honeywell International Inc.
- Panasonic Corp.
- Samsung Electronics Co Ltd.
- Schneider Electric SE
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.