Further Key Findings From the Study Suggest:
The market primarily includes devices based on connectivity technologies such as Wi-Fi, ZigBee, and other technologies including NFC, Bluetooth, and Ethernet. ZigBee-enabled devices are expected to gain a significant share with the increasing consumers' shift toward home automation devices.
North America and Europe, together, accounted for about 90% of the overall market share (in terms of revenue) in 2015 owing to the high demand for such devices in the region and favorable government mandates. The surge in the constructional activities and growing popularity of smart homes is expected to spur the demand.
Key players, including Honeywell International, Inc., Nest Labs, Inc. (Google), and Ecobee, together, accounted for over 40% of the overall market share (in terms of revenue) in 2015. OEMs have been focusing on the development of new products as well as upgrading the existing product portfolio. Strategic agreements and collaborations have been practiced for gaining competitive advantage.
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