ALBANY, New York, Feb. 6, 2020 /PRNewswire/ -- The quick adoption of connected devices has equipped consumers with the ability to protect their homes from far off locations. It also helps to take absolute control of their home appliances through their tablets or smartphones. The bullishness in the global connected home devices market stems from the augmented penetration of next generation technologies in gadgets or devices that enable performance enhancement and superior connectivity. There are several factors triggering this adoption of connected smart home technology by the consumers; the sheer convenience of being connected to home even without being at home is of immense value to a millennial generation who value interaction, control, and freedom. As voice control and artificial intelligence (AI) technologies make rapid and considerable progress in their respective fields, the intelligent assistant has now come up as a viable control center for the connected homes. Both tech giants and startup makers have developed solutions utilizing both existing and new stand-alone devices.
Such market stimulants are estimated to propel the global connected home devices market to reach a value of ~ US$ 157 Bn through 2027 over the period of projection. The market is estimated to rise at a CAGR of ~ 12% from 2019 to 2027.
Growing adoption and awareness about smart cities are aligned with the incorporation of internet of things (IoT) technology. This arrangement is generating a large platform for growth and development of highly advanced and intelligent ecosystems. Such technological integration can improve the energy efficiency of a city and boost overall safety and health of consumers simultaneously, opines TMR
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Key Findings of the Market Study
- Smart home entertainment devices are estimated to gain popularity over the assessment tenure. Amongst these, video entertainment devices are estimated to hold a sizeable share due to consistent rise in the demand for seamless entertainment through media streaming.
- Companies operating in the global connected home devices market are building more on the advanced cloud technology to come up with next generation service and products that would make an offering of seamless integration to the modern tech-savvy millennials.
Explore 172 pages of in-depth research, granular insights, and a comprehensive country-level projections. Gain business intelligence on connected home devices market by Product: Lighting, Entertainment, Security Systems, and Smart Thermostats; Technology: Device-based, Mobile-based, and Hybrid from 2019 – 2027 at
Connected Home Devices Market: Key Driving Factors
Artificial Intelligence is laying the cornerstone for the achievement of extraordinary feats across several end-use industries. Similar transformations pioneered by artificial intelligence are also observed across the landscape of connected home devices. Connected home devices enhanced with artificial intelligence provide convenience and superior traceability to better the way consumers deal with their day-to-day chores. This redefines the overall experience of connected home, which is likely to drive the global connected home devices market in the years to come.
Another factor that propels the growth of the global connected home devices market is improved home security. Connected home technology is disrupting the conventional home security in an unprecedented way. The significance of safeguarding one's home together with all the priceless sentimental and monetary possessions is what consumers consider as extremely important. This aspect of enhanced security plays an important role in the development of the global connected home devices market in the years to come.
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With the technological advancements picking up pace, the providers of connected home devices are able to augment the capabilities and offer diversification of their offerings to cater to the evolving needs of today's consumers. The ease of operability in the regulation of home appliances and other devices with a mere voice control technology has garnered the attention of market players. They are now moving toward the integration of this technology in the ecosystems of next generation connected home, which is likely to boost the global connected home devices market.
- Smart HVAC Systems is the amongst the leading revenue contributors to the market. Increased government regulations across developing and developed countries mandating smarter cooling and heating systems are estimated to further the growth of HVAC systems.
- Application of internet of things in the context of a private household is rising. The smart-home ecosystem is constantly witnessing rapid expansion, but market growth is directly connected with the speed of 5G implementation.
Key Impediments for Connected Home Devices Market Players
According to the study, the key restraints hampering the market growth comprise:
- Irrespective of the immense possibilities that the global connected home devices market holds, there is not enough awareness amongst the people, especially in the developing and under-developed parts of the world. This is likely to dampen the spirit of the stakeholders in the global connected home devices market.
- Manufacturers of connected home device have not been successful in developing entirely secure and reliable products. As security threats continue to prevail, the market is likely to witness challenges from this aspect.
Market: Region-wise Analysis
- North America is holds immense promise in the global connected home devices market. The growth of the market in the region is primarily supported by the high rate of adoption of technologies and strong presence of key players.
- Asia Pacific is likely to emerge as a rapidly growing region due to rise in disposable income, presence of several prominent players, and phenomenal penetration of smartphones.
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The global connected home devices market is considered as a fragmented and competitive zone with the presence of several well-positioned players. Recent investments in internet of things by tech and retails giants like Apple, Google, Alibaba, and Amazon have transformed the landscape in an obvious way. This has given opportunities for all kinds of and all sized companies, but also resulted in the forced consolidation of the global connected home devices market.
Key companies in the Connected Home Devices market include Siemens AG, Honeywell International Inc., Sony Corporation, Phillips N.V., Analog Devices, Inc., and General Electric Company.
Connected Home Devices Market by Type
- Gel and Lotions
- Spray and Foam
- Wipes, Devices
- Surveillance Providers
Connected Home Devices Market by Application
- Surface Cleaners
- Air Cleaners
- Water Cleaners
- Disinfectant Instrument and Accessories
Connected Home Devices Market by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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