JERSEY CITY, N.J., Nov. 3, 2020 /PRNewswire/ -- Verified Market Research recently published a report, "Smart Home Market by Technologies (Cellular Network Technologies, Protocols and Standards, Wireless Communication Technologies), by Product (Lighting Control, Security and Access Control, HVAC Control, Entertainment and Other Controls), Geography". According to Verified Market Research, the Global Smart Home Market was valued at USD 80.83 billion in 2019 and is projected to reach USD 207.88 billion by 2027, growing at a CAGR of 13.52% from 2020 to 2027.
Increasing technological developments in various home appliances and equipment boost the growth of the smart home market. The growing importance of home monitoring system for security issues is a key factor that is adding to the growth in demand for smart and connected homes. The introduction of newly developed innovative wireless technologies like HVAC Controller, security, and access regulators are anticipated to boost the market growth. The increasing trend of adoption of consumer durables and electronics is likely to provide new opportunities during the forecast period. Apart from households, many businesses are shifting their focus toward advanced technologies such as IoT. This is expected to provide new opportunities in the areas of lighting, HVAC, security, healthcare, and entertainment.
There are certain restraints and challenges faced which will hinder the overall Smart Home market growth. The high cost of installation of smart devices and the threat of privacy concerns and cyberattacks might hinder the overall growth at a global level.
The "Global Smart Home Market" study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Honeywell, Schneider, United Technologies Corporation, Johnson, Siemens, ABB, ASSA ABLOY, Ingersoll-Rand PLC, Legrand S.A., and GE.
Verified Market Research has segmented the Global Smart Home Market On the basis of Technologies, Product, and Geography.
Smart Home Market by Technologies
Cellular Network Technologies
Protocols and Standards
Wireless Communication Technologies
Smart Home Market by Product
Security and Access Control
Entertainment and Other Controls
Smart Home Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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