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Connected home market is valued at USD 47.52 Billion in 2018 and expected to reach USD 115.3 Billion by 2025 with the CAGR of 13.5% over the forecast period.
Increasing the number of IoT enabled devices with surge in the internet and smartphone users, as well as rise in the demand of energy- saving and low carbon emission solutions for better and comfortable lifestyle are some important factors driving the growth of connected home market.
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Connected home are the automated luxurious homes with that allow transforming every space connected with the help of push of a button or single voice command. The connected homes consist of effortlessly increase security, enhance interior design, and help to promote the perfect atmosphere throughout the house. The Connected home are considered as smart home with only difference in the connected home follows single brand name whereas in smart home all other brand devices can also be connected with single software through smartphone. The connected home are used for energy saving, and provide the intelligent living by implementation of the connected ecosystems. The ecosystems can be designed with the help of the Internet of Things devices, artificial intelligence and gadgets with Intelligence that help them to execute different task and take necessary decisions. Connected homes can be operated through the smartphone application to perform the specific tasks like to on/off AC, to close the door, to see the visiting person on the gate and many others. In addition to this the connected home can help to detect the room temperature of home and provides the security for the home owners.
Connected home Companies –
United Technologies Corporation, Johnson Controls, Inc., Legrand S.A., Ericsson AB, Schneider Electric Se, Panasonic, Siemens AG, ABB Ltd., Honeywell International, General Electric Company, Samsung Electronics, others
The global connected home market is segmented on the basis product type, distribution channel, region and country level. On the basis of product type, the connected home market is classifies as safety & security, wellness & monitoring, energy & utilities management, smart appliances, smart entertainment and others. On the basis of distribution channel, connected home market is bifurcated into online sale, retail sale.
The regions covered in global Connected home market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, Global Connected home market sub divided in U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Connected home Market Segmentation –
by Product Type:- Safety & security, Wellness & monitoring, Energy & utilities management, Smart appliances, Smart entertainment, Others
by Distribution Channel:- Online sale, Retail Sale
Global Connected home market dynamics –
The key factor for growth of global connected home market is increasing the number of IoT enabled devices with surge in the internet and smartphone users, as well as rise in the demand of energy-saving and low carbon emission solutions for better and comfortable home care. According to the Climate Group Organization in 2020, connected digital devices for smart buildings technologies has been enabled to save around 1.68 GtCO2e of emissions with worth of USD 340.8 billion. In addition to this, growing IoT spending for the smart home is driving the factor for connected home market. According to the FICCI in 2019, the global IoT spending was valued USD 44.1 billion for smart home due to rise in the adoption of IoT connected devices and increased the home automation awareness among the people. However high costs of automation and too much automation can make sedative lifestyle and has adverse health effect are major factors which hamper the connected home market. Moreover technological advancement using IoT, artificial intelligence, automation sensors, and advent of machine learning for connected devices as well as surge in the collaboration, mergers and acquisitions for the development for connected home products may create huge opportunity to fuel the global connected home market during the forecast period.
Connected home Market Regional Analysis –
North America is expected to dominate the growth connected home market with the potential rate due to smart homes, rising consumer spending, due to presence of advanced technology followed by Europe. According to the housewares organization in 2020, the estimated smart home market was valued USD 40 billion due to rising consumer adoption of IoT devices, and growing the automation implementation among the American people. In addition to this, home automation has also helped to save building emissions due to implementation of proper automation and building design. According to the Climate Group Organization, the proper home automation could save up to 15% of energy. Hence the demand for the connected home has been increasing astoundingly in North America followed by Europe and Asia Pacific region.
Europe is the second largest growing region for the connected home market due to presence of advanced technology and government support for the IoT enabled devices for smart homes followed by Asia Pacific. For instance in 2015, the UK government has created ‘IoT UK’, a three-year program and funded around USD 39.7 Million for advance the production and adoption of IoT in the private and public sector. In 2018, the UK government has noted more than 40 million connected IoT devices including for home automation and smart buildings.
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