The smart home device market size is likely to touch USD 40.23 billion at an 18.9% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Smart home devices or home automation devices includes use of internet-connected devices for managing and monitoring several home systems and appliances. This is a highly advanced technology which helps in making operations of different home appliances more energy saving and convenient.
Various factors are fuelling the global smart home device market share. As per the recent MRFR market estimates, such factors include the rapid advances in IoT and AI, adoption of integrated devices and self-assembly, rising home security theft and accidents, people’s rising discretionary income, availability of a wide range of smart devices, and rising consumer preference for surveillance systems, voice-assisted technologies, and video doorbells, adoption of consumer IoT. The additional factors adding market growth include the rising penetration of the internet, increasing use of smartphones, expansion of social network platforms, and growing adoption of internet-enabled smart devices like mobile computers, barcode scanners, and radio frequency identification.
On the contrary, technical complexities and concerns for network connectivity may limit the global smart home device market growth over the forecast period. Besides, the COVID-19 impact owing to lockdowns, restrictions on production activities, and fluctuations in the global economy may also impact market growth.
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Key Players
The notable players profiled in the smart home device market report include Apple Inc. (US), Google LLC (US), Honeywell International Inc (US), Cree Inc. (US), PHILIPS LTG N V/ADR (Signify) (Netherlands), Robert Bosch GmbH (Germany), SimpliSafe Inc. (US), Vivint Inc. (US), ADT Inc. (US), Nest Labs (US), SkyBell Technologies Inc. (US), NetGear Inc. (US), Samsung Electronics Co. Ltd (Republic of Korea), Logitech International SA (Switzerland), Brilliant Home Technology Inc (US), Wink Labs Inc. (US), and Amazon.com Inc. (US).