Global Connected Home Devices Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of XX % during forecast period.
The connected home concept emerged after the introduction of IoT. A major driver of the connected home device market is a rise in awareness and the need for security in homes, which has led to the adoption of connected home appliances by consumers across the globe. Additionally, an increase in the number of technology enthusiasts across the world has led to the growth of the connected home device market. Another driver of the connected home appliances market is the growing adoption of smartphones, which has, in turn, boosted the adoption of connected home appliances. This report provides detail evaluation of the key connected home devices market dynamics that are likely to impact the market in the future.
However, low penetration of Internet infrastructure and affordability issues prevalent in most of the underdeveloped as well as certain developing regions are some of the factors hindering the growth of the connected home devices market in these regions.
Security segment is expected to witness considerable CAGR of XX% during the upcoming years. Security segment divided into three sub-segments such as security cameras, locks, and alarm systems. Increasingly sophisticated alarm systems not only detect intrusions and call contact centers or law enforcement authorities they can trigger photographs or video footage and enhancing the probability of apprehension and loss recovery.
The hybrid segment is expected to be the fastest-growing connected home device market globally. Hybrid devices offer combined functionality and can be controlled through mobile-based applications as well as smart hub devices, which is facilitating the adoption of these devices across the world. New entrants can consider investments in this technology to capitalize on the popularity of hybrid technology.
Region-wise, the Asia Pacific is projected to be the fastest-growing market for the connected home device in terms of value during the forecast period. The Asia Pacific excluding Japan connected home appliances market is expected to be the fastest-growing during the forecast period owing to increased technology spending in countries such as India and Greater China for connected home appliances as well as the high demand for cost-effective advanced home devices in the Asia Pacific excluding Japan connected home appliances market.
A recent development in Global Connected Home Devices Market: In January 2018, LG Electronics presented its focus on Artificial Intelligence and integrated Google Assistant into its smart speakers for enhanced user experience.
Amazon recently announced the acquisition of Eero, a developer of mesh home routers in 2018. With this acquisition, Amazon would be able to use Eero's expertise to make Alexa-compatible gadgets at ease to set up, as Amazon would now also control the router technology.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Connected Home Devices Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Connected Home Devices Market.
Scope of the Global Connected Home Devices Market
Global Connected Home Devices Market, by Product
• Security System
o Security Cameras
o Alarm Systems
• Smart Thermostat
Global Connected Home Devices Market, by Technology
Global Connected Home Devices Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key players operating in Global Connected Home Devices Market
• AB Electrolux
• Analog Devices, Inc.
• General Electric Company
• Honeywell International Inc.
• Johnson Controls
• LG Electronics
• Panasonic Corporation
• Phillips N.V.
• Samsung Electronics
• Schneider Electric
• Siemens AG
• Sony Corporation
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