With the development of the Internet of Things (IoT) many things are developing. Moreover, sensors are getting shrink in size and migrating with smartphones to every other objects, leading to the growth of wireless networks and connected devices. These sensors monitor the performance of power plants, factories, and jet engines, yet the greatest opportunity still lies in the form of smart home. Smart homes are outfitted with advanced sensing and automation systems which connect gadgets and instruments in the house to provide monitoring and control to resident things in a sustainable way. These connectivity provide services like automation, energy management and security management.
With the application of cloud computing and IoT, integrated with wireless service networks are uplifting smart home applications. While the market for smart home is at emerging stage of adoption but it is recently that smart locks are used extensively. These locks use smartphone as a key and monitors the things. This connectivity is in high demand ranging from smart locks to smart refrigerators that can monitor food consumption and smart carpets that can recognize unauthorized entry. Manufacturers, telecom providers, retailers, and other service providers are expected to proactively drive this adoption.
IoT smart home market confronts multiple providers including utility companies, home security providers and telecoms companies. Service providers are still in the early stage of exploring this market, with either partnering with companies that have applicable technologies or developing their own version of technology. These technologies are expected to cover different product areas that include security, energy management, lighting, water, thermostats, weather, appliances, smoke and fire.
A key factor for the growth of IoT smart home market is the decreasing costs of home control systems, which are multifunctional and easier to use. The need for ‘always on’ connectivity is refocussing from ‘on-the go’ to ‘at-home’. From smartphones penetrating more number of people to internet penetrating more number of homes, the factors driving the growth are diverse. Consumer awareness for IoT smart home market is further expected to drive market growth in the forecast year.
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Digital & physical security and privacy continue to hinder the adoption of smart home devices & systems. Complicated Systems that require maintenance and self-installation also hinders market growth. The requirement for interoperability in the smart home is the greatest barrier for the adoption. Further, connected services usually have many components that include devices, cabling, applicators and remote controls, which leads to complexity. This is also expected to hinder market growth.
The global IoT smart home market is segmented into product and provider. Based on the product segmented, the market is categorized into utilities management, appliances, thermostats, security, wellness monitoring and others. Further, on the basis of providers, the market can be segmented into service provider and device provider.
In terms of regional market, North America has been the largest market for IoT smart homes, whereas, APAC is expected to dominate during the forecast period. This is due to the increasing initiatives to strengthen the building infrastructure and growing demand for energy management in the region.
Some of the key vendors in the IoT smart home market includes Amazon, Nest (Alphabet), Apple, Inc., August Home Inc., Philips Siemens AG, United Technologies Corporation, General Electric Company, Schneider Electric, Honeywell International, Inc., Ingersoll-Rand PLC, Johnson Controls, Inc., ABB Ltd., Legrand S.A., Samsung Electronics Co., Ltd., Acuity Brands, Inc., Lutron Electronics Co. Inc., and Leviton Manufacturing Company, Inc.
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