The global smart home market size is expected to reach USD 184.10 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need for improved energy efficiency in homes to minimize energy bills and carbon emissions. Consumers are increasingly adopting smart home systems as these allow monitoring and control of energy usage more efficiently. Home automation systems allow homeowners to control their appliances with the help of smartphone apps and eliminate power consumption of unattended appliances and devices when not in use. The ability of home automation system to monitor electricity consumption helps in minimizing energy bills through more efficient usage of appliances. Precise control over heating and cooling of a home with a programmable smart thermostat is achieved through utilization of smart home technology. In addition, a home automation system helps in preventing hazards such as fires as it gives full control over the lighting and heating systems. Increasing adoption of smart appliances, which include smart air conditioners, smart refrigerators, and smart washing machines helps in attaining better energy efficiency. Rising need to minimize negative environmental effects and increase utilization of resources is increasing adoption of smart buildings. Increasing government initiatives for smart city projects and green buildings is expected to further drive growth of the smart home market during the forecast period.

The latest report is furnished with a detailed examination of the Smart Home market and the global economic landscape ravaged by the ongoing COVID-19 pandemic. The global market is expected to grow as a result of factors such as a growing risk of data leakage, an increasing use of advanced technologies like artificial intelligence (AI), the Internet of Things, and cloud services to manage large amounts of data, as well as a growing investment in research and development activities for developing advanced devices and solutions.

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 Key Players operating in the industry are:

Honeywell, Siemens, Johnson Controls, Schneider Electric, Amazon, Apple Inc., ADT Security Services, Robert Bosch, Assa Abloy, and ABB

Radical Features of the Smart Home Market Report:

• The report encompasses Smart Home market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
• An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently
• Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
• Supply chain analysis along with technological advancements offered in the report
• The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Smart Home industry

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Segmentation:

• Software and Service Outlook (Revenue, USD Billion; 20182028)

  • Behavioral
  • Proactive

• Product Outlook (Revenue, USD Billion; 20182028)

  • Energy Management
  • Lighting Systems
  • Security & Surveillance
  • HVAC Control
  • Entertainment Control
  • Others 

• Regional Outlook (Revenue, USD Billion; 20182028)

  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. BENELUX
    5. Italy
    6. Spain
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Rest of MEA

Regional Analysis Covers:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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