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Research Analyst
Meghna Bhatt | meghnabhatt121

Worldwide Smart Home Market Outlook, Growth, Demand, Trends and Development in Coming Years

Jul 10th 2019 at 5:25 AM


Smart home technology refers to a group of systems, devices, and appliances that enables the users to connect to a mutual network that is controlled in a remote and independent manner. The functioning of various technologies in a home that works conjointly in a common system is also referred to as connected home. A smart home enables the users to witness advanced luxury and functionality that was impossible to tap a few years back.


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The major factor driving the growth of the global smart home market includes extensive demand for safety, convenience, and security amongst the users in several developed as well as developing economies. The technology is further helping the households to manage all of their devices from a single place thus creating ample opportunities for the smart home market to grow exponentially. A smart home enables flexibility to its users in accommodating innovative appliances, devices, and technology.


Moreover, the capability of smart home systems to accommodate and merge latest technologies enables flexibility and managing homes in an efficient and effective manner to the house makers that further evolves the lifestyle and living standard of its users. These functions are further contributing towards the growth of the global smart home market at an effective rate.


Geographically, North America is the largest revenue holder in the smart home solutions and products as it is extensively accentuating towards technological advancements to reduce usage of carbon emitted solutions in order to save energy. Moreover, prompt execution of IoT technologies in this region that helps in reducing fossil fuel emissions is further driving the growth of smart home market.


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Globally industry players of global smart home market are leveraging market growth by providing several automation products such as MES and DCS. The key players are establishing connected devices and are offering M2 smart solutions and services to the users. Some of the key players in the global smart home market include Honeywell International Inc., Siemens AG, Schneider Electric SE, Johnson Controls Inc., Samsung Electronics Co. Ltd., Legrand, ABB Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., United Technologies Corporation, Ingersoll Rand PLC and Nest Labs Inc.


Source: VynZ Research

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