Smart Home Devices Sales Rising with Integration of Artificial Intelligence to Offer Connected Devices : FMI Study
2021 Analysis and Review: Smart Home Devices Market by Product Type – Lighting Control Security and Access Control, HVAC Control, Entertainment, Kitchen & Home Appliances and Healthcare Smart Devices for 2021 – 2031
Dubai, United Arab Emirates – May 25, 2021 /MarketersMedia/ —
The global smart home devices market is expected to grow at a CAGR of over 18.7% throughout the forecast period between 2021 and 2031, projects ESOMAR-certified consulting firm Future Market Insights (FMI). The market is expected to witness high demand on the back of adoption of advanced technology such as artificial intelligence and growing demand of smart kitchen appliances. Connected devices such as smart home assistant, smart thermostats and others are gaining popularity among the residential consumers. Increasing consumer preference for video and voice assisted technology such as Google Home, Alexa, and Siri is expected to drive the market demand.
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Furthermore, the surging demand for sustainable state-of-the-art entertainment controls and smart home products & systems have compelled manufacturers to provide eco-friendly smart home devices. Sales in the market are poised to surge especially as demand for smart kitchen appliances and home products such as temperature control mugs, smart switches & bulbs have increase. On the back of these factors, manufacturers are adopting innovative technologies to offer sustainable smart home devices. Driven by surging demand for smart kitchen appliances and connected devices, the global smart home devices market is expected to reach a value of US$ 42 Bn by 2021-end.
“Increasing demand for eco-friendly and security-focused smart home devices such as motion sensor and smart lighting solutions will create growth opportunities in the forthcoming years,” says the FMI analyst
Key Takeaways
In terms of product type, entertainment & other controls will contribute the highest in terms of revenue share throughout the forecast period
Increasing demand for smart home devices such as air fryers, smart toast makers and others is spurring the sales of kitchen appliances
Online retailer is expected to be the primary sales channel for the smart home devices
Germany is expected to be the leading market for smart home devices through 2021 backed by the substantial surge in demand for smart-tech products
United States will be one of the most lucrative market of North America
Growing adoption of eco-friendly smart home devices in Brazil is providing lucrative opportunities for the market players in the region
India and Japan are expected to dominate the South & East Asia smart home devices market, respectively
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Competitive Landscape
FMI has profiled some of the prominent market players providing smart home devices that include Samsung Electronics Co. Ltd., LG Electronics, Siemens AG, Honeywell International Inc., Schneider Electric, Koninklijke Philips NV, Amazon.Com Inc., Robert Bosch GmbH, Apple Inc., Nest Labs, United Technologies, Panasonic Corporation, Sony Corporation, Midea Group, and ORVIBO Inc. Industry giants are adopting advanced technology such as artificial intelligence and Internet of Thinking to upgrade their products and generate sales. Hence, new product launches remains the core strategy of the aforementioned players.
For instance, on April 29th 2021, Google has teased about its new smart home product launches that included new details about its new Google Assistant. Google hinted on some new incorporations of Artificial Intelligence by the developers and new integrations in Google smart home. The launch is presumably scheduled by the end of May 2021.
Also, on May 11th 2021, Zigbee Alliance announced a new open-sourced standard for smart home and products, renaming itself as Matter, with the backing of industry giants such as Amazon, Google and Philips Hue. The initiative is expected to open new doors of opportunities for the smart home products and systems of the organziation.
Furthermore, Qorvo, a leading provider of innovative radio frequency solutions that connects the world, launched its first smart home communications controller on March 22nd 2021, to deliver simultaneous support for multiple ultra-low power wireless protocols.
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More Insights on the Global Smart Home Devices Market
Future Market Insights, in its new offering, provides an unbiased analysis of the smart home devices market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the smart home devices market with a detailed segmentation on the basis of product type (security lighting control (dimmers, switches and sensors), access control (video surveillance, smoke detectors & others), HVAC control (thermostats & heating/cooling coils),entertainment (home theater system controls), kitchen & home appliances (refrigerators, vacuum cleaners, coffee makers & others), and healthcare smart devices (fitness tracker and blood pressure monitor system)), price range (below US$ 25, US$ 25-35, and above US$ 35) and sales channel (direct sales, mono brands, supermarkets/hypermarkets, department stores, specialty stores, online retailers, and other sales channel) across major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa)
Key Questions Covered in the Report
How will the market for smart home devices will expand through 2031?
Which top manufacturing companies are leading the global smart home devices market?
What are the key drivers and trends that will stimulate the smart home devices sales?
What are the challenges that will affect the sales of smart home devices market?
Which region will remain the most lucrative throughout the forecast period?
What is the impact of Covid-19 on smart home devices market?
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Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/smart-home-devices-market
Source: MarketersMedia
Release ID: 89019311
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