Growth and change of COVID-19 until 2030
The major players in the smart home devices market are ABB Ltd, General Electric Company, Johnson Controls, Inc., Siemens AG and Schneider Electric SE. The global smart home device market is expected to grow by $ 54.
New York, September 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Smart Home Devices Global Market Report 2021: COVID-19 Growth And Change To 2030” – https://www.reportlinker.com/p06151602/?utm_source=GNW
$ 77 billion in 2020 to $ 60.37 billion in 2021 at a compound annual growth rate (CAGR) of 10.2%. The growth is primarily driven by businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The market is expected to reach $ 123.36 billion in 2025 at a CAGR of 19.6%.
The smart home appliance market includes sales of smart home appliances and appliances. Smart home devices are controlled remotely from any internet-connected location in the world using a mobile device or any other network device.
Smart home devices are interconnected so that the user has access to control functions such as home security control, temperature, lighting and home theater.
The smart home devices market covered in this report is segmented by technology into Wi-Fi technology, Bluetooth technology. It is also segmented by application into energy management, air conditioning system, healthcare system, home entertainment system, lighting control system, security and access control system and by sales channel in online and offline.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
High switching costs are limiting the market for smart home devices. The cost of smart devices is high and also involves other upfront costs such as installation and maintenance costs.
The high cost hinders the adoption and acceptance of smart devices by customers, including many organizations. According to the GFK study, 36% of respondents believe the high prices associated with smart home devices are their main concern.
Additionally, a smart thermostat in the US costs around $ 250 while the traditional thermostat costs around $ 25. The cost factor negatively influences the market.
Companies are developing voice assistants to control smart home devices. Voice assistants are digital assistants who react to voice commands and respond with relevant information.
They are different from traditional keyboard-based searches. They put more emphasis on conversational wording of any content and prioritize long-tail keywords for any search.
For example, Amazon and Google have launched their own voice assistants in their respective smart speakers. Amazon launched Alexa Voice Assistant in its Echo smart speaker while Google launched the “Google Assistant” voice assistant for its Google Home smart speaker.
In February 2018, Amazon, a multinational technology company, acquired Ring Inc. for $ 1 billion. This acquisition increased Amazon’s product portfolio in smart home security products. Ring Inc. is a smart doorbell camera startup known for its smart doorbells, high security cameras and projectors. It was incorporated in 2012 and is headquartered in Santa Monica, California.
The increasing need to save energy and reduce carbon emissions is driving the market for smart home devices. This increase in the need for sustainable solutions was initiated by strict government regulations that introduced a cap on the maximum carbon emissions allowed for each company.
Conventional appliances constantly use electricity until someone turns them off. However, in the case of smart home devices, they are equipped with motion sensors which can detect the absence of people in the room for a given time and automatically turn off, thus saving money and electricity. .
Saving unnecessary use of electrical appliances and reducing energy demand on power plants helps reduce carbon emissions. For example, according to a report published by Tech UK, smart buildings have already saved at least 2.9 million tonnes of CO2 in one year in the UK.
Smart home devices are regulated by government agencies such as the National Institute of Standards and Technology (NIST), the European Telecommunications Standards Institute (ETSI), and others. ETSI’s Cybersecurity Technical Committee (TY Cyber) has published ETSI TS 103 645 to maintain a security benchmark for all Internet user’s products.
The standard states that IoT / Smart Home devices must allow consumers to easily delete their personal data in the event of a transfer of ownership. problems.
It also allows security researchers to report any type of security breach in IoT / Smart Home devices.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and United States.
Read the full report: https://www.reportlinker.com/p06151602/?utm_source=GNW
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