The new report by Expert Market Research titled, ‘Global Connected Home Devices Market Growth, Share, Size, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global connected home devices market, assessing the market based on its segments like product, technology, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 13%
Modern lifestyle and schedules are turning hectic with people trying to multitask and manage their life alongside. This changing lifestyle is inducing the inclination towards smart ecosystem which enables simplification of tasks and with greater efficacy.
For instance, one can get their coffee or turn on the dishwasher just through a press of a button on their smartwatch via a connecting app. This eases the daily load of consumer and provides the advantage of convenience. This offers an opportunity to grow to multiple consumer product manufacturers from devices to appliances, to security and lighting to innovate with respect to functionality and connectivity. Overcoming challenges in ease of use, installation and control will also invigorate the market.
Connected Home Devices Industry Definition and Major Segments
A connected home device refers to those appliances, lighting or electronic devices that can be automatically and remotely controlled, such as through an app, with the help of internet. These can also operate in conjunction with other devices in the home enabling interconnection and thus, communicate information to other smart devices as well.
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On the basis of product, the market is segmented into:
- Security System
- Security Cameras
- Alarm Systems
- Smart Thermostat
Based on technology, the market is divided into:
- Technology Comparison Matrix
The major regional markets include:
- North America
- Latin America
- Middle East and Africa
Connected Home Devices Market Trends
The augmenting demand for the inclusion of multiple connected home appliances, worldwide, is anticipated to strengthen its development during the forecast period. Alongside, the growing penetration of internet and ease of availability and affordability of connectivity is additionally helping the demand for such connected devices and is expected to only push the global market higher in the coming years.
Remote and wireless communication along with control and monitoring features are forecasted to be important drivers in the future for the connected home ecosystem by providing the benefit of cost and time saving. The global connected home market poses a tremendous opportunity for growth and innovation.
Key Market Players
The major players in the market are Analog Devices, Inc., Honeywell International Inc., Panasonic Corporation, SAMSUNG ELECTRONICS Co., Ltd., Siemens AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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