Analysis of Smart Home Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~15.57% During 2024-2037 and Attain ~USD 900.30 Billion by 2037
Research Nester’s recent market research analysis on “Smart Home Market: Global Demand Analysis & Opportunity Outlook 2037” delivers a detailed competitors analysis and a detailed overview of the global smart home market in terms of market segmentation by product type, sales channel, and by region.
Growing Focus on Luxurious Lifestyle and Personalization to Promote Global Market Share of Smart Home
The global smart home market is estimated to grow majorly on account of the increased intent on luxurious lifestyles and personalization. With consumers demanding advanced solutions for convenience and differentiation, the smart home market will evolve into luxury and personalization. To cover future, spacious luxury-ready homes with exceptional facilities, housing development is taking place beyond prime locations. Modern consumers are looking for spacious, environmentally friendly homes with smart features, which offer attractive investment opportunities.
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Some of the major growth factors and challenges that are associated with the growth of the global smart home market are:
Growth Drivers:
• Surge in Focus on Energy Efficiency
• Rising Need for Smart Home Appliances
Challenges:
A major obstacle to its adoption is the high costs associated with smart home technologies. The initial purchase price, installation fees, maintenance costs, and energy bills are a matter of concern to many people. Studies have shown that intelligent homes are perceived as expensive, and some homeowners can't afford them.
This financial barrier makes it difficult for people to buy and use smart home products, especially in the case of those with lower incomes who find that costs are too high relative to their benefits. Growing cybersecurity threats are some of the major factors anticipated to hamper the global market size of smart homes.
By sales channel, the global smart home market is segmented into indirect and direct sales. The indirect sales segment is to garner the highest revenue by the end of 2037 by growing at a significant CAGR of 15.92 % over the forecast period. Home improvement stores cater to DIYers who want smart home devices for security, lighting, and climate controls. A wide selection of smart home products from different brands is offered by large online retailers such as Amazon and eBay, reaching a global audience. Value Added Resellers are offering installation, configuration, and ongoing support for smart home systems, catering to customers who prefer a complete solution.
By region, the Asia Pacific excluding Japan's smart home market is to generate the highest revenue of 328.70 billion by the end of 2037. In the Asia Pacific region, voice assistants such as Amazon Alexa, Google Assistant, and Baidu Xiaodu are beginning to gain acceptance that allow hands-free control of smart home devices. This popularity is driving the integration of voice recognition technologies into a variety of products, such as smart speakers, thermostats, lighting systems and security cameras.
This report also provides the existing competitive scenario of some of the key players of the global smart home market which includes company profiling of Amazon.com Inc., ADT, Robert Bosch Smart Home GmbH, ABB, Samsung Electronics Co Ltd, Panasonic Corporation, and others.
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https://www.researchnester.com/reports/smart-home-market/6059
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