How big is the smart homes market nowadays and what are the key trends?
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This report published by MarketsandMarkets in February 2015, gives an overview of the current market of the smart homes while also providing forecasts and information on key trends.
Smart homes are houses equipped with computing and technological devices that anticipate and respond to the needs of residents. They assist with comfort, convenience, security and entertainment by using automation. Stakeholders that have already been attracted to the market include architects, developers, service providers and device manufacturers. They are attempting to develop versatile and widely accepted standards, but are challenged by operating cost, installation complexities, user awareness, ability to link disparate systems, internet security and demand for housing. The market is expected to grow strongly in the coming years.
The report features an analysis of the smart homes market with high-growth sub-segments such as security and access control. energy management systems, HVAC control and entertainment control. It also contains an impact analysis of market dynamics, factors that are driving and restraining growth as well as the future trends. Investment strategies based on market growth forecasts, the value chain analysis for the smart homes market and an analysis of the competitive landscape are also included in the report. Porter’s Five Forces framework is applied and explained in detail. There is also illustrative segmentation, analysis and forecast of the major geographic markets to give an overall view of the market.
Through a forecast period of 2015-2020, the compound annual growth rate is expected to be 17%. As North America is the birthplace of the key players in the industry, it will be the market leader. Safety, piece of mind, increased awareness and better product offerings are all factors that are converting consumers to the technology. A challenge for the market is that the technology is currently too expensive for most common people, but as the market grows, prices should be pushed down. The report provides market size estimates as well as various applications and global industry trends. The report is segmented by each geographic region and it profiles the major players, including Schneider Electric, Legrand SA ABB ltd., Siemens AG and Ingersoll-Rand Plc.
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