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Smart Homes: Latest Market Trends and Statistics

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Global Smart Home Industry

Enterprises in the smart home industry (part of the building products business) develop and manufacture devices, protocols, apps and software that can control house-hold appliances and other equipment remotely and automatically.

A smart home is a residence equipped with network-connected devices and software that allow its residents to control their home from anywhere. A smart home is also referred to as a connected home. A smart home facilitates ease of living by enabling the automation and optimization of temperature, lighting, security and entertainment, through a smart phone, tablet or computer. Specialized systems are installed in the home to control connected appliances and installations at a distance. A smart home also enhances security and energy efficiency.

A smart home is built on a protocol which connects devices and instructs them to perform specific functions. Each protocol has its own language. The commonly used protocols are X10, Z-Wave, UPB and Zigbee.

The global smart homes market is forecast to reach $100 billion over the next few years. Key drivers of the market include significant advances in internet-of-things technology and rising needs for energy conservation and low carbon emission-oriented solutions.

The market landscape of the smart home industry is competitive. Honeywell International Inc., Legrand, Samsung Electronics Co., Ltd.,Nest Labs, Inc., Siemens AG are among major companies in the global smart home market.

Key Market Segments

The key segments of the smart home market are home automation, energy management and home security.

Home automation –This segment is also referred to as domotics. It includes central control and communication units, programmable control buttons, sensors and actuators, and remote controllable light sources. One increasingly-used home automation device is a wireless switch which can control almost all house-holdappliances by virtual means.

Energy management – This segment consists of products and software applications that increase the energy efficiency of connected devices. Energy management technologies enable optimization of energy consumption. For instance, smart meters in connected homes can be integrated with communication protocols to transmit energy flow information to the home owner. These meters help consumers reduce their energy bills and also help conserve energy. 

Security – This key segment mainly consists of door and window sensors, motion detectors, surveillance cameras, sirens, smoke detectors and water sensors. Smart security systems can be customized according to consumers 'requirements, for instance to unlock doors when a smoke alarm goes off, or have a camera begin recording when a sensor is activated.

Regional Market Shares

The large regional markets for smart homes are North America, Europe and Asia.

North America is the largest market for smart homes and is expected to retain its position in the future. In a few years' time the number of smart homes in this region may reach nearly 40 million, which corresponds to 28% of all North American households. North America's smart home market is expected to expand rapidly due to growing demand and the expansion of product portfolios by smart home enterprises.

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