What is Smart Home Technologies Market?
The global smart home technologies market is expected to grow at a healthy pace during the forecast period, according to the AMA study. The rising adoption of smart technologies, rising number of smart building projects across the world, and growing demand for automation for different applications in residential & commercial building sectors are expected to be some of the major factors aiding into the growth for the market. However, the market is expected to witness some decline in the growth during the next few years but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (Lighting Control, Security & Access Control, HVAC Systems, Entertainment, Kitchen Appliances, Home Appliances, Smart Furniture and Others), by Application (Residential, Commercial and Industrial) and major geographies with country level break-up.
Apple (United States), ABB (Switzerland), BuildingIQ (United States), Carrier (United States), Crestron Electronics, Inc. (United States), Delta Controls (Canada), GENERAL ELECTRIC COMPANY (United States), Google (United States), Hitachi, Ltd. (Japan), Honeywell International Inc. (United States), Hubbell (United States), Johnson Controls (Ireland), Lennox International Inc. (United States), LG Electronics (South Korea), Lutron Electronics Co., Inc (United States), Robert Bosch GmbH (Germany), Samsung (South Korea), Schneider Electric (France), Siemens AG (Germany), SONY ELECTRONICS INC. (Japan) and United Technologies Corporation (United States) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Smart Home Technologies market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Smart Home Technologies market by Type, Application and Region.
On the basis of geography, the market of Smart Home Technologies has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Adoption of Smart Technologies
- Rising Number of Smart Buildings Globally Propelled by Rising Number of Smart Building Projects Globally
- Growing Demand for Automation for Different Applications Across Residential & Commercial Building Sectors
- Implementation of Artificial Intelligence (AI) and Internet of Things (IoT) in Smart Home Technology
- Growing Demand for Energy-Saving & Low Carbon Emission Technologies for Residential Applications
- Short Term Restraint for the Market Due to Shutting Down of Operations & Process of Different Companies Across Different Parts of the World Due to COVID-19 Pandemic
- Opportunities in the Asia Pacific Region
- Short Term Challenges Due to Stopped Construction Projects Across the World due to COVID-19 Pandemic
Stringent Worldwide Government Regulations Regarding Lockdown of Cities' & States' Operations Reducing the Demand for Smart Home Technologies
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