According to recently released TechSci Research report, “Global Smart Homes Market By Application, By Technology, By Region, Competition Forecast and Opportunities, 2011 – 2021”, the global market of smart homes is projected to cross $ 60 billion by 2021, on account of increasing energy concerns, surging demand for real time home security and growing technological advancements. Moreover, increasing demand for energy efficient systems and solutions, coupled with growing adoption of smart devices are anticipated to boost the global smart homes market during 2016 – 2021. In 2015, global consumer electronics market generated revenues of around $438 billion, which are further expected to cross $503 billion by the end of 2016. Backed by expanding consumer electronics market, the global market of smart homes is anticipated to register healthy growth rate during forecast period.
In 2015, North America dominated the global smart homes market, and the region is expected to maintain its dominance over the next five years as well. In North America, the United States was the largest smart homes market in 2015 on account of booming M2M communication market and increasing smartphone users, which is expected to increase from 187.05 million in 2015 to 203.75 million by the end of 2016. According to the US Federal Bureau of Investigation report, around 8,277,829 property crime offenses were registered in the United States in 2014. With increasing rate of property crime offenses, demand for smart homes in the country is anticipated to increase at a robust pace over the next five years.
“In 2015, there were more than 7 million cases of stolen motor vehicles across the world. In addition to vehicle thefts, with increasing burglary cases, consumers are increasingly inclining towards smart homes, which include advanced security systems with cameras, motion sensors and a link to the local police station or a private security company. Smart homes also use key cards or fingerprint identification in place of conventional locks, making it harder for someone to break in. However, high initial installation cost, IT security issues and lack of standardization are some of the major factors restraining demand for smart home solutions across the world”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Source: TechSci Research