The Internet of Things (IoT) has, without a doubt, revolutionized the way we live. Of the many areas of application that this extraordinary technology has transformed, smart home automation stands out. Thanks to ground-breaking advancements and innovations, home automation has emerged as a means of making every day living more convenient and comfortable.
As Asian smart home market shows a great future potential, manufacturers across the globe are focusing on providing solutions that are effective as well as affordable, targeting Asian smart home and building automation with customer satisfaction a major priority. According to estimation by Grand View Research, the smart home market of Asia Pacific will reach 10,000 million US dollar in 2020.
The integration of smart homes with artificial intelligence (AI) has the potential to fulfill the needs of people even before they are aware of them. The ability to perform complex tasks, which would otherwise be performed by a human, gives rise to a host of opportunities. Right from simplifying individual lives to easing the burden of decision-making, AI can let homes become a personal caretaker. For instance, sleep technology is a crucial part of the smart living revolution and companies have been developing devices that can not only track but improve sleep patterns. Somnox, reportedly the world’s first sleep robot, is one such example. The bot regulates breathing to reduce stress and ensure enhanced sleeping patterns.
The Road Ahead for Asia Smart Home Market
Asia is rapidly emerging as a strong contender in the smart home industry. Soaring demand for and adoption of technological advancements, especially in home appliances and consumer electronics, will be key to the region’s growth over the next five years. Use of connected technologies for security, entertainment, lighting and energy management, and HVAC will continue to foster growth.
Below are some of the local opportunities participants in the field can capitalize on.
Japan’s Focus on Creating Smart Cities
Japan, which is among the leading markets based on smart home penetration, is primarily driven by demand for connected health and wellness devices. This can be attributed aging population, most of whom are increasingly open to adopting advanced and convenient solutions that aid independent living.
Presence of tech giants such as Panasonic has also allowed Japan to stand tall when it comes to smart housing development. PanaHome Corporation, for instance, has been spearheading projects on smart cities that pave the way for residential developments of the future. One such housing project is aimed at becoming the nation’s first ever zero-energy town by producing more energy than it actually consumes.
China’s Emphasis on Strengthening Domestic Markets
China also presents immense opportunities for growth, thanks to increasing consumer incomes and a vibrant technology ecosystem. The smart home automation market in the country was pegged at USD 2.45 billion in 2015, based on insights by Grand View Research.
Soaring focus on local design and manufacturing also bodes well for the China smart home automation industry. A.I Nemo, a Chinese startup, partnered with Baidu, the internet search provider, to develop a voice-controlled home robot called Little Fish. The bot can check stock prices, read the news, book movie tickets, translate several languages, make phone calls, and search for locations. Little Fish also enables video chats and video streaming thanks to the integrated webcam and 8-inch IPS video screen.
Improving Connectivity across Rest of Asia
Taiwan, South Korea, and Singapore boast of high data connectivity. This, combined with rising presence of high-income households, has resulted in greater penetration of smart homes. It has been observed that the Singapore government has been actively promoting its initiative of a smart nation. The dream of creating a connected nation is built on the desire to improve health, mobility, and living standards of the residents. Singtel, a Singaporean telecommunication systems and services provider, launched its line of smart home solutions a few years ago, giving customers a personalized lifestyle experience like no other. With a focus on home automation and security, the Starter Kit with Contact Sensor allows residents to be notified when important incidents occur in real time.
Although the region is likely to witness tepid demand in a few Southeast Asian countries owing to dearth of major domestic smart home firms and limited percentage of high-income households, impressive performance in highly-connected countries will enable Asia to go toe to toe with developed markets.
*Contributed by Amruta Joshi
Amruta Joshi is a Content Writer specializing in varied industry verticals including personal care, healthcare, chemical and technology. Her work includes market research and writing blogs, PRs, guest posts, etc. on all the latest innovations and up to date events of her field. She has also done freelancing for an IT & software firm and has also worked as a full-time Copy Editor for a renowned German publisher for STM books.