Smart home products are being increasingly adopted across the major parts of the globe owing to their several advantages such as convenience and their ability to help in the energy management. Thus, rise in acceptance of smart home products is likely to create revenue-generation opportunities in the global smart home as a service market in the near future.
A research report by Transparency Market Research (TMR) projects the global smart home as a service market to register growth at a CAGR of 18.1% during the forecast period, 2017 to 2025. Hence, the market for smart home as a service is anticipated to gain a valuation of US$10.9 Bn by 2025.
The TMR study delivers complete assessment of important factors influencing the growth curve of the global smart home as a service market. Hence, readers of this report are provided in-depth analysis of growth drivers, challenges, restraints, and competition landscape of the market for smart home as a service.
Lighting and window, security and access, energy management and climate, integrated solutions, and audio-visual and entertainment are some of the key solutions available in the smart home as a service market.
Smart home as a service solutions are gaining traction owing to their ability to allow users to remotely manage different entertainment-related and other electronic appliances. Moreover, these advanced solutions also assist customers in keeping record of their energy utilization. With the increase in urbanization across several parts of the globe, there is significant growth in the demand for smart homes. These factors are boosting the sales growth in the global smart home as a service market.
Increasing need for advanced security and surveillance around the world is fueling the demand prospects in the global smart home as a service market. Moreover, the market is expected to be driven by advancements in the energy sector.
Players Invest Heavily in R&D Projects to Develop Innovative Products
Some of the key players operating in the smart home as a service market include CenturyLink, Inc., Ingersoll-Rand plc (Nexia), Frontpoint Security Solutions, Protection One Alarm Monitoring, Inc., Johnson Controls, Inc., Vivint, Inc., Charter Communications (TWC), AT&T Inc., Comcast Corporation, and The ADT Corporation.
Presence of many players makes the competition landscape of the global smart home as a service market highly intense. Moreover, the rapid market expansion and presence of huge growth opportunities is resulting into increase in the number of new players in it. This factor is compelling market participants to use organic as well as inorganic strategies to stay ahead of the competition.
Leading companies operating in the global smart home as a service market are being increasingly investing in R&D projects. This strategy is helping enterprises to develop innovative products as well as upgrade the existing ones. Moreover, several players in the market for smart home as a service are focused on the expansion of their businesses in developing nations such as Japan, Australia, China, and several South East Asian countries. These factors are anticipated to create promising growth opportunities in the smart home as a service market in the upcoming years.
North America: Leading Region in Smart Home as a Service Market
The smart home as a service market is spread across many geographical regions including Asia Pacific, North America, Europe, Middle East and Africa, and South America. Among all regions, North America is one of the dominating regions in the market for smart home as a service.
The North America smart home as a service market is being driven by many factors such as early adoption of advanced technologies by regional populace and existence of many leading companies in the region. Moreover, players are prognosticated to gain lucrative prospects in Asia Pacific owing to several factors such as rising demand for advanced technologies in the region.