Smart homes refer to a residence equipped with computing and information technology devices that anticipate and respond to the needs of the residents; thus, working towards enhancing their comfort, convenience, security, and entertainment through the automation of technology within a home.

Smart homes have already started attracting stakeholders in the market including architects, developers, service providers, and device manufacturers.

The possibility of reduction in the prices of smart homes is driven by scale of economies and expected adoption of the technology is the key to the market?s growth in the future. Stakeholders are keen for developing versatile and widely accepted standards in smart homes.

Regardless of the technology and cost of ownership, the operating & maintenance cost, complex installation, user awareness, ability to link disparate systems, Internet security, and demand for housing are some of the challenges in front of players in the smart home market. However, this market is expected to grow at a decent pace in the coming years.

KEY TAKE-AWAYS

• Analysis of the smart homes market with high-growth sub-segments such as security & access control, energy management system, HVAC control, entertainment control. The impact analysis of market dynamics that describe the factors currently driving and restraining growth of the market; along with future trends observed in the smart home market
• Investment strategies based on market growth forecasts & key growth strategies for companies in the smart homes market, detailed through analysis of the competitive landscape
• The Porter?s Five Forces framework has been applied and explained in detail along with, the value chain analysis for the smart homes market. Illustrative segmentation, analysis, and forecast of major geographic markets has been done to give an overall view of the smart homes market
• The competitive landscape has been detailed, by identifying key players along with an in-depth market share analysis with individual revenue and market share

The global smart homes market is expected to grow at a CAGR of 17.00% over the forecast period between 2015 and 2020. North America will lead the chart and is the birthplace for various industry majors.

The North American market is driven by gaining traction for safety, peace of mind, increased awareness and better product offerings.

Benefits of smart homes can only be realized if the technology becomes affordable for common people and accessible to those for whom it is essential. However, this is likely to happen if a broader consumer market gets traction by pushing down prices and creating more awareness.

In this report, market size and estimates of the smart home market have been provided along with its various applications and global industry trends. A geographic split of each submarket is also highlighted in this report.

The report profiles prominent market players in the global smart homes market, with their respective market share analysis. Some of the key players are Schneider Electric (France), Legrand SA (France), ABB Ltd. (Switzerland), Siemens AG (Germany), and Ingersoll-Rand Plc. (Ireland).

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