Dallas, TX / CRWE PRESS RELEASE / April 11, 2022 -  According to the recent study the Smart Home Market is projected to reach an estimated $119 billion by 2025 from $74.2 billion in 2019, at a CAGR of 8% from 2020 to 2025. Growth in this market is primarily driven by increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience, and the growing adoption of cloud-based technologies.

Browse 96 figures / charts and 87 tables in this 182 -page report to understand trends, opportunities and forecast in smart home market by application (safety and security, home appliance, entertainment control, lighting, HVAC control, home healthcare, smart kitchen, and others), type (product and service) by technology (wired and wireless), and region (North America, Europe, Asia Pacific, and the Rest of the World).

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“Safety and security market is expected to remain the largest segment during the forecast period.”

Based on applications, the smart home market is segmented into safety and security, home appliance, kitchen appliance, entertainment control, lighting control, HVAC control, and smart healthcare. Lucintel forecasts that the safety and security market is expected to remain the largest segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The entertainment segment is expected to experience the highest growth during the forecast period, supported by the increasing need of advanced technology that can provide a single platform for high level of control, flexibility, and deliver the best entertainment experience.

“Within the smart home market, the wireless segment is expected to remain the largest technology”

Based on technology the wireless segment is expected to witness the highest growth over the forecast period due to the increasing demand for Zigbee in healthcare, safety and security applications to support remote monitoring facilities, and consumer comfort and convenience enhancement.

“Asia pacific will dominate the smart home market in near future”

Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the increasing adoption of cloud based technologies and increasing awareness related to safety and security. Increasing population, urbanization, rising standard of living, and increasing government expenditure on smart cities will further spur the growth in this region.

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Major players of smart home market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Honeywell, Johnson & Johnson ADT Corporation, Control4 Corporation, United Technologies Corporation, Siemens AG, Philips, Acuity Brands, and Vivint Inc. are among the major smart home providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/smart-home-market-2020-2025.aspx or helpdesk@lucintel.com