The Smart Home Market 2023 is expected to grow at a CAGR of 2023-2030. Global Data expects enterprises to become the key market for Smart Home Market over the next three years, outpacing the consumer segment. Smart Home Market is already in use across retail, defense, airlines, oil and gas, and healthcare, primarily for training. The COVID-19 pandemic triggered a shift to remote working that has boosted the adoption of Smart Home Market by enterprises for training, collaboration, data visualization, and customer experience.
According to the market research report by Fortune Business Insights, smart home market size was USD 86.48 billion in 2020 and is expected to grow from USD 99.89 billion in 2021 to USD 380.52 billion in 2028, growing at a CAGR of 21.1% during the 2021-2028 period.
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List of the Key Companies Profiled:
- ABB Ltd. (Zurich, Switzerland)
- Centrica Connected Home Limited (London, U.K.)
- Control4 Corporation (Utah, U.S.)
- Emerson Electric Co. (Missouri, U.S.)
- General Electric Company (Massachusetts, U.S.)
- Honeywell International (North Carolina, U.S.)
- Johnson Controls, Inc. (Cork, Ireland)
- Samsung Group (Suwon-si, South Korea)
- Schneider Electric SE (Rueil-Malmaison, France)
- Sony Corporation (Tokyo, Japan)
Driver:
The surge in mandatory Smart Home Market regulations and legislation regarding the market boosts demand for insurance protection. Government regulatory bodies and law enforcement agencies worldwide have taken numerous initiatives to tighten data security and protection. With the advent of COVID-19, the need for an insurance policy has been realized by policyholders, brokers, insurers, and agents. For example, in February 2020, the Californian assembly introduced a bill to make Smart Home Market mandatory to process regulated and protected personal information for all state contractors.
Objectives of the Report
- To carefully analyze and forecast the size of Smart Home Market by value and volume.
- To estimate the market shares of major segments of the Industry
- To highlight the development of the Smart Home Market in different parts of the world.
- To analyze and study micro-markets in terms of their contributions, prospects, and individual growth trends.
- To offer precise and useful details about factors affecting revenue growth over the forecast period.
- To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Smart Home Market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.
Research Methodology
They are using secondary sources such as company websites, annual reports, press releases, financial data, investor presentations, articles, news, white papers, certified publications, and government publishing sources as a starting point for the research methodology used to estimate and forecast the size of the global Smart Home Market. In addition, the research takes into account vendor offers to categorize the market.
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Table of Contents
- Introduction
- Market Definition
- Market Segmentation
- Geographic Scope
- Years Considered: Historical
- Currency Used
- Research Framework
- Data Collection Technique
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Methodology
- Bottom-Up Approach
- Top-Down Approach
- Data Validation and Triangulation
- Market Forecast Model
- Limitations/Assumptions of the Study
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESSMENT
- Overview
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