What Factors Increased The Demand of Smart Homes Technology Industry Here’s The Answer!

  • September 17, 2019
  • 436
  • ICT & Media

New York City, NY, 17 September, 2019/ 24 Market Reports: According to the research conducted by 24 Market Reports it is estimated for the global smart home market to reach USD 150.6 billion by 2024 from that of USD 75.8 billion in 2018 at a CAGR of 12.0% during the forecast period. A growing number of internet users, increased smartphone users, rising awareness about fitness, and increasing disposable income in the developing countries are the factors driving the growth for the smart home market.

Smart Homes Technology Market Overview

Increasing demand for smart speakers to be witnessed during the forecast period

A smart speaker is driven by artificial intelligence. It is a wireless speaker enabled by Bluetooth, Wi-Fi or other wireless protocols and powered by a virtual assistant. Owing to the increasing consumer demand for multifunctional devices there has been a rise in demand for smartphones leading to the development of applications to stream music to a specific device, thus boosting the demand for smart speakers.

The adoption of smart homes, the rising disposable income, and the popular trend of personalization are primarily expected to increase the growth of the smart home market. The factors such as increasing features of the products compared to the traditional products, and enriching the customer experience are driving the opportunities to smart speaker providers. The recent developments in artificial intelligence and natural language processing to enrich voice recognition capabilities have increased the overall demand for smart speakers in smart homes.

Proactive type software and services to achieve a higher growth rate

The users can control smart devices installed in their smart homes by the pertaining software and services. High competition has taken place between these software providers revolving around the production of technically advanced user-friendly devices, improved real-time services to customers, and awareness about reducing energy consumption within households.

Both, in developed and developing countries the rate of smart home installations is driving due to the environmental regulations by government bodies. The software and service industry is earning huge profit with the increase in the number of smart homes and it is also providing services to the customers. All these factors are expected to drive the growth of the smart homes market in the forecast period.

APAC is expected to witness high growth

The smart home market is witnessing significant growth in the APAC region owing to several new residential projects and efforts for strengthening infrastructure at a significant rate. In countries such as Japan, South Korea, China, and Rest of Asia Pacific there is a considerable demand for smart home systems. Owing to the entertainment control in the country South Korea is considered as the huge market for smart home systems.

It is estimated for the Chinese market to grow at the highest rate among other APAC countries during the forecast period. The presence of a large base of end-users in advanced economies such as China, Japan, and South Korea and the high demand for energy management systems are the major factors that are likely to fuel the demand for smart homes in the APAC region.

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