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The global smart home market will reach us $151.4 billion in 2024

The global smart home market will reach us $151.4 billion in 2024

2019/07/19 09:44
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The global smart home market will reach us $151.4 billion in 2024

Bluetooth Module Manufacturer shares that according to a report released by MarketsandMarkets, the world's second largest market research institution, the global smart home market was worth 76.6 billion us dollars in 2018, and is expected to grow to 151.4 billion us dollars by 2024, with a compound annual growth rate of 12.02% in the forecast period (2018 -- 2024).

According to the report, the growth of the smart home market driven by various factors, including a large number of Internet users of travel and health life consciousness enhancement, the popularity of smart devices, developing economies with high disposable income increase, the importance of the family remote monitoring, the demand for energy saving and low carbon solutions to increase, the rapid popularity of smartphones and intelligent small tools, market and the world wide attention and so on factors of safety and convenience. In addition, the increasing adoption of entertainment and other control systems, such as smart lighting control solutions, smart speakers and home appliances, is also driving the growth of the smart home market.

It is generally believed in the industry that smart home is a home ecosystem based on the Internet of things technology, software system and cloud computing platform, and provides personalized services for users through data collection and analysis of user behavior data. Intelligent home can be divided into three parts, which are intelligent home system, intelligent single product, intelligent equipment. After studying the smart home market in North America, Europe, Asia Pacific and other parts of the world, MarketsandMarkets came up with the following three conclusions

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During the forecast period, entertainment and other smart home control systems will occupy the largest share of the smart home market.

Entertainment has become an important part of life because it can relax the popular body and mind and bring vitality. According to the report, the main control systems used in smart homes are audio, volume and multimedia room control systems, and the market for these control systems will continue to grow, driven by convenience. Take a multi-room entertainment control system, which allows users to centralize all connected devices and then simultaneously or independently listen to, observe, and control that device in each room.

In addition, the report noted that advances in wireless communications technology are a major driver of growth in the home theater systems control market, driving growth in the smart home market for entertainment control systems. The segment's large market share can be attributed to the high penetration rate of products such as smart meters and smoke detectors, where the increasing cost of electricity is the main issue driving home consumers to save energy.

Of course, the increasing popularity of intelligent socket, intelligent hub and intelligent lock also promotes the adoption of intelligent home control system.

During the forecast period, the smart home behavioral software and service market will maintain the largest market size

Growing connectivity between machine-to-machine solutions and the Internet of things is driving the growth of the smart home and energy management market, which in turn is affecting the growth of the smart home software and services market.

Behavioral software and services help analyze energy-related data and forward it to end users, but this category is limited to sending and receiving data and does not perform intelligent operations such as active types, the report said. However, behavioral software and services will have the largest market share in 2018 as behavioral solutions provide direct feedback to end users, providing basic information on real-time energy data and historical data reflecting energy usage.

That's all for the sharing, thanks for your reading, and we also supply Wifi Modules China for sale, if you have any demand for our products, just feel free to contact us.