The rapidly increasing rate of urbanization and the rising demand for cognitive systems is promoting the adoption of maintenance and installation for smart home devices worldwide. Smart home devices such as door locks, cameras, home monitors, lights, thermostats, refrigerators, televisions, and others are interconnected and are accessible via a central point such as a tablet, a game console, or a laptop. Smart home hardware is a home setup device that works as the central point of the smart home system and can communicate wirelessly by sensing data and processing them while interacting with other devices. The increasing adoption of the internet of things and rising use of multiple devices for smart homes are considered key factors augmenting the sales growth of the Smart Home Hardware in the market during the forecast period set between 2021 and 2031.
The Smart Home Hardware market is categorized on the basis of type, product, and region. In terms of type, the market is grouped into IoT hardware for control and connectivity devices, IoT hardware for security and surveillance equipment, and IoT hardware for smart appliances. With respect to product, the market is categorized into home monitoring or security, smart lighting, entertainment, speakers or sound bars, smart appliances, and others such as smart meters, smart plugs, thermostat, smart power strips, and others. Among these, the smart appliances segment is grouped into smart refrigerators, smart air conditioners, and others such as smart vacuum cleaners, washing machines, and others. The Speakers or sound bars segment is segmented into wearable, smart TV or projectors or monitors, voice assistant, and others such as smart remote. The home monitoring or security segment is classified into smart door locks, security cameras, and others such as doorbells, storage devices, servers, and others.
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The research report on Smart Home Hardware market offers an in-depth analysis of the market and its prime growth trajectories. This includes drivers, restraints, challenges, and future growth opportunities. The report also throws light on the key innovations that made positive contribution to the market in terms of revenue generation. The impact of the novel COVID19 pandemic is also discussed in the report. List of the manufacturers and their efforts in the form of innovations and new product launches is also discussed in details. For more information on this report, log on to the company website.
Some of the key players of the global Smart Home Hardware market include:
- General Electric Company
- Samsung Electronics Co. Ltd.
- Panasonic Corporation
- Johnson Control Inc.
- ABB Ltd.
- Schneider Electric SE
- Honeywell Corporation Inc.
- Google LLC
- Amazon.com Inc.
Smart Home Hardware Market – Growth Drivers
The increasing popularity and rising adoption of home automation devices worldwide is a prime factor augmenting the growth of the global smart home hardware market. The rising need to conserve energy and use of 5G technology, coupled with the increasing need for home monitoring devices will also serve as an emerging trend of the smart home hardware market. Furthermore, the increasing disposable incomes of people, rising inclination towards lavish lifestyle and the comfort offered by smart devices and automated security systems will further help create lucrative growth opportunities for this market in the forecast period.
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Smart Home Hardware Market – Geographical Insights
Regionwise, North America emerged as the largest revenue generator for the Smart Home Hardware market owing to the high number of smart device users and smart home installations. People in the developed nations opt for better system security and depend on smart devices for residential and commercial infrastructural maintenance such as temperature control, system security, and remote monitoring.
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