ICT & Electronics Smart Home Market Analysis | Seite 2

“Smart Home Market: Global Demand Analysis & Opportunity
Outlook 2024”
The global smart home market is segmented into application and region. Further,
application segment is sub segmented into lighting control, security and access
control, HVAC control, entertainment & other control, home health care, smart
kitchen solutions and home appliances. Over the past few years, it has been
observed that the entertainment & other control segment are dominating the
global smart home market. Further, the home health care segment by application
is expected to be the fastest growing segment during the forecast period.
Global smart home market is anticipated to expand at compound annual growth
rate (CAGR) of 15.1% during the forecast period. Additionally, global smart home
market is expected to reach at a valuation about USD 130.1 Billion by the end of
2024. Growing urbanization and increasing penetration of Internet of Things are
key factors which are likely to bolster the growth of global smart home market
over the forecast period.
Home appliances segment by application is also expected to show considerable
growth during the forecast period. Accessibility of affordable smart home
appliances, rising disposable income and consumer’s inclination towards
luxurious life style are some of the major factors which are likely to fuel the
demand for smart home appliances during the forecast period.
Cost & energy saving concerns
Rising cost of electricity and growing concern regarding energy saving are
propelling the growth of global smart home market. Further, a number of
appliances in homes such as refrigerator, water heater, air conditioners, lighting
fixtures and entertainment systems consume high amount of electricity which is a
major concern to the households. Smart homes are key solution to the anxiety of
high energy consumption owing to smart home appliances which consume
comparatively less energy.
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