Market Analysis Report Global Smart Home Market 2018-2023.docx | Page 2

home appliances, healthcare and assisted living, and others. Based on technology, the smart home
market is categorized into wireless technology and cellular network technology.
Based on products, the home appliances segment will experience a CAGR of 20.8% through the
forecast period (2018-2023), and is expected to have a market share of 42.4% by 2023. The smart
speakers segment will witness the highest growth rate, expanding at a CAGR of 31.2% through the
forecast period (2018-2023), and will account for a market share of 15.3%. The proliferation of
Internet-connected mobile phones has encouraged consumers to use smart devices in their homes.
Thus, smart speakers like Amazon Echo and Google Home Mini will be the highest growing segment
in the smart home market.
Although the wireless technology segment held the largest market share of nearly 95.4% in 2018,
the cellular network technology segment is expected to witness the highest growth rate (34.7%)
through the forecast period. This growth in cellular network technologies is associated with the
advent of 5G technology, owing to its high transmission rates, efficiency and speed. Proactive
telecom equipment manufacturers are making significant investments in 5G research and patent
development-related projects, which will help shape a self-sustained 5G environment across the
globe. Moreover, rising income, an increasing aging population, and government initiatives for smart
cities have positively impacted the growth of the smart home market.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America,
and the Middle East and Africa. North America has the largest market share. In 2018, this regionÂ’ s
share of the market was approximately 48.3%. Major manufacturers operating in this region,
combined with the availability of sophisticated technologies, accelerated the growth of the smart
home market. Also, growing awareness and high acceptance of advanced security solutions across
North America have increased the adoption of smart home products. Asia-Pacific will be the fastest-
growing region during the forecast period (2018-2023). Given this regionÂ’ s immense potential,
global smart home leaders like Honeywell International, Samsung Electronics, LG, Siemens, Emerson,
and Amazon are focusing on providing affordable systems and solutions for increasing their market
shares.
Some of the major players that operate in the Global Smart Home Market are
1. Samsung Electronics Co., Ltd.
2. Whirlpool Corporation
3. Haier Corporation
4. Amazon.com Inc.
5. Google Inc.
6. ADT Inc.
7. Honeywell International Inc.
8. Osram Licht Group