Global smart home devices market size is estimated to surpass 1 Bn unit shipments and is valued at US$ 57.4 Bn in 2019. The prime adoption of such devices is due to increased consumer spending in the developed countries and robust telecommunication infrastructure across these regions. In addition, post 2020, with the advent of 5G connectivity, the global smart home devices market is expected to register a significant CAGR till 2025. Growing number of investments in infrastructure projects such as smart cities and government initiatives supporting efficient ways for lighting and energy projects are also expected to drive growth of the market in the near future.
Global Smart Home Devices Market, by Product Type:
In 2019, the video entertainment segment is estimated to account for the largest revenue share of above 35%, followed by speaker segment with above 20%. The smart speaker segment witnessed significant growth in developed countries over the past few years, and is gaining strong momentum in developing countries such as India and Brazil. The top players in this category are Amazon Echo and Google Home. Various companies focus on introducing smart speaker products that support Amazon’s Alexa or Google Assistant. In addition, devices with support for Siri, Cortana, and Bixby will also gain momentum in coming years.
Global Smart Home Devices Market Key Developments, Insights, and Trends:
Various established players are focusing on entering the smart home devices market with, and broadening its portfolio, through product launches. These players focus on using their wide distribution network in order to market their smart home devices products and gain an upper hand against local competition.
- In August 2019, Sony Corporation announced the launch of its ‘SRS-XB402M’, a new wireless speaker with Alexa support, in order to tap into the smart home devices market.
- In May 2019, Amazon launched ‘Amazon Echo Show 5’, a new speaker a in the Amazon Echo Show range in order to broaden its product portfolio
Global Smart Home Devices Market, by Region:
Among all the regions, US smart home devices market currently dominates the global market and is estimated to account for over 45% market share in 2019. This is primarily due to the increasing consumer spending, robust internet infrastructure and growing adoption of IoT-based devices across the country. South Korea smart home devices market accounted for the second largest revenue share, followed by Germany. The market in Eastern Europe and Asia Pacific are expected to register significant CAGR during the forecast period, primarily due to various government initiatives, increasing digitalisation, and strong growth in the telecom infrastructure.
Global Smart home devices Market Size and Forecast: Competition Landscape
Key players in the market focus on introducing new products and enhancing their presence in emerging regions in order to gain lucrative revenue opportunities. In addition, various key players focus on acquiring other players in the market in order to compliment their product offerings and enhance their presence in the local or regional level.
- In February 2019, Amazon acquired Eero, a US-based mesh Wi-Fi system provider, in order to complement its product offerings in the smart home devices market
- In July 2019, Ezlo Innovation, a smart solutions provider for homes and businesses, acquired Centralite Systems, a US-based smart home devices manufacturer, in order to broaden its product portfolio
Some key smart home devices market players are:
- Electrolux AB (Frigidaire)
- Carrier Corporation
- LG Electronics Inc.
- The Whirlpool Corporation
- Dyson Ltd
- com, Inc.
- Xiaomi Corporation
- Google LLC
- Honeywell International Inc.
- Bose Corporation
- NETGEAR Inc.
- D-Link Corporation
- Ring Inc.
- Samsung Electronics Co., Ltd.
- Koninklijke Philips N.V.
- TP-Link Technologies Co., Ltd.
- Belkin International, Inc.
By Product Type:
- Smart Speakers
- Video Entertainment
- Security Systems
- Outlet and Switches
- Smoke Detectors
By Distribution Channel:
- Retail Stores
By Connectivity Type:
What Will You Discover in the Report?
- An in-depth analysis of the smart home devices market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the smart home devices market revenue is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the smart home devices market in near future
- Which current and upcoming technologies will shape up the smart home devices market?
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the smart home devices industry during the forecast period
- Who are the smart home devices industry leaders and what are the key initiatives taken by them for long term growth?
- Industry exclusive use cases
Who will benefit from the Report?
- Smart Home Component Manufacturer
- Smart Home OEM
- Smart Home Solution Providers
- Consultants and Analysts
Analyst access with Bekryl Market Analysts
Purchasing of global smart home devices market research report will give clients access to 120 minutes telephonic access with a research analyst. The duration for access to analysts will be based on the report subscription editions.