According to the recently released report by Bekryl, Global smart home devices market is estimated to be valued at US$ 57.4 billion in 2019 and will register 21.1% CAGR during the forecast period. In the last five years, these connected devices has penetrated across millions of homes worldwide, with majority of them concentrated in North America. Growth in the segment is attributed to changing technological landscape and rise in urbanization. As of 2019, over 55% population is living in cities and is expected to grow to 59% by 2028. Rapid urbanization has pushed government and companies to innovate technologies matching future quality of life. This has pushed the demand for smart connected devices across range of verticals including infrastructure. Currently, the industry is naïve and is slowly moving towards integrated smart home concepts wherein the devices will seamlessly communicate and work together in conjugation.
Excerpts from the research report states North America to be the leading destination for industry players. In 2018, North America smart home devices market was valued at US$ 22.5 million. This accounts to 47.5% of global share. Sales revenue of these connected devices will grow by 3.9X by 2028 to create significantly higher market opportunity for players. As per the Bekryl estimates, over 28% of the houses are equipped with smart home devices. Higher per capita income along with better technological atmosphere are the key factors driving the overall sales of connected devices in the region. Amazon and Google accounted for the largest market share in the region. These companies are strategically focusing on offering best-in-class product at lower cost, in order to gain traction among millennials.
Few key Trends from Global Electric Scooters and Motorcycles Market:
Video Entertainment Segment to Account for 38% of Global Smart Home Devices Market Share in 2019
In 2019, video entertainment segment is estimated to dominate the global smart home devices unit sales. Growth in the video entertainment devices is attributed to increasing demand for smart TV as well as digital media adapters such as Apple TV, Amazon Fire TV, Roku’s devices etc. In 2018, over 300 million units of video entertainment were shipped worldwide. Roku dominated the North America streaming player market, however, Amazon Fire TV has gained significant market share worldwide. Industry leaders are focusing on upgrading their product portfolio with smart SKU as well as are highly priced focused.
By 2028, home security will become the largest segment followed by video entertainment and smart speakers. It is highly probable that devices will have common integrated platform by 2028, which will further boost the sales of smart home devices worldwide.
Companies are Focusing on Inorganic Growth Strategy in Order to Enhance Business Presence and Leverage the Existing Technologies
Competition in the market has heightened since 2018. Various companies are coming up with smart devices in order to gain maximum clients. Major companies are focusing on acquiring high potential startups/companies to leverage the developed technologies or strengthen the business presence in the said segment. For instance, 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. Several such developments were seen in the market. The trend is likely to be seen in another ten years.
Product Development Will Continue to be the Key Focus of the Industry Players
Industry players will continue to focus on developing cost effective smart home devices with value added features and better integration with rest of the connected devices. Recently, in August 2019, 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.
Internet of Things (IOT) Policy Frameworks to Boost the Adoption of Smart Home Devices Worldwide
Government of various countries has played a decisive role in boosting IoT infrastructure. IoT has become a core aspect to the urbanization and improving the quality of lifestyle. Strategic IoT policy support from the government has accelerated the adoption rate of connected device. For instance, Government of South Korea announced to invest US$ 5 billion in internet of things till 2020. In 2015, United States announced a grant of US$ 160 million for the creation of software and IoT applications towards smart cities project. Another country, United Arab Emirates started smart cities initiatives beginning 2013. Large number of such initiatives will propel the overall ecosystem of connected device industry including smart home devices market.
To purchase the report or know more about the industry, visit: https://bekryl.com/industry-trends/smart-home-devices-market-share-analysis
Key companies covered in the report are:
- Electrolux AB (Frigidaire)
- Carrier Corporation
- LG Electronics Inc.
- The Whirlpool Corporation
- Dyson Ltd
- 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.