According to a comprehensive research report by Fortune Business Insights, “Smart Home Market Research Report: by Component, Technology, Device Type, Vertical -Forecast till 2029”, The reports further predict the market to flourish at a robust CAGR during the assessment timeframe.
The Smart Home Market is expected to garner substantial traction in future years. The rising use of AR technology in head-mounted and head-up displays (HUD) substantiates the market growth and asserts that the global Smart Home Market is estimated to reach 2029, growing throughout the assessment period (2022-2029).
The global smart home market size was USD 86.48 billion in 2020. The market is expected to grow from USD 99.89 billion in 2021 to USD 380.52 billion in 2028, growing at a CAGR of 21.1% during the 2021-2028 period.
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Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Smart Home Market is likely to expand at a CAGR of around during the forecast period (2022-2029).
- The increase in revenue is mostly attributable to the demand for and sales of VR-based hardware in the gaming sector, by component segment.
- Based on Device Segment Analysis Mobile Sector dominate the Smart Home Market.
- On the basis of region, North America is anticipated to have a significant share of the industry during the projected period.
- The Covid-19 pandemic favored the growth of the market due to a rise in the shift toward the adoption of technologies since most businesses implemented the work-from-home culture.
- Digital transformation and industry 4.0 had boosted the demand for Smart Home Market. Moreover, the players were collectively forced to deploy multiple new and agile approaches to improve the consumer experience.
Companies involved in the global Smart Home Market research report are:
- ABB Ltd.
- Assa Abloy
- Centrica Connected Home Limited
- Control4 Corporation
- Crestron Electronics
- Emerson Electric Co.
- General Electric Company
- Honeywell International
- Johnson Controls, Inc.
- Samsung Group
- Schneider Electric SE
- Sony Corporation
- Other key market players
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Driver: Rising investments in the market
Over the past few years, investments in the business have grown significantly. The Smart Home Market business is receiving significant investment from firms including Facebook Corporation, Intel Corporation, Qualcomm, Inc., Alphabet, Inc., Comcast Ventures, and Samsung Group. Additionally, a number of research organizations are investigating the AR application market for a range of goods and uses. Governments finance certain research institutes, while others are supported by private businesses and venture capitalists. Businesses in the consumer, healthcare, aerospace & military, retail, and marketing sectors all benefit.
- Market Environment: Government Policies, Technological Changes, Market Risks.
- Market Drivers: Growing Demand, Reduction in Cost, Market Opportunities and Challenges.
Smart Home Market Forecast:
- Market Size Forecast: Global Overall Size, By Type/Product Category, By Applications/End Users, By Regions/Geography.
- Key Data (Revenue): Market Size, Market Share, Growth Rate, Growth, Product Sales Price.
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