Smart Homes M2M Market To Grow At A CAGR Of 28.1% To Aggregate $159.84 Billion By 2023
The increasing shift toward digitization, technological advancement, and the accelerated adoption of internet & mobile phones are driving the market growth. The lighting control segment is expected to produce the highest revenue during the forecast period.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Smart Homes M2M Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023”.
According to Infoholic Research, the lighting control segment will continue to dominate the smart homes M2M market. As per the study, the market will experience significant growth during the forecast years (2017–2023) due to increasing physical intrusion, terrorism, energy constraints, and security needs at home. The market is expected to grow at a CAGR of 28.1% during the forecast period 2017–2023 to reach an aggregate of $159.84 billion by 2023.
“Currently, the smart homes M2M market is enabling end-users to adopt the most innovative technologies to decrease cost, energy and time consumption along with leveraging best services promising greater security and safety for the residents. The market is an attractive space for technology providers to expand their business in various regions. The technology segment will hold enormous opportunities in the next 3–4 years due to the increasing adoption of internet, cloud, and mobile devices.” – Preeti Wadhwani, Team Lead at Infoholic Research.
The report has been segmented by application, connectivity technology, and regions. The lighting control plays a vital role in the market. Besides, energy management accounts for the second largest segment in the smart homes M2M market share. The increase in working population, increased need for security for the elderly and baby care and energy efficient solutions are driving the demand for smart homes solutions. There is a shift from traditional, ineffective, costly methods to sophisticated, time, and energy efficient solutions to conserve countries’ limited resources.
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The lighting control segment is expected to grow at the fastest pace owing to increasing usage of mobile devices, mobile applications, cloud computing, internet, and innovation in network connectivity. The energy management has the second largest share contributing application segment due to increasing usage of voice-based apps, mobile applications, and Wi-Fi. A lot of small and medium technology providers are expected to enter the market within the next decade.
The wired technology-based automation is operated by a single central system rather than being spread around the house. This helps in easy communication and data transfer, along with speed and reliability. Ethernet is the oldest technology and is dominating in the M2M communication market.
The cellular technologies segment is expected to grow at a higher rate when compared to short range technologies with around 68% of the total market. The 3G market is contributing the highest share in the cellular market, with increasing adoption of 4G. The market for 4G is growing due to high speed and low latency when compared to 3G and the capability to support high-definition video conferencing. The 5G market is yet to come up with the adoption, probably by 2019, and will contribute to the cellular market with the highest growth rate during 2019–2023.
Americas is the leading region for the smart homes M2M market followed by Europe. Asia Pacific is set to be the emerging region for the market. North America is the world’s most advanced smart home market with an installed base of 12.7 million smart homes at the end of 2015, which is expected to increase to around 46.2 million by the end of 2020. The US consumers are heading toward the adoption of smartphones with an increase of 27 million smartphones from the previous year, reaching a total of 238 million. The need for better and cost-effective solutions for smart homes is driving the growth of the technology in this region. Europe stands second in the smart homes M2M market. Nearly 70% of household in Western Europe use Wi-Fi to manage energy. However, the adoption of ZigBee is increasing with an expectation to surpass Wi-Fi by the end of 2022. It is estimated that by 2020, around 2.5 million Western European household will be equipped with a smart home controller.
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The wireless internet penetration and growing cloud awareness amongst consumers along with declining prices of devices are driving the market growth. The APAC region is growing at a high pace due to cloud-based technology, smart city initiatives, and increased penetration of wearables, especially in India, China, and Japan. The scenario in MEA is changing and expanding the market due to increased spending on smart community projects and increased adoption of sensor technology.
The report aims to highlight key insights from providers and end-users. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report not only highlights users’ conundrum (challenges and barriers to adopting smart homes M2M) but also brings in their perspective on the market
- Covers the application segments: Lighting Control, Energy Management, Climate Control, Safety and Security, Healthcare, and Others
- The market has been analyzed by considering the key regions – Americas, Europe, Asia Pacific, and MEA
- The smart homes M2M market is analyzed based on connectivity technology (wired and wireless), applications, and regions
- The report analyzes the top 10 players in terms of market reach, business strategy, and business focus
- Provides an in-depth analysis of the key business opportunities in each application and technology type
- Stakeholders’ insights and key trends (current and future) of the market