Global Smart Home Market: Overview
Smart homes are the residences that are equipped with information and computing technology devices that anticipates and responds to the requirement of the owner in an effective and efficient manner. Smart homes involves automation and control of Heating, Ventilation, Air Conditioning and Security system (HVAC), lighting and home appliances like refrigerators, ovens and dryers. The smart home devices use Wi-Fi for monitoring remotely and are a part of Internet of Things (IoTs). Modern systems comprises sensors and switches connected to a central hub sometimes known as gateway from which systems are controlled with a user interface that is interrelated with a mobile phone software, web interface, or a wall mounted terminal. Further, smart homes use fingerprint identification or key cards in place of conventional locks, making the homes more secure. Smart homes market is fragmented market with various medium and small companies present in the market. Moreover, there are very few worldwide accepted industry standards in this market. Widespread communications protocol for products embraces Ethernet, X10, 6LoWPAN, RS-485, ZigBee Bluetooth LE (BLE) and Z-Wave, or other proprietary protocols that are incompatible with each other.
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Global Smart Home Market: Trends and Opportunities
Increasing mobility is one of the emerging trends in the global smart home market during the forecast period. In the modern era, mobility is one of the important factors that allow people to be connected with their devices at home. Since all the devices are connected to a smart phone or tablet, no matter which corner of the house a person may be, can control everything via their smartphones thus, enhancing the mobility.
Increasing consumer acceptance is an important factor bolstering the demand of smart homes in the global market. Customers have identified the security, value and energy-efficient solutions offered by smart homes. The ease of monitoring, managing and controlling devices and home appliances at any time, from any place are boosting the customers’ acceptance of smart homes. The advent of the Internet of Things (IoT), technologies such as wearable’s, near field communications, Wi-Fi, smartphones, Bluetooth and ZigBee protocols, have additionally amplified the demand for smart home solutions.
Advancement in Internet of Things is also one of the major factors driving the smart home market worldwide. Increasing drops in the price of processors and sensors and higher networking capabilities alongside extensive Wi-Fi access have allowed extensive growth of Internet of Things. All the devices used in smart homes are now operates through internet of things. Since the IoTs excels a simple tech market and is likely to be applied in every field, thereby, allowing huge improvement of productivity and quality.
However, issues pertaining to privacy and security breach are restraining the growth of the smart home market during the forecast period. With the increasing demand of smart home devices, security and privacy breach is also increasing. Since the devices are connected to Internet of Things, there are chances that these devices likely be hacked or breached and exploited. Network security vulnerabilities from these devices is a major concern for the consumers or users. Another major issue with the smart home devices is the default passwords that the consumers use. Majority of the population does not change the default passwords of their devices that are easily hacked.
Some of the key players in the global smart home market include Honeywell International Inc., Siemens AG, Schneider Electric SE, ABB Ltd., Johnson Controls Inc., Emerson Electric Company, Samsung Electronics Co., Ltd., LG Electronics Inc., United Technologies Corporation and Crestron Electronics, Inc. among others.