First, let’s discuss what a smart home is.
A smart home is associated with the Internet, which can be controlled using an app. Provides great comfort, pleasure and well-being. The Internet of Things (IoT) has come a long way connecting machine to machine over networks. If we talk in simple terms, IoT is connecting devices to the Internet.
The installation of smart products in a home provides various benefits, which translates into savings of time, money and energy. Additionally, home automation technologies used in smart homes provide intelligent feedback and information to the owner. For example, you can water your plants using this technology. That sounds great. It is not like this?
Well, not only this, but it also includes the control and automation of lighting, air conditioning (HVAC), ventilation, heating, ovens, dryers, washing machines, refrigerators, etc. Home devices, when remotely observed and controlled over the Internet, are a vibrant essential part of the Internet of Things and that makes a home smart.
How will Smart Home affect our day to day life?
The technology is ready to grow in such a way that if the alarm goes off, the curtains open. As soon as the curtains open, the coffee machine starts brewing. Meanwhile, when your alarm stops, your geyser will turn on for hot water in your shower. Depending on the availability, your fridge will suggest the breakfast that you can prepare and will also remind you of the things that are missing for breakfast, such as bread, eggs, milk, etc. Once you leave the house, your lights and TVs will turn off. This is the near future of the global market and that time is not so far away. Therefore, increasing technological advances are anticipated to drive the market demand for smart homes in the next five years.
Around the world, we are talking about smart systems, smart speakers, etc. all this is due to the increasing penetration of the Internet and the growing IoT systems. In 2017, demand for Alexa, launched by Amazon in 2014, skyrocketed and had the largest market share in the smart speaker market due to its lower cost and more apps than other assistants.
What will be the size of the global Smart Home market?
According to TechSci Research, the market is projected to exceed $60 billion by 2021 due to the rise of the Internet of Things (IOT) market, the booming M2M communication market, and the burgeoning touchless intuitive gesture control market. Depending on the application, the adoption of energy management systems is expected to dominate the market in the coming years due to the increasing efforts of the government to optimize energy consumption. Based on region, the North American region dominated the global smart home market in 2017 and is expected to maintain its dominance for the next five years as well, followed by Europe, Asia-Pacific, Middle East & Africa, and South America.
