Published: Aug, 2019
The competitive landscape of the global connected home devices market seems consolidated, as ~ 60% leading players hold share, states Transparency Market Research in its recent published report. These players are investing huge sum of money in research and development activities in order to introduce enhanced services to their customers. They are also engaged in expanding their presence by collaborating and acquiring smaller players, as it will give them high-edge among their competitors. For example, Honeywell International, Inc. (US) introduced Lyric Cameras and along with that, they introduced a software upgrade for Lyric Smart Home Security systems. This will help smart home system become sync with HomeKit by Apple. Additionally, the company has Lyric C1 and C2 that are Wi-Fi indoor cameras that are going to be paired with the Lyric app that will initiate live streaming, send alerts concerning inactivity of smoke, and recorded events. These add-ons by the company will help in attracting large number of customers across the globe.
The report also provides detailed information of other players including Panasonic Corporation, Phillips N.V., Samsung Electronics, Analog Devices, Inc., LG Electronics, Siemens AG, General Electric Company, Schneider Electric, Sony Corporation, Johnson Controls, AB Electrolux, and United Technologies.
Huge Demand from Tech-Savvy Customers Creating Growth Opportunity in the Market
Booming cloud technology has resulted in expanding growth opportunities in the global connected home devices market. Connected home devices are developing next-gen products on cloud technology; this will provide a seamless integration to the tech-savvy consumers. Other benefits of cloud technology in developing connected homes are easily obtainable real-time information that will keep user alert about whereabouts of their products.
Another contributing factor is related to the growth of smart entertainment devices that are widely adopted in building smart homes. Video entertainment and smart television are few of the connected home devices that are leading the market currently and are expected to lead the market in the forthcoming years.
Favorable Environment for Easy Set of Connected Home Devices Makes North America Lead the Market
Developed regions are creating lucrative opportunities and are driving the growth in the global connected home devices market. North America is the leading region and the U.S. and Canada have the highest demand for connected home devices. Favorable environment with high demand for smart connected devices along with advanced security systems have further augmented growth of connected home devices in this region. Moreover, leading players are also established in this region and they are making further efforts in expanding their presence by carrying out partnership and collaborating with other companies. This factor has also made this region lead the global market for connected home devices. For example, Lenovo and Sony Corporation collaborated with Google to come up with smart speaker solutions through tablet-like screens.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Connected Home Devices Market (Product: Lighting (Bulbs, Fixtures), Entertainment (Speakers, Television, Others), Security Systems (Security Cameras, Locks, Alarm Systems), Smart Thermostats, and Others; and Technology: Device-based, Mobile-based, and Hybrid) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027”.
The global connected home devices market has been segmented as below:
- Security Systems
- Security Cameras
- Alarm Systems
- Smart Thermostats
- Others (Kitchen Appliances, Smart Plugs, Smart Curtains, Doorbells, etc.)
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC countries
- South Africa
- Rest of Middle East & Africa
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