Smart Home and Office Market to Rise With Preference for Automated Living Following COVID-19

Pune, India, April 2021, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Smart Home And Office Market.

Smart Home and Office Market Highlights

The smart home and office market will witness a healthy growth from 2024 to 2032, a research report suggests. Growing at a CAGR of 12.16%, the market is projected to reach USD 99.58 billion by 2032. The growing need for energy-efficient building is expected to support the market growth along with rising concerns regarding safety. As predicted by analysts, high switching and installation costs will negatively affect the market’s performance from 2024 to 2032. During the forecast period, the market will be supported by the increasing ownership of internet-enabled smart devices and demand from the security and public convenience sector.

Risks of data breaches on the other hand will challenge home automation sector based organizations functioning in the global smart home and office market. Analysts have split the market into product, applications, and standard segments based on products and services. Home automation based companies have been profiled. Device malfunctioning is set to affect the global market during the forecast period 2018 to 2025. The report also provides the market’s performance forecasts till 2025. Analysts have studied the strategy of home automation segment based organizations to help new entrants and established businesses. The home automation sector itself is supported by integration with 5G technology as well as favorable government regulations regarding green buildings. During the forecast period 2018 to 2025, the smart home and office market is set to witness a health growth across product, applications, and standard segments as well as regional markets.

Market Segmentation

The home automation sector has seen growth across product, applications, and standard segments owing to fast and efficient transport facilities and the population growth. To study the market, analysts have further segmented product, applications, and standard into product on the basis of lighting controls (dimmers, sensors, switches, relays, and others), access controls (smart card readers, smart locks, biometric readers, and others), surveillance products (security cameras, storage and monitoring devices, and others), HVAC controls(actuators, control valves, dampers, sensors, smart thermostat, smart vents, and others), other products (smart meters, smart smoke detectors, and others). The market is further segmented into the standard sub segment which is split into BacNet, DALI, EnOcean, Infrared, KNX, Wi-Fi, Z-Wave, and Zigbee. Additionally, the smart home and office market on the basis of applications is segmented into smart office (renovations, new construction) and smart home (renovations, new construction).

The segmental analysis presented in the report provides home automation field based organizations insights into key growth factors such as rapid urbanization as well as challenges such as unfavorable corporate policies the market will face from 2024 to 2032. Technological developments and consumers aiming for more safety and convenience are some of the key factors having an influence on home automation industry based companies, suggest analysts as per the smart home and office market report. But the report also identifies the lack of awareness among consumers and the high cost of product and maintenance as major threats companies in home automation will face till 2032. Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Smart Home and Office Market Research Report

Regional Overview

Home automation market based companies in the smart home and office market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Favorable policies across regional markets will be a key growth driver for regional markets. However, high maintenance and deployment costs will turn out to be a threat. For the forecast period 2018 to 2025 each of these regional markets are studied in the report. Starting from North America, the regional market and home automation vertical based companies are spread across the United States, Canada, and Mexico.Growing concerns regarding high costs will turn out to be a major challenge from 2018 to 2025. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany.

The market in the region will be benefitted by the growing demand for innovative products as well as the increasing preference of consumers, suggests the report. Similarly, the home automation sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the smart home and office market covers the Middle East and Africa. Forecast based on the reports findings are presented for the forecast period till 2025.

Competitive Landscape

The global smart home and office market research report brings a comprehensive study of product, applications, and standard market segments, regional analysis, and home automation vertical based company details of key players. As the forecast period 2024 to 2032 will bring new opportunities for the market owing to the rise in distribution channels and shifting trends in the consumer market, the market is set to grow at a compound annual growth rate of 12.16% and is predicted to reach a value of US$92.18 billion by 2032. With SWOT analysis of home automation sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the lack of effective marketing investment and an undeveloped infrastructure, companies in the home automation sector can change the way business is done.

Industry News

With an increasing number of devices in homes across the world communicating through Wi-Fi and Bluetooth, the smart homes we imagine may often feel more like a warehouse of disconnected technology.  Yonomi's company has been built on this basis. The Austin-based company was formed in 2013 with the aim of putting together a range of smart devices, from Amazon's Alexa to Philips' lightbulbs, on a unified platform. Its proprietary technology, which involves a mobile app and an API that allows third-party application integrations, has attracted a lot of attention in recent years, including a $5 million investment round in 2018.