Persistence Market Research predicts a 4.4x increase in revenue of the global smart home solution market during the 2017-2025 timeline
The global smart home solution market is expected to witness high revenue growth during the forecast period. This growth is attributed to the increasing inclination towards conserving energy, globally. The growth of the smart home solution market is linked with the growth of smart cities. The growth of smart cities on a global basis is expected to rise significantly as various government organizations in different countries are taking several steps to develop smart cities. Moreover, the rising use of IoT (Internet of Things) and smart technology is helping various countries to adopt the smart city concept. With the development of smart cities, new construction will take place that can lead to the growth of the smart home solution market at a global level.
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An increase in government spending on smart cities, and the emergence of the smart cities concept, together, led to a surge in the demand for the construction of smart buildings. This increase in the number of smart buildings is expected to increase the demand for energy saving infrastructure, such as smart home solutions, thus contributing to the growth of the smart home solution market at a global level.
Forecast analysis of the global market
Understanding various scenarios of the global smart home solution market, Persistence Market Research has underlined various facets of the global market in its recent research report. The analysis reflects the growth path of the smart home solution market and the various aspects contributing to its expansion. The global smart home solution market, according to Persistence Market Research, is expected to grow at an exponential level and register a huge CAGR of 20.4% throughout the period of forecast. The global smart home solution market is valued at around US$ 37.2 Bn in 2017 and by the end of the assessment year (2025) it is anticipated to reflect a huge revenue of more than US$ 164 Bn. To name a few factors responsible for this meteoric 4.4x jump in revenue of the global smart home solution market, they include benefits such as reduction in energy consumption, enabling cost savings, emerging technologies in smart homes, increasing demand for integrated security and monitoring services and growing demand for smart TVs.
Service segment to gain a lion’s share in the global smart home solution market
The service segment in the component category is expected to showcase higher market share in the coming years. This segment dominated the global market in the past and is predicted to account for a lion’s share by the end of the year of assessment. In 2017, this segment reflected a value of more than US$ 13 Bn and is expected to reach a value of above US$ 62 Bn by the end of the year of assessment. Moreover, this segment is projected to grow at a high CAGR of more than 20% during the forecast period thus reflecting high growth potential for the expansion of the overall market.
Managed services sub segment of the service segment is expected to highly contribute to the growth of the parent segment. The managed services sub segment dominates the market with a high value share as well as high growth rate. This sub category is projected to grow at a CAGR of 21.5% during the assessment period to reach a high market valuation by the end of the year of assessment.