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US$ 57.4 Billion Smart Home Devices to Register 21.1% CAGR between 2019 and 2028, finds Bekryl Market Analysts

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US$ 57.4 Billion Smart Home Devices to Register 21.1% CAGR between 2019 and 2028, finds Bekryl Market Analysts

August 19
10:18 2019
US$ 57.4 Billion Smart Home Devices to Register 21.1% CAGR between 2019 and 2028, finds Bekryl Market Analysts

Bekryl Industry Report | Global Smart Home Devices Market 2019-2028
Global Smart Home Devices Market is set to register 21.1% CAGR, with North America witnessing highest unit shipment in 2019, finds Bekryl. The detailed report covers strategic insights across seven key regions (North America, Western Europe, Central & Eastern Europe, Latin America, Asia Pacific, Middle East, and Africa) spanning across 25+ major countries.

According to the recently released report by Bekryl, global smart home devices market is estimated to be valued at US$ 57.4 billion in 2019 and will register 21.1% CAGR during the forecast period. In the last five years, these connected devices has penetrated across millions of homes worldwide, with majority of them concentrated in North America. Growth in the segment is attributed to changing technological landscape and rise in urbanization. As of 2019, over 55% of the total population is estimated to be living in cities and is expected to grow to 59% by 2028. Rapid urbanization has pushed government and companies to innovate technologies to enhance future quality of life. This has pushed the demand for smart connected devices across range of verticals including infrastructure. Currently, the industry is rapidly moving towards integrated smart home concepts wherein the devices will seamlessly communicate and work together in conjugation.

Excerpts from the research report states North America to be the leading destination for industry players. In 2018, North America smart home devices market was valued at US$ 22.5 million. This accounts to 47.5% of global share. Sales revenue of these connected devices will grow by 3.9X by 2028 to create significantly higher market opportunity for players. As per the Bekryl estimates, over 28% of the houses are equipped with smart home devices. Higher per capita income along with better technological ecosystem are the key factors driving the overall sales of connected devices in the region. Amazon and Google accounted for the largest market share in the region. These companies are strategically focusing on offering best-in-class product at lower cost, in order to gain traction among millennials.

Receive Report Sample (PDF): https://bekryl.com/sample/sample-request/?bekryl=smart-home-devices-market-report

Few key trends from the report:

Trend#1: Video Entertainment Segment to Account for 38% of Global Smart Home Devices Market Share in 2019

In 2019, video entertainment segment is estimated to dominate the global smart home devices unit sales. Growth in the video entertainment devices is attributed to increasing demand for smart TV as well as digital media adapters such as Apple TV, Amazon Fire TV, Roku’s devices etc.  In 2018, over 300 million units of video entertainment were shipped worldwide. Roku dominated the North America streaming player market; however, Amazon Fire TV has gained significant market share worldwide.

By 2028, home security will become the largest segment followed by video entertainment and smart speakers. It is highly probable that devices will have common integrated platform by 2028, which will further boost the sales of smart home devices worldwide.

Trend#2: Companies are Focusing on Inorganic Growth Strategy in Order to Enhance Business Presence and Leverage Existing Technologies

Competition in the market has heightened since 2018. Various companies are coming up with smart devices in order to gain maximum clients. Major companies are focusing on acquiring high potential startups/companies to leverage the developed technologies or strengthen the business presence in the said segment. For instance, in February 2019, Amazon acquired Eero, a US-based mesh Wi-Fi system provider, in order to complement its product offerings in the smart home devices market. Several such developments were seen in the market. The trend is likely to be seen in another ten years.

Trend#3: Product Development Will Continue to be the Key Focus of the Industry Players

Industry players will continue to focus on developing cost effective smart home devices with value added features and better integration with rest of the connected devices. Recently, in August 2019, Sony Corporation announced the launch of its ‘SRS-XB402M’, a new wireless speaker with Alexa support, in order to tap into the smart home devices market.

Trend#4: Internet of Things (IOT) Policy Frameworks to Boost the Adoption of Smart Home Devices Worldwide

Government of various countries has played a decisive role in boosting IoT infrastructure. IoT has become a core aspect to the urbanization and improving the quality of lifestyle. Strategic IoT policy support from the government has accelerated the adoption rate of connected device. For instance, Government of South Korea announced to invest US$ 5 billion in internet of things till 2020. In 2015, United States announced a grant of US$ 160 million for the creation of software and IoT applications towards smart cities project. In addition, United Arab Emirates started smart cities initiatives in 2013. Large number of such initiatives will propel the overall ecosystem of connected device industry including smart home devices market.

Key Players covered in the report are:

Electrolux AB (Frigidaire)

Carrier Corporation

LG Electronics Inc.

The Whirlpool Corporation

Dyson Ltd

Xiaomi Corporation

Google LLC (Nest)

Honeywell International Inc.

Bose Corporation

Denon

Sonos

NETGEAR Inc.

D-Link Corporation

Ring Inc.

Samsung Electronics Co., Ltd.

Ecobee

Koninklijke Philips N.V.

LIFX

TP-Link Technologies Co., Ltd.

Belkin International, Inc.

Browse Reports of Similar Interests:

Smart TV Market Report: https://bekryl.com/industry-trends/smart-tv-market-size-analysis

Predictive Maintenance Market Report: https://bekryl.com/industry-trends/predictive-maintenance-market-share-analysis

Enterprise Asset Management Market Report, 2019: https://bekryl.com/industry-trends/predictive-maintenance-market-share-analysis

 

About Bekryl:

Bekryl Market Analysts is global market research and consulting service firm that helps industry stakeholders to take smarter decisions and achieve remarkable growth in today’s disruptive business environment. We bring together data, leader’s opinion and analytical service to help client define their growth strategy ranging from mergers and acquisitions based strategic decisions to finding market opportunity in business verticals namely chemicals, food & beverages, automotive, smart technologies, electronics and industrial production.

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Website: https://bekryl.com/press-release/global-smart-home-devices-market