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Smart Home Healthcare Solutions Is a Key Factor Driving the Growth of Global Smart Homes Market
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As per the findings of the research, home entertainment system segment has been the largest revenue generator among the various product segments in the smart homes industry. Smart home healthcare segment is expected to witness the fastest growth during the forecast period. Among various technologies, Wi-Fi technology was the most widely adopted technology and was the largest contributor to the smart homes market whereas, RFID segment is expected to witness the fastest growing technology during the forecast period. In the security access and control segment, audio-video surveillance was the most revenue generating product, while products supporting fingerprint recognition are expected to witness the fastest growth in demand, during the forecast period.
The smart homes market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. The anticipated high growth in Asia-Pacific can be attributed to factors such as advancement in home automation technologies, rapid growth in industry digitalization, new technological developments in telecom industry, along with setting up of advanced hardware and software manufacturing units, and increasing adoption of data analytics across industries in the region. The telecom industry in Asia-Pacific has grown by leaps and bound, with rapid increase in the number of internet subscribers. This has directly led to increase in the adoption of smart devices at a rapid pace, and is further helping the smart homes industry in escalating the use of smart phones and tablets for controlling different home equipment. Further, due to growing concerns related to energy usage and the increasing shortage of natural resources, the region has a high potential to adopt smart home solutions that conserve energy in near future.
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Some of the key players operating in the smart homes market are Honeywell International Inc., Siemens AG, Schneider Electric SE, ABB Limited, Johnson Controls Inc., Samsung Electronics Co. Ltd., United Technology Corporation, and Cisco Systems Inc.
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