Press release
Smart Home and Office Market 2020 by Development Strategy, Size, Share, Trends, Business Strategies, Applications, Demands, Top Companies and Comprehensive Research Study Till 2025
OverviewThe Smart Home and Office Market are expected to reach USD 92.18 Billion by 2025 at a CAGR of 14.01% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentations and drivers to provide a better glimpse of the market in the coming years. The use of technologies such as the Internet of Things and machine learning in smart homes and offices encourages manufacturers to promote automation in the household and commercial sector. Furthermore, the reduction in the price of networking equipment and smart devices has led to a growing number of smart homes and offices globally. Various governments across the world are taking initiatives to replace traditional streetlights with LEDs in order to reduce the energy consumption and costs associated with it.
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Competitive Analysis
The Key Players of Global Smart Home and Office Market are ABB Group (South Korea), Siemens AG (Germany), Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), Lutron Electronics Co., Inc. (US), Eaton Corporation PLC (Ireland), Johnson Controls International PLC (Ireland), United Technologies Corporation (US), Legrand SA (France), Assa Abloy Group (Sweden), Ingersoll-Rand PLC (Ireland), ADT (US), Crestron Electronics, Inc. (US), Gira Giersiepen GmbH & Co. KG (Germany), Hager Group (Germany), MDT Technologies GmbH (Germany), Schneider Electric SE (France), Robert Bosch GmbH (Germany), Honeywell International Inc. (US) among others.
Industry News
In October 2019, Eaton entered into an agreement with Signify NV to sell its lighting business for USD 1.4 billion. In 2018, EATON's lighting business generated USD 1.7 billion in revenue.
In May 2019, Lutron launched QuEst-D, Quick Estimating and Design software, an intuitive, web-based tool. It instantly provides a code-compliant and wireless lighting control solution.
Segmental Analysis
The Global Smart Home and Office Market have been segmented based on Product, Standard, End User, and Region.
Based on the standard, the market has been classified into KNX, Zigbee, Z-Wave, EnOcean, BacNet, DALI, Wi-Fi, Infrared. The Wi-Fi segment accounted for the larger market share in 2018, with the highest market value. it is expected to register the higher CAGR during the forecast period. Zigbee is a significant factor in a smart home. It is an IEEE 802.15.4-based wireless technology developed to enable low-cost and low-power wireless machine-to-machine (M2M) communication. Z-wave is a wireless communication protocol that allows smart devices to connect and exchange control commands with each other. ENOCEAN is an energy harvesting wireless technology used in building automation, smart home, and IoT. BACnet is an open standard that allows building owners the opportunity to pick and choose BACnet-compliant equipment from various vendors. Digital addressable light interface (DALI) is a communication protocol (IEC 62386) for building lighting applications. Wi-Fi connected devices provide various benefits for controlling several home and office appliances through smartphones. Infrared technology holds great potential for enabling people with a variety of disabilities to access a growing list of information resources.
Based on end-user, the market has been classified into the smart homes (renovations, and new construction), smart offices (renovations, and new construction). The smart home segment accounted for the larger market share in 2018, with the highest market value; it is expected to register the higher CAGR during the forecast period. A smart home system offers compatibility with a range of individual devices across several standards, and it may integrate directly with the user's digital voice control assistant, or it can control by clicking a button of the user's smartphone. The smart security devices such as smoke detectors and sensors are used for the employee's safety.
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Regional Analysis
The Global Smart Home and Office Market, by region, has been segmented into Asia-Pacific, North America, Europe, and the rest of the world. North America is expected to dominate the smart home and office market during the forecast period due to the increasing number of government initiatives to support smart lighting systems offices and residencies for accelerating the growth of the market in the region.
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