Press release
Smart Home Platforms Market Size, Industry Share & Trends - 2032
The market for smart home platforms is expected to reach US$ 23.88 billion by 2022 from an anticipated US$ 20.5 billion in 2021. By 2032, the market is projected to generate US$ 110 billion, with a CAGR of 16.5% over the five-year forecast period of 2022-2032. The market's growth can be ascribed to the rising smartphone adoption rate, internet penetration, and living standards in various developing nations.Additionally, the widespread use of technologies like artificial intelligence and the internet of things (IoT) in homes to give improved security and control of every household device at the touch of a button is contributing significantly to increased sales. Get Sample Copy of Smart Home Platforms Market @ https://www.futuremarketinsights.com/reports/sample/rep-gb-14982
On the contrary, owing to the high cost of installation and the privacy concern linked with the smart appliances have certainly impacted the utility of smart home platforms in several parts of the globe. Although, key players are developing state-of-the-art technologies to make these systems secure and unhackable.
Key Takeaways from the Market Study
Smart home platforms for security and surveillance capture the largest share of 53.3%, growing at a CAGR of 16.7%
IoT platforms for smart appliances to account for 65% revenue across the forecast period
North America market is expected to secure US$ 24 Billion while expanding at a CAGR of 16.5%
Asia Pacific to record a CAGR of 15.2% during the forecast period
Global smart home platforms market to flourish 4.6x from 2022 to 2032
"Mushrooming demand for efficient household security systems and the convenience of all smart appliances at the remote has boosted the adoption of smart home platforms like Alexa across the globe," remarks an FMI analyst.
Competitive Landscape
Key players in the global Smart Home Platforms market include Apple Inc., Google LLC, Cisco Systems, Inc., Resideo Technologies, Inc., Amazon.com, Inc., LG Electronics, Samsung Electronics Co. Ltd., Siemens AG, Robert Bosch Smart Home GmbH, General Electric Company. Some of the recent key developments among the players are:
In June 2022, Samsung Electronics announced the global launch of SmartThings Home Life, offering consumers worldwide a more holistic smart home experience. Samsung's SmartThings Home Life, introduced at this year's Bespoke Home 2022, is launched in 97 countries.
In January 2020, Apple, Google, Amazon, and the Zigbee Alliance have all teamed up to make a new smart home standard. The new working group went under the name of "project Connected Home over IP".
In February 2020, Cisco has announced its acquisition of Exablaze*, a privately held, Australia-based designer and manufacturer of advanced network devices.
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More Valuable Insights Available
FMI, in its new offering, presents an unbiased analysis of the global Smart Home Platforms market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by Type (IoT Platform for Control & Connectivity Devices, IoT Platform for Security & Surveillance Systems and IoT Platform for Smart Appliances) & Region (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Key Segments Covered In The Smart Home Platforms Industry Survey
Smart Home Platforms Market by Type:
IoT Platform for Control & Connectivity Devices
IoT Platform for Security & Surveillance Systems
IoT Platform for Smart Appliances
Smart Home Platforms Market by Region:
North America Smart Home Platforms Market
Latin America Smart Home Platforms Market
Europe Smart Home Platforms Market
Asia Pacific Smart Home Platforms Market
The Middle East & Africa Smart Home Platforms Market
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients
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