Press release
Smart Home as a Service Market - Demand for Better Security to Boost Deployment of Smart Home Solutions
The market players are reeling under the threat of new entrants. As an outcome of the fast proliferating IoT services and incremental ARPU, the market is gaining significant traction from new players. Besides this, considerable investment in CAPEX and IT infrastructure has raised barriers to the entry of new players. The forthcoming years will therefore make competition fiercer in the global smart home as a service market.
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TMR has projected the global smart home as a service market to grow at an exponential CAGR of 18.1% between 2017 and 2025. At this, the market will reach a valuation of US$10.9 bn by the end of 2025, from US$2.46 bn in 2016. Based on service, the global smart home as a service market can be bifurcated into managed services and integrated services. Of these, the integrated services segment emerged dominant with an estimated share of 63.6% in 2017. Regionally, North America led the overall market. Its share by the end of 2017 is forecast to reach 45.1%.
Demand for Better Security to Boost Deployment of Smart Home Solutions
As the household sector look for advanced technologies of ensuring better security, it is expected to bolster opportunities for the market. The recent technologies have provided smart home as a service with additional features such as live video surveillance, instant updates, and intrusion alert, which were not present in its traditional counterpart. This driver is forecast to give market considerable boost in the coming years.
In addition, the increasing demand for entertainment content will create lucrative market opportunities. Smart homes enable users to control their entertainment device and other household appliances remotely. This not only offers convenience but increases the overall entertainment quotient. Spurred by this, the demand for smart home as a service is expected to rise further in the coming years.
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Persistent Privacy Concerns Could Limit Growth
On the downside, the increased cost of smart home products is a major restraint for the market players. Moreover, the cost of upgrading these technologies is high as well, which is inhibiting the market’s trajectory especially across emerging nations. Also, privacy concerns and possibility of misusing the technology are not completely dealt away with. These concerns make users skeptical about installing smart home solutions, thereby negatively impacting the overall market.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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