Global Smart Home Services Market Size, Share & Industry Trends Analysis Report By Type (IoT Services for Smart Appliances, IoT Services for Control & Connectivity Devices and IoT Services for Security & Surveillance Equipment), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Smart Home Services Market
Market Report Description
The Global Smart Home Services Market size is expected to reach $10.9 billion by 2028, rising at a market growth of 10.2% CAGR during the forecast period.
Smart home services utilize the Internet of Things (IoT) to connect a variety of intelligent devices and combine the necessary data to process and apply novel preferences. With the aid of digitalization, high-end modernization techniques may be used to address every facet of an ideal house. Interoperable features and well-connected intercommunication equipment improve user experiences as a result of digitalization. Smart house or Home Automation is one such marvel that has eased the lives of humans more than ever before. Smart home technology improves the levels of security, and efficiency by lowering energy consumption expenses.
To grow their crowded company environments, mobile carriers and cable TV business suppliers seek to build new business profit models. As mobile telecommunications markets have shifted from voice communication and text messaging services to utilizing mobile data and accessing media content, the majority of market participants have worked to build solutions for a variety of media content accessible via mobile devices. In addition, because the traditional markets of TV business suppliers also reach the plateau of the profit designs of the markets that focus on Internet, cable TV, wireless and wired telephone services and their supplementary products, suppliers have attempted to develop strategies for retaining their customers and creating new profit models to expand their markets.
The market for smart home services is seen as one of the most promising. The demand for smart home services and home security devices has expanded significantly because of the increasingly dispersing infrastructure of mobile network settings. Compared to mobile telecommunications, the Internet and cable TV services in South Korea are believed to have achieved saturation, and the diffusion rate of smart home services is significantly lower than that of other services.
COVID-19 Impact Analysis
COVID-19 has prompted individuals, organizations, and governments to alter their policies, priorities, and activities. These occurrences catalyze technical progress and creativity. However, the home automation industry has risen quickly in recent years, a trend fostered in part by COVID-19 and the fact that individuals have been compelled to spend more time at home because of lockdown limitations. These factors have created a wide market for home goods and smart home technologies and are anticipated to fuel market expansion.
Market Driving Factors
Increasing population anxiety about safety, security, and convenience
In addition to fundamental duties such as shutting the curtains, smart houses are also capable of doing complex jobs such as immediately lighting evacuation routes in the case of a fire alert. Several domestic products, including security cameras, utility meters, and thermostats, are now equipped with connection as a luxury feature. In the following years, the connection trend is expected to extend to the point where it almost pervades every device and piece of equipment in a home. Smart homes are using home automation and control systems to raise the degree of security as a result of their capacity to assure high efficiency and sophistication which increases the adoption of the smart home services market.
Incorporated data-connectivity technologies into lighting controls
Over the past many years, the market for lighting controls has expanded significantly. This market contains a vast array of devices, including dimmers, timers, motion detectors, daylight sensors, and relays. These items can be used alone or in an integrated fashion. Through wired and wireless technology, they are compatible with home automation systems. Lighting controllers must be externally integrated with communication protocols to enable automated operation. Nevertheless, lighting control makers increasingly produce solutions with built-in data communication. It is therefore an ideal time to develop the Internet of Lights, i.e., a sophisticated lighting system with IoT at its core which surge the growth of the smart home services market.
Market Restraining Factors
Concerns around security and privacy violations
A smart house helps collect data on energy consumption and bills, purchases, movements, and music preferences, among others, so that its systems may be tailored to the resident's lifestyle. Smart home devices may be susceptible to simple hacking techniques. Since data about personal information, protection from harm, medical care, and houses are digitally kept on the cloud, the likelihood of cybercriminals misusing this data is great. A compromised monitor might enable access to further personal data and information, which could then be utilized to victimize a user or homeowner. For instance, an attacker who compromises a thermostat might conceivably get access to a whole network and remotely open a door or change the PIN for a keypad to limit admission which hampers growth of the smart home services market.
Based on the Type, the Smart Home Services Market is segmented into IoT Services for Control & Connectivity Devices, IoT Services for Security & Surveillance Equipment, and IoT Services for Smart Appliances. The IoT services for security & surveillance equipment segment witnessed a significant revenue share in the smart home services market in 2021. After setup and installation, IoT services for security and surveillance systems require continual maintenance to function properly. Modern security and surveillance equipment need periodic software upgrades to ensure optimal performance. The maintenance consists of security patches, tamper detection, firmware upgrades, and camera downtime warnings that must be addressed every few months.
|Market size value in 2021||USD 5.6 Billion|
|Market size forecast in 2028||USD 10.9 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 10.2% from 2022 to 2028|
|Number of Pages||138|
|Number of Tables||174|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Service Type, Deployment, Enterprise Size, End-use, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the Smart Home Services Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region garnered a promising growth rate in the smart home services market in 2021. The increasing demand for connected home services in this region contributes to the expansion of the business. In addition, the need for developing technologies, the desire to upgrade lifestyles, and the popularity of voice technology in emerging economies such as China, India, and Japan are expected to accelerate the development of smart home services.
Free Valuable Insights: Global Smart Home Services Market size to reach USD 10.9 Billion by 2028
KBV Cardinal Matrix - Smart Home Services Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Comcast Corporation is the forerunners in the Smart Home Services Market. Companies such as Johnson Controls International PLC, Lumen Technologies, Inc. and Charter Communications, Inc. are some of the key innovators in Smart Home Services Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, Lumen Technologies, Inc., Comcast Corporation, Charter Communications, Inc., Telus International (Telus Communications Inc.), Vivint Smart Home, Inc., ADT, Inc. (Apollo Global Management, Inc.), Trane Technologies PLC, Rexel Group, and Calix, Inc.
Strategies deployed in Smart Home Services Market
» Partnerships, Collaborations and Agreements:
- Mar-2022: Calix formed a partnership with Arlo, America's #1 internet-connected camera brand. This partnership aimed to offer emergency response, unlimited plans, and availability in Canada and announced plans to enable even the slightest BSP to expand with an end-to-end home and small business security solution
- Jan-2022: Comcast formed a partnership with Nokia, a communications and information technology company. Together, the companies aimed to extend their business connectivity offering to produce 5G private wireless networks utilizing Nokia DAC industrial-grade private wireless solution and digitalization support platform. Moreover, The non-exclusive partnership makes other wireless strategic innovations to propel Comcast Business’s vision to help to arise connected ecosystems by providing related solutions at scale.
- Aug-2021: TELUS formed a partnership with Hilo, a Hydro-Québec subsidiary. Under this partnership, TELUS’ home automation and security technologies with Hilo's smart home solutions support Quebecers seamlessly controlling their security and electricity, while decreasing their bills and ecological footprint.
- Jul-2021: Vivint Smart Home came into a partnership with Freedom Forever, one of the country’s quickest developing residential solar system installers. This partnership would allow homeowners to get a step nearer to living in a smart home that develops as much energy as it utilizes.
- Feb-2021: Lumen Technologies formed a partnership with VMware, a virtualization and cloud computing software supplier. With this partnership, the companies aimed to integrate abilities that would allow consumers to provide future-forward experiences for any application, to any device, from the global cloud center to the distributed network edge. Moreover, this partnership would fast-track the development, design, and delivery of edge computing and safer, work-from-anywhere solutions.
- Feb-2021: ADT came into a partnership with DISH Network Corporation, an American television provider. Through this partnership, DISH would start marketing, sales, and installation services for ADT smart home security products. Moreover, DISH particularly advances ADT’s reach to obtain more creative smart home security solutions for millions of current and conceivable subscribers.
- Aug-2020: ADT partnered with Google, an American multinational technology company. This partnership would integrate Nest’s award-winning hardware and services, driven by Google’s machine learning technology, with ADT’s service, installation, and professional monitoring network to produce a more useful smart home and integrated experience for consumers within the United States.
» Product Launches and Product Expansions:
- Aug-2022: Calix introduced Servify Care, the first complete device protection program. Servify Care is accessible through broadband service providers, to protect computers and accessories, personal devices, home entertainment, and smart home devices allowing service suppliers of all sizes to easily establish another brand-differentiating operated service for the Revenue EDGE platform.
- May-2022: Vivint Smart Home introduced an offering of new products that would further improve the organization’s unique smart home experience. The portfolio includes an all-new Doorbell Camera Pro, Spotlight Pro, Outdoor Camera Pro, and Indoor Camera Pro. Moreover, each new product intuitively ties into Vivint’s unique smart home solution, joined by the business’s proprietary AI platform and rich, first-party data repository.
- Dec-2021: Trane Technologies introduced Wellsphere Digital Indoor Environmental Quality Management Solutions. This launch aimed to form a healthier building, the new portfolio brings jointly Trane’s Premier Indoor Air Quality Assessment services, remote monitoring services, and combined controls and sensors to investigate building performance problems.
- Feb-2021: Rexel unveiled a service for gathering up orders from 8 INDIGO parking garages in the Ile-de-France region in France. Rexel procreates creations to deliver more flexibility for order availability. Moreover, the key objective is to save consumers time and permit them to fully concentrate on their projects.
- Jul-2020: Johnson Controls launched OpenBlue, a complete suite of connected services and solutions. The OpenBlue platform integrates Johnson Controls core building systems and is improved by Fortune 100 technology partners, which would make shared areas safer, more elegant, and more endurable.
» Acquisitions and Mergers:
- Aug-2022: Johnson Controls completed the acquisition of Vindex Systems, a UK-based systems integrator providing intelligent business protection solutions. This acquisition would strengthen the business’s “technical expertise, providing system planning, implementation, design, installation, support and maintenance for a scope of complicated security conditions, and further reinforce Johnson Controls’ abilities involving electronic security.
- Jun-2022: ADT took over IOTAS, a technology provider that permits renters to manage lights, locks, thermostats, and other wireless features. The acquisition of IOTAS technology would allow smart home automation features that are expected in single-family houses but often not available to renters.
- Jun-2022: Johnson Controls today acquired zero-trust cybersecurity provider – Tempered Networks, based in Seattle, Washington. Tempered Networks has created 'Airwall' technology, an advanced self-defense system for buildings that enables secure network access across diverse groups of endpoint devices, edge gateways, cloud platforms and service technicians.
- Jan-2022: Johnson Controls acquired FogHorn, the foremost developer of Edge AI software. This acquisition would boost Johnson Controls' innovation and imagination for Smart Autonomous Buildings by seamlessly combining Foghorn's industry-leading Edge AI platform with OpenBlue.
- Nov-2021: Rexel took over Mayer, a major distributor of electrical products and services. This acquisition would permit Rexel to extend its footprint in North America, the largest market in the world for electrical supplies, and an essential pillar of the strategy.
» Geographical Expansions:
- Jul-2022: Rexel expanded its geographical footprint by establishing a new state-of-the-art, multi-million-pound distribution center in the UK. This expansion aimed to support and develops its supply chain abilities
Scope of the Study
Market Segments Covered in the Report:
- IoT Services for Smart Appliances
- IoT Services for Control & Connectivity Devices
- IoT Services for Security & Surveillance Equipment
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Johnson Controls International PLC
- Lumen Technologies, Inc.
- Comcast Corporation
- Charter Communications, Inc.
- Telus International (Telus Communications Inc.)
- Vivint Smart Home, Inc.
- ADT, Inc. (Apollo Global Management, Inc.)
- Trane Technologies PLC
- Rexel Group
- Calix, Inc.
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