Global Smart Home Market refers to the collection of techniques, skills, methods, and processes that are used to create, develop, and improve products, services, or systems to solve problems and meet human needs. It involves the application of scientific and engineering principles to design, develop, and produce tools, machines, devices, and systems that improve efficiency, convenience, safety, and quality of life.
The global smart home market size stood at USD 86.48 Billion in 2020 and is projected to reach USD 380.52 Billion by 2028, exhibiting a CAGR of 21.1% in the forecast period.
- Communication: You can use technology to stay in touch with family and friends through messaging apps, social media platforms, and video conferencing tools.
- Time management: Use apps and tools to help you manage your schedule, plan your tasks, and set reminders to ensure you stay on track.
- Health and fitness: There are many health and fitness apps that can help you track your exercise routine, monitor your diet, and even monitor your sleep.
- Entertainment: You can use technology to stream movies, TV shows, and music, and to play video games.
- Education: You can take online courses or use educational apps to learn new skills, and languages, or to brush up on your knowledge.
- Transportation: You can use ride-sharing apps to get around, and navigation apps to help you find your way.
- Home automation: You can use smart home technology to control your lighting, temperature, and even your home security system.
- ABB Ltd.
- Assa Abloy
- Centrica Connected Home Limited
- Control4 Corporation
- Crestron Electronics
- Emerson Electric Co.
- General Electric Company
- Honeywell International
- Johnson Controls, Inc.
- Samsung Group
- Schneider Electric SE
- Sony Corporation
- Other key market players
Digital transformation: The ongoing shift towards digitalization across all industries is expected to continue to drive growth in the technology market. Companies are investing in technology solutions to improve their efficiency, reduce costs, and stay competitive.
Artificial Intelligence (AI): The adoption of AI and machine learning technologies is expected to continue to grow as businesses look for ways to automate tasks, improve decision-making, and gain insights from data.
Internet of Things (IoT): The adoption of IoT devices is expected to continue to increase as consumers and businesses look for ways to make their homes, offices, and factories smarter and more efficient.
5G networks: The rollout of 5G networks is expected to provide faster and more reliable connectivity, which will enable new applications and services that require low latency and high bandwidth.
Cloud computing: The adoption of cloud computing is expected to continue to grow as more companies move their operations to the cloud to reduce costs, improve scalability, and enhance security.
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