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Albany, New York, Aug. 13, 2019 (GLOBE NEWSWIRE) -- The wave of technological advancements have improved the way of living and helped in developing numerous advanced devices. Numerous online platforms and services are also developed due to smart technologies. One such technology is smart home as a service, and its demand is growing significantly across the globe. The growing trend of smart homes and increasing use of technological devices are driving demand for smart home as a service market.
Smart home services providers are also taking the initiative to provide better and advanced services to their customers and enhance their experience. Though smart home as a service is considered as an emerging market, its growing demand and constant efforts made by customers are expected to make this market growth very efficiently. Services providers might face challenges from new entrants due to the fast multiplying IoT services and incremental ARPU. Currently, the global smart home as a service market seems fragmented and noteworthy players are making continuous efforts to strengthen their position. The ADT Corporation, Charter Communications (TWC), Vivint, Inc., AT&T Inc., CenturyLink, Inc., Comcast Corporation, and Frontpoint Security Solutions are some of the leading players in this market.
In terms of revenue generation, the global smart home as a service market is projected to nearly US$ 10.9 Bn by the end of 2025. The market is likely to witness a hike of ~ US$ 8.5 Bn from that earned in 2016. Over the forecast period from 2017 and 2025, the market is expected to rise at staggering CAGR of 18.1%.
Wireless and 5G Technology Augmenting Market Growth
Globally, the demand for integrated solutions is higher as compared to other solutions, provided by smart home service providers. Tech-savvy people making their move towards smart home wish to deploy smart integrated solutions in their homes. This solution will help in managing different electron devices as per the convenience of the user. It will help in managing devices from distant areas that will in return save time and electricity at a lesser cost. As and when more people are getting to know and are shifting towards smart homes they are preferring for integrated solutions. These factors make the integrated segment dominate the market and further drive the demand in the global smart home as a service market.
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Moreover, increasing use of 5G and wireless technology, and the growing application of IoT are also supporting the growth of integrated smart home solutions. Devices like Amazon Alexa, Google Assistance, Samsung SmartThings Hub, and Wink Hub 2 are some of the few examples providing integrated smart home solutions. Though these products are in their early stage of development, they will be evolving in the near future and provide improved services.
Wide Adoption of Advanced Technologies to Spur Demand for Smarty Home as a Service
In regards to regional growth, North America seems to dominate the global smart home as a service market. Growing demand for advanced technologies including smart homes, electronic devices, and increasing integration of IoT devices in North America has resulted in making the region a leading market for the growth of smart home as a service. Presence of leading companies in the region land their growing initiative to introduce new and different products is also making this region a lucrative market.
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Asia Pacific is also expected to offer high growth opportunities for smart home as a service, due to technological advancements taking place in developing countries. Growing construction of new residential projects in China, Japan, South Korea, and other emerging countries are widely adopting smart home services, which is expected to further expand the growth in the global smart home as a service market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Smart Home as a Service Market (Service - Managed and Integrated; Solution - Security and Access, Lighting and Window, Audio-Visual and Entertainment, Energy Management and Climate, and Integrated) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025”.
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The global smart home as a service market can be segmented as follows:
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