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Smart Home and Office Market Challenges, Drivers and Restraint Research Report by 2027
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As per Market Research Future (MRFR), the global smart home and office market was valued at USD 37.11 billion in 2018 and is expected to reach USD 92.18 billion by 2025 with a CAGR of 14.01% from 2018 to 2025 (forecast period). The report offers a holistic and reliable analysis of the effect of the COVID-19 pandemic on the global smart home and office market.
Smart homes are fitted with Internet-connected devices to control, automate, and optimize functions like temperature, lighting, entertainment, and security. These devices can be remotely controlled, monitored, and accessed through a phone, a computer, a tablet, or a separate system. The smart office is a workplace that leverages technology to automate routine tasks and helps to optimize work. It uses advanced automated systems for a range of purposes, such as lighting, temperature control, hot desk, smart room booking, indoor navigation, security, and access control systems.
The growing need for energy-efficient buildings, growing concerns about safety, security and public convenience, and increasing ownership of internet-enabled smart devices are anticipated to push the smart home and office market during the forecast period. Nevertheless, high switching and installation costs and risks of data breaches and device malfunctioning are expected to limit the market development over the forecast period. Furthermore, integration with 5G technology and favorable government regulations on green building initiatives are expected to serve as opportunities for the global smart home and office industry during the forecast period.
By region, the global smart home and office market has been segmented into Asia Pacific, North America, Europe, and the rest of the world.
North America had the highest market value of USD 12,702.8 million in 2018; the market is likely to reflect a CAGR of 11.5% over the forecast period. North America is set to lead the smart home and office market during the forecast period due to a growing number of government initiatives to help smart lighting systems offices and residences to accelerate market growth in the region.
Top Key Players
Notable players in the global smart home and office market are ABB Group(South Korea), Siemens AG(Germany), Sony Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Lutron Electronics Co., Inc. (US), Eaton Corporation PLC (Ireland), United Technologies Corporation (US), Johnson Controls International PLC (Ireland), Legrand SA (France), Assa Abloy Group (Sweden), MDT Technologies GmbH (Germany), Gira Giersiepen GmbH & Co. KG (Germany), Ingersoll-Rand PLC (Ireland), ADT (US), Crestron Electronics, Inc. (US), Hager Group (Germany), Schneider Electric SE (France), Honeywell International Inc. (US), and Robert Bosch GmbH (Germany) among others.
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