Future of Smart and Connected Homes, Forecast to 2025

Future of Smart and Connected Homes, Forecast to 2025

Partnerships Between Smart-home Product Providers and Utility, Telecom, Insurance, and Online Retail Companies are Crucial for Mass Market Adoption

RELEASE DATE
26-Sep-2019
REGION
North America
Research Code: 9AAF-00-5B-00-00
SKU: CI00650-NA-MR_23641

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Description

The smart and connected homes market is an evolving and dynamic sector that is poised for solid growth in the next 7 years. The market is mainly driven by demand for enhanced safety and personal comfort, increased energy and cost savings, growing acceptance of new products, improved adoption of high-speed Internet connectivity in developing countries, new business models, and enhanced competition from different market participants.

The total smart and connected homes market is estimated to reach $262.63 billion growing at a compound annual growth rate (CAGR) of 7.5% till 2025. The CAGR would be in double digits if smart TVs were not considered in the total market revenue; however, we have chosen to include it in the scope of this research study, as it is an integral part of the smart home ecosystem.

The home entertainment segment contributed 82.7% of the total market revenue and will continue to remain the highest contributor in the forecast period as well. Home energy management systems (HEMS) segment is expected to witness accelerated growth with a CAGR of 21.0% till 2025.

Research Scope

The scope of the study includes five key segments: home energy management, home automation, home safety and security, home entertainment, and health and wellness. Frost & Sullivan approaches each smart home segment as a separate market and has identified unique product-level architecture for easy identification for products and has provided an analysis of the same. 

Home Energy Management Systems (HEMS):
This system is a technology platform that monitors, manages, and controls home functions, such as HVAC, lighting, solar PV, and other appliances in a residential building. The scope of the study covers both hardware and software. Hardware includes ‘hub’ devices, smart plugs, smart thermostats, smart clamps, and in-home displays (IHDs), which are interconnected in a wireless mesh network called the Home Area Network (HAN).

Home Automation and Control:
A home automation system is a centralized system that controls and automates at least two home functions from remote locations, thereby providing an assisted and connected living environment to end-users. 
The study includes both simple and advanced automation products. Simple home automation products include Sensors and controllers such as occupancy sensors, light sensors, daylight dimming sensors, CO2 sensor, air quality sensor, humidity sensor, lighting and HVAC controllers, home gateways, smart AC vents, smart kitchen appliances and management software and mobile applications. 
Advanced automation products include smart windows, automated window blinds, shutters, garage doors, roof windows, and shutter controllers.

Home Safety and Security:
Home safety and security products include smart IP cameras (such as Nest Cam and Ring device) alarm systems, smart locks, motion sensors, flood sensors, door/window sensors, and smoke sensors.

Home Entertainment:
A home entertainment system is a multi-room system that controls and automates home entertainment devices and provides high-quality audio/video experience for end-users. Home entertainment is a combination of both hardware and software products. Home entertainment products include smart TVs, smart speakers, connected audio systems, and digital media streamers.

Health and Wellness:
Health and wellness is also known as technology-enabled care (TEC) that involves mobile health, digital health, and telehealth. Health and wellness is a combination of hardware and software as shown in the chart.
Health and wellness products include wearable devices that track vitals, sleep, and physical activities; and remote health monitors. Software and services include health and fitness management applications, telehealth and mHealth, health education, health engagement, and virtual care.

The geographic scope of the study includes North America, Europe, and the Commonwealth of Independent States (CIS), Asia-Pacific, the Middle East and Africa, and Latin America. 

Frost & Sullivan has estimated the penetration of smart homes in different countries across the globe and analyzed the same.

Author: Anirudh Bhaskaran


Table of Contents

Key Findings

Key Findings—Market Opportunities

Key Findings—Market Trends in Developed Economies

Key Findings—Market Trends in Emerging Economies

Key Market Developments

CEO’s 360 Degree Perspective

Associated Research and Multimedia on Smart and Connected Homes

Market Definition

Market Definition (continued)

Market Definition—Home Energy Management

Market Definition—Home Automation and Safety and Security

Market Definition—Home Entertainment

Market Definition—Health and Wellness

Homes Evolving Beyond Smart Homes

Homes Evolving Beyond Smart Homes (continued)

Smart Home Layout

Smart Home Technology Stack

Smart Home Technology Stack (continued)

Research Methodology

Market Segmentation by Smart Home Segments

Key Questions this Study will Answer

Key Market Drivers

Drivers Explained

Drivers Explained (continued)

Drivers Explained (continued)

Key Market Restraints

Restraints Explained

Restraints Explained (continued)

Revenue Forecast

Connected Devices Volume Forecast

Percent Revenue Forecast by Segment

Revenue Forecast Discussion

Revenue Forecast by Construction Type

Revenue Forecast by Construction Type Discussion

Global Smart and Connected Homes Penetration

Global Smart and Connected Homes Penetration (continued)

Global Smart and Connected Homes Penetration (continued)

Global Smart and Connected Homes Penetration (continued)

Smart Home Device Ownership in Developed Countries by 2025

Revenue Forecast

Technology Trends

Revenue Forecast

Technology Trends

Revenue Forecast

Technology Trends

Revenue Forecast

Technology Trends

Revenue Forecast

Technology Trends

Percent Revenue Forecast by Region

Revenue Forecast by Region

Revenue Forecast by Region Discussion

Percent Revenue Breakdown by Key Countries

Key Findings—United States

Key Findings—United Kingdom

Key Findings—Germany

Key Findings—France

Key Findings—Nordics

Key Findings—Benelux

Key Findings—India

Key Findings—UAE

Key Findings—China

Key Findings—Brazil

Ranking of Success Factors for Adoption of Smart Home Devices

Perceived Benefits of Smart Home Device Purchases Among Non-users

Priority of Home Owners to Buy Smart Home Devices in the Next 5 Years

Smart Home Appeal by Countries

Smart Home Appeal by Segments

Channel of Purchase of Smart Home Devices

Willingness to Pay for Smart Home Devices

Ranking of Barriers to Adoption of Smart Home Devices

Growth Opportunity 1—IoT-enabled Products

Growth Opportunity 2—Data Analytics and Cloud Computing

Growth Opportunity 3—Products with Functionality Integration

Growth Opportunity 4—Strategic Partnerships

Strategic Imperatives for Success and Growth

3 Big Predictions

Legal Disclaimer

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Abbreviations and Acronyms

The Frost & Sullivan Story

Value Proposition—Future of Your Company & Career

Global Perspective

Industry Convergence

360º Research Perspective

Implementation Excellence

Our Blue Ocean Strategy

Related Research
The smart and connected homes market is an evolving and dynamic sector that is poised for solid growth in the next 7 years. The market is mainly driven by demand for enhanced safety and personal comfort, increased energy and cost savings, growing acceptance of new products, improved adoption of high-speed Internet connectivity in developing countries, new business models, and enhanced competition from different market participants. The total smart and connected homes market is estimated to reach $262.63 billion growing at a compound annual growth rate (CAGR) of 7.5Percentage till 2025. The CAGR would be in double digits if smart TVs were not considered in the total market revenue; however, we have chosen to include it in the scope of this research study, as it is an integral part of the smart home ecosystem. The home entertainment segment contributed 82.7Percentage of the total market revenue and will continue to remain the highest contributor in the forecast period as well. Home energy management systems (HEMS) segment is expected to witness accelerated growth with a CAGR of 21.0Percentage till 2025.--BEGIN PROMO--

Research Scope

The scope of the study includes five key segments: home energy management, home automation, home safety and security, home entertainment, and health and wellness. Frost & Sullivan approaches each smart home segment as a separate market and has identified unique product-level architecture for easy identification for products and has provided an analysis of the same. 

Home Energy Management Systems (HEMS):
This system is a technology platform that monitors, manages, and controls home functions, such as HVAC, lighting, solar PV, and other appliances in a residential building. The scope of the study covers both hardware and software. Hardware includes ‘hub’ devices, smart plugs, smart thermostats, smart clamps, and in-home displays (IHDs), which are interconnected in a wireless mesh network called the Home Area Network (HAN).

Home Automation and Control:
A home automation system is a centralized system that controls and automates at least two home functions from remote locations, thereby providing an assisted and connected living environment to end-users. 
The study includes both simple and advanced automation products. Simple home automation products include Sensors and controllers such as occupancy sensors, light sensors, daylight dimming sensors, CO2 sensor, air quality sensor, humidity sensor, lighting and HVAC controllers, home gateways, smart AC vents, smart kitchen appliances and management software and mobile applications. 
Advanced automation products include smart windows, automated window blinds, shutters, garage doors, roof windows, and shutter controllers.

Home Safety and Security:
Home safety and security products include smart IP cameras (such as Nest Cam and Ring device) alarm systems, smart locks, motion sensors, flood sensors, door/window sensors, and smoke sensors.

Home Entertainment:
A home entertainment system is a multi-room system that controls and automates home entertainment devices and provides high-quality audio/video experience for end-users. Home entertainment is a combination of both hardware and software products. Home entertainment products include smart TVs, smart speakers, connected audio systems, and digital media streamers.

Health and Wellness:
Health and wellness is also known as technology-enabled care (TEC) that involves mobile health, digital health, and telehealth. Health and wellness is a combination of hardware and software as shown in the chart.
Health and wellness products include wearable devices that track vitals, sleep, and physical activities; and remote health monitors. Software and services include health and fitness management applications, telehealth and mHealth, health education, health engagement, and virtual care.

The geographic scope of the study includes North America, Europe, and the Commonwealth of Independent States (CIS), Asia-Pacific, the Middle East and Africa, and Latin America. 

Frost & Sullivan has estimated the penetration of smart homes in different countries across the globe and analyzed the same.

Author: Anirudh Bhaskaran

More Information
No Index No
Podcast No
Author Anirudh Bhaskaran
Industries Cross Industries
WIP Number 9AAF-00-5B-00-00
Is Prebook No
GPS Codes 9835-A4,9343-A4,9B07-C1,GETE