Technology Trends and Opportunities in the Global Smart Home Market

October 01 12:58 2019
Trends, opportunities and forecast in smart homes technology market to 2024 by technology type (Wired, Wireless), by applications (Material Processing, Instrumentation & Measurement, and Others), and by region (North America, Europe, Asia Pacific, and the Rest of the World)

The smart home market has undergone significant change in recent years, with smart home technology evolving from low data rate and low frequency to high data rate and high frequency data transmission. The rising wave of wired and wireless communication technology is creating huge potential for new smart home applications and driving market demand for smart home systems/devices.

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In smart home market, various wired and wireless communication technologies such as BACnet, lonworks, DALI, modbus, KNX, Zigbee, Wi-Fi, Bluetooth, EnOcean, and Z-wave are used to control smart home systems to provide homeowners security, comfort, convenience, and energy efficiency. Increasing awareness towards energy efficiency, increasing consumer need for simplicity and personalized experience, the growing adoption of cloud-based technologies, falling sensor costs, and edge computing are creating new opportunities for various smart home technologies.

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Lucintel, a leading global management consulting and market research firm with over 1,000 clients worldwide, has analyzed the technologies used in smart home market and has now published a comprehensive research report entitled “Technology Trends and Opportunities in the Smart Home Market 2019-2024”. This report analyzes technology maturity, degree of disruption, competitive intensity, market potential and other parameters of various technologies in smart home market.

Lucintel study finds that the total market size of wired and wireless communication technologies in smart home market is $68.2 Bil in 2018 and is forecast to grow at 9% during next five years. Wireless technology is largest segment of the smart home market and is growing at above average growth. Zigbee, Z-wave, Bluetooth, and EnOcean technologies consume low power which significantly increases the battery life. In terms of data transfer and bandwidth, Wi-Fi is much faster than other technologies.

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Emerging technology trends, which have a direct impact on the dynamics of the industry, include development of voice assistant technology for high-end automated household appliances, emergence of air quality sensor devices that measure volatile organic compounds (VOCs), and growing adoption of video enabled drones. ADT, Honeywell, Johnson & Johnson, Control4, United Technologies, Siemens, Philips, Acuity Brands, and Vivint are among the major technology providers in the smart home market.

The Lucintel report serves as a catalyst for growth as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and  forecasts for the smart home technology by application, technology, and region as follows:

By Technology Type [$M shipment analysis from 2013 to 2024]:

  • Wired

–     BACnet

–     Lonworks

–     DALI

–     Modbus

–     KNX

–     Others

  • Wireless

–     Zigbee

–     Wi-Fi

–     Bluetooth

–     EnOcean

–     Z-Wave

–     Others

By Application [$M shipment analysis from 2013 to 2024]:

  • Safety and Security
  • Wired (BACnet, lonworks, DALI, modbus, KNX)
  • Wireless (Zigbee, Wi-Fi, Bluetooth, EnOcean, and Z-wave)
    • Home Appliance
    • Wired (BACnet, lonworks, DALI, modbus, KNX)
    • Wireless (Zigbee, Wi-Fi, Bluetooth, EnOcean, and Z-wave)
      • Entertainment
      • Wired (BACnet, lonworks, DALI, modbus, KNX)
      • Wireless (Zigbee, Wi-Fi, Bluetooth, EnOcean, and Z-wave)
        • Lighting
        • Wired (BACnet, lonworks, DALI, modbus, KNX)
        • Wireless (Zigbee, Wi-Fi, Bluetooth, EnOcean, and Z-wave)
          • HVAC
          • Wired (BACnet, lonworks, DALI, modbus, KNX)
          • Wireless (Zigbee, Wi-Fi, Bluetooth, EnOcean, and Z-wave)
            • Home Healthcare
            • Wired (BACnet, lonworks, DALI, modbus, KNX)
            • Wireless (Zigbee, Wi-Fi, Bluetooth, EnOcean, and Z-wave)
              • Smart Kitchen
              • Wired (BACnet, lonworks, DALI, modbus, KNX)
              • Wireless (Zigbee, Wi-Fi, Bluetooth, EnOcean, and Z-wave)
                • Others

By Region [$M shipment analysis for 2013 – 2024]:

  • North America

–     United States

–     Canada

–     Mexico

  • Europe

–     United Kingdom

–     Germany

–     France

  • Asia Pacific

–     Japan

–     China

–     South Korea

–     India

  • The Rest of the World

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About Lucintel

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

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