Smart Home - A Global Drive Towards the Intelligent Homes
First, let's discuss what is a Smart Home?
A smart home is associated with the Internet, that can be controlled by means of an application. It provide great comfort, pleasure and wellbeing. Internet of Things (IoT) has come a long way which connects machine to machine through networks. If we talk in simple terms, IoT is connecting devices to the internet.
The installation of smart products in a home provides various benefits which results in savings of time, money and energy. Moreover, home automation technologies used in smart homes provide intelligent feedback and information to the owner. For instance, you can water your plants by using this technology. That sounds so cool. Isn't it?
Well not only this but, It also includes the control and automation of lighting, air conditioning (HVAC), ventilation, heating, ovens, dryers, washer, refrigerators etc. Home gadgets, when remotely observed and controlled by means of the Internet, are a vibrant essential of the Internet of Things and that makes a Smart Home.
How Smart Home will affect our day to day life?
Technology is all set to grow in such a manner that if your alarm rings, your drapes opened. As soon as your drapes get opened your coffee machine starts brewing. Meanwhile, when your alarm stops, your geyser will get switched ON for hot water in your shower. Based on the availability, your fridge will suggest you for the breakfast that you can prepare and will also remind you for the things that are missing for the breakfast like bread, eggs, milk etc. Once you leave the house, your lights and TVs will get turn OFF. This is the near future of the global market and that time is not that far. Therefore, the growing technological advancements is anticipated to boost the demand for smart homes market over the next five years.
Across the globe, we are talking about smart system, smart speaker etc. this is all because of the growing internet penetration and growing IoT systems. In 2017, the demand for Alexa, which is launched by Amazon in 2014 boomed and had the largest market share in smart speaker's market owing to its lesser cost and more applications than other assistants.
What will be the size of the Global Smart Home market?
According to TechSci Research, the market is projected to cross $ 60 billion by 2021 owing to increasing Internet of Things (IOT) market, booming M2M communication market and flourishing touch free intuitive gesture control market. Based on application, the adoption of energy management systems is expected to dominate the market in the coming years owing to increasing government efforts to optimize energy consumption. Based on region, the North America region dominated the global smart homes market in 2017 and is expected to maintain its dominance over the next five years as well, followed by Europe, Asia-Pacific, Middle East & Africa and South America.
Growing demand for remote monitoring & tracking, favorable government initiatives and launch of 5G networks is expected to drive the Global Smart Home Market. New product offerings and rising internet penetration are also playing a vital role in driving the demand for smart homes across the globe.