The efficient usage of energy has turned into a trend that is engulfing almost every field and the building and construction industry is among the ones at the forefront of it. The advent of smart homes is primed to change how we perform various functions in our daily life and has energy efficiency at the backbone of it. In addition to that, the safety features provided by smart homes is expected to drive the adoption, and thereby augmenting the demand in the global smart home machine to machine (M2M) market.
According to a recent business and commerce report by Transparency Market Research (TMR), the demand in the global smart home M2M market will expand at a notable CAGR of 13.3% during the forecast period of 2017 to 2025. The analysts of the report have evaluated that the opportunities in the smart home M2M market reflected a revenue of US$5,421 million in 2016, and estimated it to swell up to US$16,316 mn by 2025.
What are the key factors driving smart home M2M market?
Enhanced broadband connectivity across various parts of the world including developed and emerging economies, increased investment on smart cities since the advent of the Internet of Things (IoT) and machine to machine communication system, need for safety and security arrangement, and growing adoption of digital lifestyle are some of the prominent factors augmenting the demand in the global smart home M2M market. On the other hand, high cost of installation, low levels of awareness, and the lack of standards and interoperability are a few restraints obstructing the prosperity of the global smart home M2M market. That being said, advent of wearable devices, rapid rise of developing economy, and telecom providers are expected to open new opportunities for the vendors operating in this market.
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Which market segments are showing greater potential?
Technology-wise, the TMR report segments the global smart home M2M market into wireless including Wi-Fi and cellular and wired, whereas on the basis of application, the market has been bifurcated into energy and climate management, access and security control, lighting, and home entertainment. Among these, energy and climate management segment continues to provide for the maximum demand, gaining traction from growing penetration of wireless internet and increasing adoption of cloud services.
Which region is providing for the maximum demand?
As per the evaluations of the analysts of the TMR report, North America accounted for 35% of the total demand in the global smart home M2M market in 2016, primarily gaining demand from the developed and vastly populated country of the U.S. The country has strong adoption rate of new technology and different home automation products are now readily available, as a number of prominent vendors are operating out of this country. That being said, the vastly populated emerging economies of China, India, and Japan are expected to provide for strong demand in the near future.
What is the nature of competition among the leading companies?
The global smart home M2M market is highly fragmented, owing to the presence of a large pool of players, with technology being the only factor differentiating them. Players of this market function on various platform and includes telecommunication operators as well as OEMs (original equipment manufacturers). The report identifies Intel Corporation, Sierra, AT&T, Inc., Wireless, Inc., Sprint Corporation, KORE Wireless Group, Deutsche Telekom AG, Vodafone Group PLC, Telit Communications PLC, Cisco Systems, Inc., and Gemalto NV are some of the key companies currently ahead of the curve in the global smart home M2M market.