Smart Home As A Service Market Segments, Opportunity, Growth And Forecast By End-Use Industry 2020-2027
Market Overview Smart home as a service or also referred to as (SHaaS) is a type of service where instead of consumer, service provider selects, installs, maintains, upgrades, and programs smart home devices. Smart home as a service uses the subscription-based business models with monthly payment from consumers. Novel technologies are used in SHaaS including connected devices, sensors, cloud intelligence, and social media to combine a variety of important services into a simple-to-use app that allows service providers to make their consumers’ lives effortless and simple. There are three major aspects of smart home as a service namely intelligence, connectivity, and functionality where it can help the user to function properly.
Get HOLISTIC Request Sample Copy Of This Business Report: https://www.coherentmarketinsights.com/insight/request-sample/3625 The global Smart Home as a Service Market was accounted for US$ 3,952.9 Mn in terms of value in 2019 and is expected to grow at CAGR of 18.1% for the period 2019-2027 Market Dynamics- Drivers Increasing demand for entertainment content is expected to drive growth of the global smart home as a service market during the forecast period Entertainment plays an essential role in smart homes. Smart homes offer users the ability to control their entertainment devices remotely. Moreover, smart homes provide enhanced entertainment capabilities such as content sharing and are expected to accelerate the adoption of the smart home. According to the 2015 ‘State of the Smart Home’ report by Icontrol Network, around 46% of respondents stated that entertainment is an important factor in smart home adoption. Thus, these factors are expected to drive the global smart home as a service market growth during the forecast period.
Growing demand for energy management solutions is expected to propel the global smart home as a service market growth over the forecast period Smart homes help the consumers with long-term cost savings on energy consumption, which in turn, is expected to accelerate the adoption of the same. Although the cost of smart home appliances is significantly higher than conventional counterparts, their cost-saving potential is second to none. According to Nest Thermostat manufacturers, an average U.S. homeowner can save up to 12-15% on heating and cooling cost. Furthermore, there are many more energy management devices available such as smart lights, smart meters, smart outlets, smart fans, and ACs. Therefore, these factors are expected to boost the global smart home as a service market growth in the near future.
North America region dominated the global Smart Home as a Service Market in 2019, accounting for 45.3% share in terms of value, followed by Europe, Asia Pacific, Middle East and Africa and Latin America.
Market Opportunities- High cost of implementation is expected to hamper the global smart home as a service market growth during the forecast period Increased cost concerning the adoption of a smart home is a major restraint for global market growth. These costs are related to the purchase cost of technology or the monthly fee of the service. Thus, high cost associated with the technology is expected to restrict the market growth over the forecast period.
Issues regarding privacy and misuse of technology are expected to restrain the global smart home as service market growth over the forecast period Concerns regarding data theft, data breach, and theft of personal information and data are expected to restrain growth of the market. Since the technology is extending to the most of the devices at home, there is a desperate need for a standardized security platform to minimize and avert the possible cyber-security-related risks. Moreover, tackling the risk of data collection via common connectivity needs to be addressed too. Hence, these factors are expected to restrain the global smart home as service market growth over the forecast period.
Market Taxonomy This report segments the Global Smart Home as a service Market on the basis of Service, Solution and Region. On the basis of Service, Global Smart Home as a service Market is segmented into Managed and Integrated. On the basis of Solution, the Global Smart Home as a service Market is segmented into Security and Access, Lighting and Window, Audio-Visual and Entertainment, Energy Management and Climate and Integrated. On the basis of region, Global Smart Home as a service Market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.
Key features of the study: • This report provides an in-depth analysis of the Global Smart Home as a service Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2019-2027), considering 2019 as the base year • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players • It profiles leading players in the global Smart Home as a service Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics • The global Smart Home as a service market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Smart Home as a service Market Detailed Segmentation: Global Smart Home as a service Market, By Service: • Managed • Integrated Global Smart Home as a service Market, By Solution: • Security and Access, • Lighting and Window, • Audio-Visual and Entertainment, • Energy Management and Climate • Integrated Get HOLISTIC Request Customization Of This Business Report: https://www.coherentmarketinsights.com/insight/request-customization/3625 Competitive Section Key players operating in the global smart home as a service market are Ingersoll-Rand plc (Nexia), Vivint, Inc., Protection One Alarm Monitoring, Inc., The ADT Corporation, Telus Communications, Frontpoint Security Solutions, AT&T Inc., Johnson Controls, Inc., Comcast Corporation, Charter Communications (TWC), and CenturyLink, Inc.
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