Essential reading for retailers and suppliers in the home improvement market

Global market of smart home technology on the rise

Published: 15 February 2018 - Kiran Grewal

According to a recent study report published by the Market Research Future, The global market of DIY Smart Home Market has increased in recent years. The market is expected to grow at a rapid pace during the forecast period (2017 – 2023).  The DIY Smart Home Market is forecasted to prospect worth of USD 54 Billion by 2023, surpassing its previous growth records in terms of value with a double digit compound annual growth rate (CAGR) of 35% during the anticipated period of 2017 – 2023. 

Smart cameras generate more retail revenue than any other smart home category, and a growing number of consumers are producing recurring revenue through add-on subscriptions that allow longer tenure video storage and provide features such as the ability to share footage.

The DIY smart home market is segmented on the basis of technology, product and software. Technology based software consists of network technologies, protocols & standards, wireless communication technologies. The network technologies both wired and modern Wi-Fi networks can provide high bandwidth connections and compatibility with a range of devices, but they do have limitations when it comes to small devices and sensors that require internet or local network access.    

The consumer demand for DIY connected home products includes wireless security cameras and lighting control systems. With the rise of managed smart home services and offerings, the market for DIY smart home market faces a new and direct form of competition. DIY has long been an active segment and proving ground for emerging technologies and approaches in home automation. 

The DIY smart home market is developing rigorously to overcome some of existing issues the industries face such as safety of elderly people and children. Technology innovation plays a big part, but the other factor that has changed things for the connected home is the rapid rise of the smartphone in the past decade. Manufacturers are producing technology that is more affordable even for the bells and whistles door knocking system.

 

 

Source: Market Research Future

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