The Business Research Company’s Smart Home Devices Global Market Report 2021: COVID-19 Growth And Change To 2030
LONDON, GREATER LONDON, UK, June 17, 2021 /EINPresswire.com/ — The global smart home devices market is expected to grow from $54.77 billion in 2020 to $60.37 billion in 2021 at a compound annual growth rate (CAGR) of 10.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The smart homes devices market is expected to reach $123.36 billion in 2025 at a CAGR of 19.6%.
The smart home devices are regulated by government bodies such as National Institute of Standards and Technology (NIST), European Telecommunications Standards Institute (ETSI), and others. The ETSI Cybersecurity Technical Committee (TY Cyber) released ETSI TS 103 645 standard to keep a security baseline for all the internet user product. The standard states that the IoT/Smart Home devices must make it easy for consumers to delete their personal data when there is transfer of ownership. The standard also requires the implementers to stop using universal default passwords as this give rise to a large number of security issues. It also allows the security researchers to report any kind of security flaw in the IoT/Smart Home devices.
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Smart home industry trends also include mergers and acquisitions. In February 2018, Amazon, a multinational technology company, acquired Ring Inc. for $1 billion. This acquisition increased Amazon’s product portfolio in smart home security products. Ring is a smart doorbell-camera startup known for its connected doorbells, high-security cameras, and floodlights. It was incorporated in 2012 and has its headquarters in Santa Monica, California.
Major players in the smart homes devices market are ABB Ltd, General Electric Company, Johnson Controls, Inc., Siemens AG, and Schneider Electric SE.
The smart home devices market covered in this report is segmented by technology into Wi-Fi technology, Bluetooth technology. The smart homes devices market is also segmented by application into energy management, climate control system, healthcare system, home entertainment system, lighting control system, security & access control system and by sales channel into online, offline.
Smart Home Devices Global Market Report 2021: COVID-19 Growth And Change To 2030 is one of a series of new reports from The Business Research Company that provides smart home devices market overview, forecast smart home devices market size and growth for the whole market, smart home devices market segments, and geographies, smart home devices market trends, smart home devices market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire