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

Comments


(Your email address will not be published)
Already Registered?
Sign In
Not Yet Registered?
Register
Printable View E-mail Bookmark
*

What do you think?


Is housewares a growing category for your business?

Latest reader comments

re: The Range to take over Homebase store in Cardiff

stephanie jones
please can you tell us when the new store in culerhouse cross opens. we are disabled and cant get to newport rd store thank you in adavance ...

re: New Toolstream catalogue

VALENTE
Bonjour,Pourriez-vous nous parvenir vos catalogue et vos tarifs par email et par courrier Mais aussi les condition d’achats si c’est ...

re: BREAKING NEWS: Wesfarmers sells Homebase, describing business as "disappointing investment"

B&Q bob
BQ removed the annual staff bonus set at 6% of salary rising on store sales. They replaced it with a store team bonus telling us we would ...

re: Police report 4% increase in shoplifting across UK

B&Q bob
It is a sad and un PC fact in my store that the majority of our largest shoplifting incidents have involved eastern European groups. None ...

Most read stories