Smart Home Market worth $116.4 billion by 2029
The growing need for energy-saving and low carbon emission-oriented solutions and concerns about safety, security, and convenience among general population is attributed to the demand for smart homes. Increasing number of internet users and growing adoption of smart devices, increasing disposable income of people in developing economies, increasing importance of home monitoring in remote locations, growing need for energy-saving and low carbon emission-oriented solutions, and growing concerns about safety, security, and convenience among general population are attributed to the demand of smart home.
The new installation segment accounted for the largest share of the smart home market in 2029. New installations involve the installation of state-of-the-art lighting systems with modern LED drivers and ballasts, sensors, switches, dimmers, and gateways. While retrofit installations do not, new installations entail the complete replacement of a traditional lighting system by phasing out an existing conventional lamp and its associated controls and fixtures and the introduction of new lamps and associated controls and fixtures. A new installation transforms the whole system, resulting in an entirely different setup.
Indirect sales channels or third-party service providers hold a major share of ~64% of the smart home market. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales include the sales of smart home products through both online and offline modes. The offline sales channel comprises third-party cellular network carriers, wholesalers, retailers, and value-added resellers, whereas the online sales channel involves sales through e-commerce platforms and third-party retailers.
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