Global Smart Devices Industry Research Report 2021-2026

Dublin, December 02, 2021 (GLOBE NEWSWIRE) – The “smart device market with COVID-19 impact analysis by offer, products (smart washer, smart air conditioning, smart dryer, smart fridge, smart cooktop, smart ), services, technology, End-User-Industry, and Geography – Global Forecast to 2026 “has been added to offer.

The global smart device market is expected to grow from USD 33.8 billion in 2021 to USD 76.4 billion by 2026; it is expected to grow at a CAGR of 17.7% during the forecast period. Major factors driving the growth of smart devices market include rising energy prices, changing consumer lifestyles, increasing use of wireless connectivity, and increasing government regulations to save money. energy.

Services segment to experience higher CAGR growth from 2021 to 2026

In terms of CAGR, the services segment in offerings is expected to increase the smart devices market significantly during the forecast period 2021 to 2026. The scope of the services segment of the smart devices market includes the integration services of systems, repair and maintenance services, consulting services and others. The majority of smart devices are used by residential end users. Thus, the demand for after-sales services such as maintenance, repair or consultancy is high in the residential end user segment.

High adoption of ZigBee and Z-wave technology drives market growth

ZigBee uses the ZigBee protocol, a low power specification based on the IEEE 802.15.4 standard for personal networks. ZigBee is used to create personal area networks (PANs) with small, low power digital radios and has a transmission distance of 10 to 100m. ZigBee operates at a frequency of 2.4 GHz, like that of Bluetooth.

Z-Wave is a wireless communication protocol used for home automation. It was developed by a Danish start-up named Zen-Sys (Denmark), which was later acquired by Sigma Designs (US) in 2008. It provides a simple and reliable low power RF radio ecosystem integrated into home electronic systems and devices such as security systems, home theater, lighting, automated window treatments and HVAC. Z-Wave’s advanced wireless technology is gaining popularity due to its high speed and reliability. The demand for these technologies has increased in recent times and is expected to drive the market.

The residential end-user industry will show significant growth in the smart device market after COVID-19.

In the post-COVID-19 scenario, the market for smart devices for residential end users is expected to grow during the forecast period. The COVID-19 pandemic has affected the smart device market both positively and negatively. Demand for smart devices such as refrigerators and washing machines has increased due to the COVID-19 pandemic. After the virus epidemic, the majority of the population works from home; thus, spending more time at home requires a large number of devices which can perform tasks more efficiently compared to traditional methods

North America will represent the second largest market share during the forecast period.

In 2020, the COVID-19 outbreak has severely affected the demand for smart home products in the United States and other North American countries, which is likely to undermine the GDP of North American countries. . North America, being a hot spot for the COVID-19 outbreak, is expected to have a significant impact on the demand for smart devices in the region. With the lockdown restrictions lifted, demand will slowly pick up over the forecast period.

Research coverage

This report segments the smart device market by offering (products and services), technology, sales channel, end-user industry, and geography. It also describes the key drivers, restraints, challenges and opportunities in this market along with market share analysis, value chain analysis, carrier five forces analysis, business analysis, l ecosystem, technology trends, price analysis, key patents, standards and frameworks. , and case studies / use cases.

Market dynamics

  • Conductors
    • Growing penetration of the Internet and smartphones around the world
    • Growing availability of wireless connectivity solutions
    • Increased consumer attention to convenience, cost reduction and energy conservation
  • Constraints
    • Data privacy concerns among end users
  • Opportunities
    • Increased demand for smart devices due to COVID-19
    • Integration of new technologies, such as AI, with smart devices
  • Challenges
    • Achieve zero carbon emissions and the circular economy
    • High cost associated with installing smart devices
    • Compatibility issue between devices from different companies

Profiled companies

  • ABB
  • Acuity marks
  • BSH Hausgerate
  • Control4
  • Crestron
  • Electrolux
  • Haier smart home
  • Johnson Controls
  • Koninklijke Philips
  • Great
  • Leoni
  • LG Electronics
  • Lutron Electronics
  • Miele & Cie KG
  • Onida Electronics
  • Open devices
  • Panasonic
  • Samsung Electronics
  • Schneider Electric
  • Siemens
  • Simply smart home
  • Smartec Systems
  • lively
  • Whirlpool
  • Xiaomi

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