Smart Home Market

Market Leadership – Smart Home Market

The growing significance of intelligent devices to allow consumers to get remote access and control their homes has resulted in the growth of the smart home industry. Market players from the Americas, Europe, and APAC are significantly investing in different segments of the smart home industry, which include hardware, technology, software, and service. Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany) are a few leading companies in the smart home market.  Most of the leading companies focus on organic growth strategies such as product launches and developments and inorganic strategies such as agreements, partnerships, and collaborations to boost their revenues.

A considerable number of product launches, partnerships, and agreements have been carried out by the players in the smart home market between 2016 and 2018. There were also a significant number of mergers and acquisitions during this period.

In 2018, entertainment and other controls, lighting control, security and access control, smart kitchen, and home appliances are the major hardware products used in smart homes. Entertainment and other control systems are expected to account for the largest share of the smart home market, based on products, in 2018. Lighting control systems are likely to account for the second-largest share of the smart home market in 2018. Cooper Lighting (US), Koninklijke Philips N.V. (Netherlands), Lumetric Lighting, Inc. (US), Acuity Brands Lighting, Inc. (US), Lutron Electronics Co., Inc. (US), and Leviton Manufacturing Co., Inc. (US) will dominate the smart home market for lighting control solutions in 2018.

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Johnson Controls International (Ireland) holds a strong position in the smart home industry. Johnson Controls International is one of the leading players in the smart home market. The company has a wide product portfolio for the smart home market, with products ranging from HVAC systems to video surveillance systems. It caters to a large customer base, which helps the company enhance its revenues and profit margins. The company generated ~48% of its total revenue from the US in 2017, which indicates its stronghold in the country. It also aims to strengthen its position in other regions through strategic partnerships and collaborations. Also, the company is going through a multiyear portfolio transformation. For instance, in January 2016, Johnson Controls Inc. announced its merger with Tyco International (Ireland) and found the company based in Cork, Ireland. After the merger with Tyco, the company started targeting the Home Security System segment. With leading innovations in devices, controls, sensors, data analytics, and advanced solutions, the company focuses on opportunities in the smart building industry. Its leadership in technical services for security and energy management compliments the organic growth strategies implemented by Tyco to grow in the market for home security solutions. The company focuses on enhancing the existing portfolio of Tyco in the smart home market. With the combination of Tyco and Johnson Controls platforms, the newly formed company focuses on business expansion through cross-selling and channel network selling.

United Technologies Corporation (US) was ranked second in the overall smart home market in 2017. The company offers smart home products under its UTC Climate, Controls, & Security business division. It offers various products for HVAC controls for residential purposes. The company also offers various security and fire safety products, such as intruder alarms, access control systems, video surveillance systems, and fire detection systems. UTC’s portfolio of climate, controls, and security products includes HVAC and refrigeration solutions, and fire safety and security solutions. The company’s products are used in a wide range of applications, including residential, commercial, industrial, and transportation facilities. The company has a presence in the Americas, EMEA, and APAC. United Technologies Holding GmbH (Germany), Goodrich Corporation (US), Elevadores Otis Ltda. (Brazil), Kidde America Inc. (US), Nippon Otis Elevator Company (Japan), Otis Elevator Company (India) Ltd. (India), and United Technologies France SAS (France) are a few of its key subsidiaries. The company focuses on enhancing its technology business through product launches, partnerships, and acquisitions. For instance, in August 2016, it launched linear heat detectors, which are suitable for hazardous environments.

Related Reports:

Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture), Software & Services, and Region - Global Forecast to 2024

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Report Code
SE 3172
Published ON
Jan, 2019
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