SMART HOME AS A SERVICE MARKET ANALYSIS

Market Challenges And Opportunities

Global Smart Home as a Service market Drivers:

Rising usage of smartphone to drive the market growth

The penetration of tablets and smartphones is increasing all over the world in all age groups. Moreover, the adoption of smartphones is showing significant rise, especially in emerging countries such as India, Mexico, and Brazil among others. There has been a dramatical shift in penetration of smartphones in these countries. Several young adults are mainly contributing major share to the rise in adoption of smartphones. This in turn is expected to boost growth of the Global Smart Home as a Service market over the forecast period.

Increasing public concern over convenience, security, and safety

Smart homes are meticulously crafted to automate diverse household appliances and electronic devices through an embedded monitoring framework, thereby delivering convenience, efficiency, safety, and security to inhabitants. A unified interface oversees and regulates lighting, security, temperature, and audio/video setups. Emphasizing security, smart homes prioritize this aspect significantly, incorporating cutting-edge security systems capable of alerting homeowners about intrusions and facilitating room-specific surveillance even during their absence. Essential for safeguarding residential spaces, access control systems assume a pivotal role. The escalating employment of home automation and control systems in smart homes, owing to their advanced efficiency and sophistication, is effectively elevating security measures.

Global Smart Home as a Service market Opportunities:

Increasing popularity of mobile applications is expected to offer growth opportunities in the Global Smart Home as a Service market over the forecast period. With increasing popularity of mobile applications, companies are also deploying such mobile apps for delivering the content to employees. These applications allow marketing, sales, and other departments, to reduce the purchasing cycle and efficiently track interactions to bottom line results. For instance, Alibaba offers a mobile app allowing access to an online platform that consists global wholesale trade in any location. Thus, increasing popularity of mobile applications is likely to create growth opportunities in the global market.

Incorporating data connectivity into lighting controls

The diversity of products that are currently available, including dimmers, timers, occupancy sensors, daylight sensors, and relays, is evidence of the lighting control industry's recent growth. These products come with choices for standalone operation and slick interaction with home automation systems. Lighting control automation frequently needs external connection protocols. The development of models with integrated data connectivity, which do away with the need for external protocols and communication, is now being done by manufacturers of lighting control systems.

Global Smart Home as a Service market Restraint:

Issues regarding privacy and misuse of technology are expected to restrain the global smart home as service market growth over the forecast period

Concerns regarding data theft, data breach, and theft of personal information and data are expected to restrain growth of the market. Since the technology is extending to the most of the devices at home, there is a desperate need for a standardized security platform to minimize and avert the possible cyber-security-related risks. Moreover, tackling the risk of data collection via common connectivity needs to be addressed too. Hence, these factors are expected to restrain the global smart home as service market growth over the forecast period.

More convenience-driven rather than necessity-driven market

Smart home provides convenience and advanced measures to operate various electronic products at home. These products are generally thought of as facilitating everyday activities.  Solve your energy efficiency problem. There are some concerns related to smart home exclusivity Technology, for example when technology is perceived as a luxury that can only be purchased by certain individuals Additionally, many homeowners are still unaware of the benefits it offers These systems are excellent in terms of cost and energy savings. Buyers should also invest in additional tools Deploy complete home automation including displays, software, sensors and analytics solutions.