According to the latest market research study released by Technavio, the global IT spending in smart home market is expected to grow at a CAGR of close to 18% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global IT spending in smart home market based on technology:
Global IT spending in smart home market share in terms of revenue by technology 2015 ($ billion)
|
IT Services |
15.97 |
|
Hardware |
13.64 |
|
Software |
9.83 |
Source: Technavio
IT services
The global IT services spending in the smart home market was valued at more than $15 billion in 2015 and is projected to grow at a CAGR of around 21% by 2020. IT services are required to manage end-to-end smart home solutions, and some of these services include system integration, IT support and maintenance, IT security, and IT consulting services. The vendors are adopting and implementation of cloud computing services like application development and maintenance services for IoT applications to manage smart home solutions. The service providers in the market offer smart home solutions that integrates systems and devices to one common platform.
“Consumers are opting for smart home solutions for superior home entertainment solutions and reducing energy consumption. System integration solutions enables M2M communication between multiple smart home appliances. Home automation solution providers are offering IT consulting services to help design custom and off-the-shelf smart home solutions. IT support and maintenance services safeguards smart devices from unauthorized users and online cyber-attacks,” says Amit Sharma, a lead analyst at Technavio for research on IT spending by region and industry.
Hardware
The spending on global hardware in the smart home market was valued at almost $14 billion in 2015 and is projected to grow at a CAGR of about 17% by 2020. The increasing demand for components and devices to build intelligent, smart home solutions will be the primary driver of this market segment. Some of the hardware solutions include storage solutions, smart sensors, wireless networking solutions, smart Wi-Fi devices, security devices like biometrics and, RFID, voice recognition devices, gateways, and GPS systems. Leading vendors in the market are launching connected devices that are customized as the requirements for the consumers. Hardware vendors are exploring new technology and investment areas to build next generation IT solutions. For instance, smart sensors are embedded in electronic devices for wireless connectivity, and communications between devices and systems.
Software
The global software spending in the smart home market was valued at close to $10 billion in 2015 and is projected to grow at a CAGR of almost 14% by 2020. Software solutions include home automation, application software, and analytics software that are helping OEMs to build software applications which is installed in mobile devices like smartphone and tablets to connect users with smart home devices. The companies are investing in the development of advanced application methodologies and tools such as DevOps and IDE to provide better automation solutions to consumers.
The top leading vendors operating in the global IT spending in smart home market are:
- Cisco
- Honeywell International
- Intel
- Schneider Electric
- Verizon Communications
Other prominent vendors in the market include Accenture, Alcatel Lucent, Amazon Web Services (AWS), ARM Holdings, Dell, Ericsson, GE, Google, Huawei, Infosys, Microsoft, Oracle, Qualcomm, and Telefonica.
A more detailed analysis is available in the Technavio report titled, ‘Global IT Spending in Smart Home Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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- Global Built-in Dishwashers Market 2016-2020
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