Market Overview
The DIY smart home market 2020 is on track to gain a
phenomenal valuation of approximately USD 54 Billion by 2023, estimates Market
Research Future (MRFR). It is also believed that the market can post a growth
rate of close to 35% between 2017 and 2023 (assessment period). We will provide
COVID-19 impact analysis with the report, offering an in-depth review following
the coronavirus disease outbreak.
COVID-19 Analysis
The most impactful event in the tech world in recent years has
been the COVID-19 outbreak, halting almost every activity worldwide. The
pandemic induced lockdown has increased the prevalence of the working from home
practice, with industrialists, sales & marketing teams and business leaders
continuously exploring new ways to maintain effective communication to produce
operational results.
The latest trend of staying at home due to social distancing
post SARS-CoV-2 has made everyone realize the importance of their current smart
home automation solutions. MRFR thinks that the novel coronavirus has been a
blessing for the DIY
Smart Home Market Analysis, given the surge in the appreciation for
smart technologies and higher expenditure on technology-based services for
smart homes. The COVID-19 impact has been such that people are now more likely
to opt for automated solutions at their homes.
Renowned Contenders
Some of the well-known contenders in the DIY smart home
industry include Samsung Electronics Co., Ltd. (South Korea), United
Technologies Corporation (U.S.), Nest Labs, Inc. (U.S.), Crestron Electronics
Inc. (U.S.), Honeywell International Inc. (U.S.), Acuity Brands, Inc. (U.S.),
Assa Abloy Group (Sweden), Johnson Controls Inc. (U.S.), Schneider Electric SE
(France), and more.
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Top Boosters and Key Restraints
Trade analysts believe that the COVID-19 crisis can be a boon
for online purchasing platforms, since people are homebound and are on the
lookout for IoT-based products that can help them stay entertained, and also
boost their smart home capabilities. Therefore, the current situation is
expected to be quite favorable for the DIY smart home market in the coming
time.
DIY tools and systems are far more affordable than the
professionally fixed automation systems, which is why they are in heavy demand
among price-sensitive consumers worldwide. Also, the surge in technological
innovations in sensors, analytics and communication has done wonders for the
DIY smart home industry over the years.
With the increasing prominence of wireless technologies to
avoid the mess that wires usually create and the soaring demand for
energy-efficient and green product solutions also induce revenue generation in
the DIY smart home market. Besides, the growing desire among consumers for
safety, convenience, connectivity and security also prompts market growth.
Market Segmentation
MRFR study of the DIY smart home market considers segments
such as technology, product and software.
The prime technologies included in the report are wireless
communication technologies, protocols & standards and network technologies.
Product-wise market categories are Security & Access
Control, Home Healthcare, Lighting Control, HVAC Control, Entertainment
Control, Smart Kitchen, and more.
The software-based segments include proactive and
behavioral.
Regional Study
The DIY smart home market growth prospects for the period
between 2017 and 2023 have been assessed in the key regions of APAC/Asia
Pacific, Europe, North America, as well as RoW/Rest of the World.
Thanks to the high concentration of highly renowned companies
like Nortek Inc., Nestlabs Inc. and Smartlabs Inc., the North American market
has successfully clinched the top position among all regions. Moreover, the
desire among people for leading an aspirational lifestyle and enjoy a high
living standard, especially in Canada and the U.S, is leading to higher
spending on advanced technologies such as home automation tools. The sound
financial conditions of the people in the region help them pursue these
interests, which results in market growth for DIY smart homes.
The persistently increasing need for home safety and the
increasing compliance with strict government rules and standards have led the
APAC market to great heights. The emergence of new redecoration and renovation
trends also accelerates the growth rate of the DIY smart home market in
developing countries like China and India. The high consumption of tablets and
smartphones is also deemed to be a critical growth enhancer in the APAC market.
Latest Developments
June 2020
Intellithings’s smart home true occupancy automation system
RoomMe, will now have an extra functionality, which includes integrated back up
for Hubitat and IFTTT coupled with the potential to set off the pre-configured
smart home features of the supporting system.
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complete Report @ https://www.marketresearchfuture.com/reports/diy-smart-home-market-2844
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