Published on : Oct 18, 2016
ALBANY, NY, Oct 18, 2016: The report serves as an essential source of analysis and information regarding the competitive landscape, market dynamics, and geographical segmentation of the global IT spending market for smart homes. According to the report, the market is expected to exhibit a CAGR of more than 18% from 2016 to 2020.
The increasing spending on M2M communication systems, smart community projects, and IoT-enabled devices is positively impacting the dynamics of the global IT spending market for smart homes. The growth in the development of smart cities is resulting in the rising adoption of smart sensor technology and advanced IT solutions. Smart sensors are used in smart projects for waste management, traffic, and grids. Moreover, with the rising trend of home automation, the need for efficient ICT infrastructure is also growing. These factors, collectively, are working in favor of the market’s growth.
On the other hand, factors such as lack of adequate ICT infrastructure, interoperability challenges, and system integration issues associated with existing smart sensor technology are hampering IT spending on smart homes. Furthermore, slow rate of technology adoption, especially in developing countries, is adversely affecting the IT spends on smart homes as well. However, with the increasing adoption of smart robotics and voice controlled intelligence systems, the global market is estimated to gain significant traction in the next few years. Other factors such as the emergence of artificial intelligence and analytics of things (AoT) is likely to shape the future of the IT spending market for smart homes.
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On the basis of technology, the market is segmented into hardware, software, and IT services. Due to the increasing use of IT services for the protection of smart devices from online cyber-attacks and unauthorized users, the IT services segment will continue to dominate the market until 2020, by which year it will reach a value of US$42 bn. This segment can be further segmented into IT support and maintenance, IT consulting services, IT security, and system integration.
Geographically, the market is segmented into Americas, EMEA, and APAC. Americas was the leading revenue contributor in 2015, representing more than 48% of the global market. The rising consumer awareness regarding home automation solutions and the availability of advanced ICT infrastructure is fuelling the demand for smart home appliances in this region.
The leading players in the global IT spending market for smart homes, including Intel, Cisco, Honeywell International, Schneider Electric, and Verizon Communications, are focusing on mergers and acquisitions and product innovation to sustain the competition and expand their global reach. The market is fragmented in nature and is characterized by the strong presence of large and medium-sized companies. These companies are posing a high entry barrier for new entrants. However, with increasing funding via crowdfunding platforms and angel investors, the market is expected to witness an influx of the new players in the near future. Some of the other prominent players are Accenture, Amazon Web Services (AWS), Dell, GE, Google, Infosys, Oracle, and Microsoft.
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