The report states that the expected sales in the connected home devices market in 2019 was 240 million units with smart television enabled home control devices gaining increasing popularity.
FREMONT, CA: Connected home devices have been emerging as the critical enabler for home automation for smart living. The advancements in IoT connectivity and cloud computing platforms boost new technologies' utility and performances in the connected home devices market. Voice control technology integration has become increasingly popular in recent years. Hybrid technologies will, in general, spur new avenues for incumbents and new entrants alike. Analysts at Transparency Market Research believe that established players in the connected home devices market focus connected home devices for lighting control on driving sales. They further concur that emerging players can also leverage the potential of the segment mentioned above to consolidate their position in local markets. The global valuation of the connected home devices market is expected to register a CAGR of 12 percent between 2019 and 2027, reaching a net worth of USD 157 billion by 2027.
The report states that the expected sales in the connected home devices market in 2019 was 240 million units with smart television enabled home control devices gaining increasing popularity. Based on technology, the hybrid segment is expected to gain popularity during the assessment period. Globally, North America held the dominant share in the smart home devices market while the Asia Pacific is expected to offer a promising share. The Asia Pacific market to witness intense competition throughout, and voice assistant enabled televisions are expected to witness steady adoption.
The growing role of automation in home devices for smart living is a crucial pivot on which the connected home devices market is expected to evolve. The integration of IoT and AI are charting new growth avenues for connected home devices manufacturers. Better connectivity with entertainment and lighting devices impart a new level of convenience to end-users. A case in point is technology-enabled smart television sets. Attractive technological strides in the market pertaining to hybrid devices in recent years, opening new revenue streams. The increasing preference for automation through cloud computing is boosting the prospects. This gives access to real-time information, facilitating better integration possibilities in the connected home devices market. The growing popularity of mobile-based applications is attractive for prospective consumers to demand new devices. Increased focus on improving energy security has accelerated new technology developments in the connected home devices market.
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