Research On Global Markets
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If you were getting overwhelmed switching between Alexa, Siri and Cortana to navigate through your day to day life, then here’s some news for you. That day is not far when voice assistants used to control devices and applications will grow to over 500. Thanks to smart home solutions, it appears that voice assistants are going to be ruling the smart home solutions. As per a report published on the official website of market intelligence firm, Research on Global Markets, the global smart home market is expected to reach a value of nearly USD 151 Bn by 2023, growing at a compound annual growth rate (CAGR) of 24.6% year on year from 2018 to 2023. And riding on this wave of growth, the number of voice assistants used to access smart home devices will reach 555 million by 2024, up from 105 in 2019. At present, the three voice assistants that control the global smart home market devices are Alexa from Amazon, Siri from Apple and Cortana from Microsoft. Amazon’s Alexa currently rules the market due to its advanced hub features included in the EchoPlus. Recent high-profile acquisitions by Amazon for Blink, Ring and Eero is believed to further strengthen its ability to control global smart home market devices. In this game, Google is still not playing hard. However, with the acquisition of Nest, it is going to capitalise the smart home solutions market. But as we inch closer to more innovations from these top companies, news reports suggest that Chinese manufacturers are gearing up to launch hundreds of voice assistants in the Global Smart Home Market to control home applications. The devices from China are not only going to be reasonably priced in comparison to products from Amazon and Google, they will be able to penetrate the market at a much faster rate.
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A smart home is used to describe a house that has internet connected appliances to enable the remote monitoring and management of appliances and systems such as heating, cooling, lighting, TV’s, computers, entertainment audio and video systems, security and camera systems among others. Home automation technology provides homeowners security comfort and energy efficiency by allowing them to control smart appliances using their smartphones or other networking devices from anywhere at any time.
According to a research conducted by a leading market research company, the smart home market is expected to reach a value of USD 4.2 Bn and expand at a compound annual growth rate (CAGR) of 14.77 during the 2018-2023 period. Factors such as Growing awareness, rising disposable income, change in lifestyle patterns and need for advanced security solution in the region have led to the increased adoption of smart home solutions in India. In India, the smart home market is still in its nascent phase, but promises to showcase astounding growth in the coming years. Tier 1 cities such as Bangalore, Delhi, Mumbai and Pune, which accounts for the majority of the smart home market in India. Government initiatives such as Make In India is working towards reducing customs duty on telecommunication devices to boost the manufacturing sector, which will in turn drive growth of the Indian smart home market. The Indian smart home market is classified on the basis of end users. The residential, commercial and hospitality segments make up the Indian home automation market. The residential segment accounts for more than half the market. Security and access systems and efficient building drive the commercial segment. Request for Sample of this Report@ https://www.researchonglobalmarkets.com/smart-home-market-in-india-2018-2023.html |
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