Asia Pacific Smart Home Market to Worth $7 Billion
With a market value over US$9 billion, the Asia Pacific (APAC) region is ripe for smart home solutions and services. This is according to a new study by MarketsandMarkets; which estimated the region’s smart home market to grow at a Compund Annual Growth Rate (CAGR) of 16.73 per cent over the next seven years. The global market is estimated worth over US$51 billion and a CAGR of 17.74 per cent.
According to MarketsandMarkets the growth in smart home services and solutions in region’s countries (Japan, India, Thailand, South Korea, China etc.,) is driven by their ageing population and energy management and consumption. They also sighted regulatory initiatives from government in countries such as India, Japan and South Korea.
Among the countries, China will remain the leading market for the APAC Smart Home Market over the forecasted period (2013 - 2020) due to several factors such as high economic growth, strong consumer base and high acceptance and adoption rate of the smart home concept. Of all the major products, security systems are expected to have the higher adoption rates for the mass markets.
MarketsandMarkets pointed out that despite the possible growth, there are restraints in the market such as lack of awareness, high price of systems, and complexity of systems which are inhibiting the market growth.
The report goes into detail to cover the market by products, services and country, it also provides detailed scrutiny of the Porter’s five force analysis for the market. All the five major factors in these markets have been quantified using the internal key parameters governing each of them. To learn more see the MarketsandMarkets website.