The report of global DIY Smart Home market by Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment Control, Home Healthcare, Smart Kitchen, and Others), Technology (Network Technologies, Protocols & Standards, Wireless Communication Technologies) Software (Behavioral, Proactive) Application (Safety and Security, Lighting, Entertainment (Audio and Video), Heating, Ventilation and Air conditioning, others) and Region (Asia Pacific, North America, Europe, Latin America, and Middle East Africa) is expected to reach US$ XX Bn by 2027, at a CAGR of 36.5% during a forecast period.
DIY smart home holds a significant growth in the complete smart home industry in emerging countries due to the increasing adoption of IoT mostly in developing countries. DIY systems are cheaper than the professionally installed home automation systems and continuous technology advancement in communication, sensors, and analytics are projected to impelling the market growth in the forecast period. However, lack of awareness for DIY home automation systems, and lack of standard guidelines for producers to drag sales for DIY home automation products are restraining the market growth at the global level. Multiple communication protocol compatibility for redundancy and strong initiatives from the government to promote green buildings, smart cities, and green cities are expected to create beneficial opportunities for the key player in the market during the forecast period. Linking disparate systems, and lack of open standards are the major challenges for the DIY smart home market in the near future.
Security & access control segment is expected to grow at the highest XX% CAGR during the forecast period.
In 2019, the security & access control segment has dominate the DIY smart home market and is estimated to grow at a CAGR of XX% during the forecast period due to the increasing desire of the consumer for convenience, and connectivity safety & security. Installing home security & access control system with professionally installed systems is more expensive, as experts are essential to install the system, long-term agreement, and monthly payment requirements to be signed to keep the system running. Nowadays, many DIY-friendly devices and sensors are available in the market that works with a smartphone and other portable devices connectivity. These systems come with no contracts, and in many cases with no monthly fees. Therefore, the home security &access control system segment is projected to be the fastest-growing system in the DIY smart home market in the near future.
The North America dominated the DIY smart home market in 2019.
In 2019, North America held the XX% share of the DIY Smart Home market and is expected to maintain its dominance during the forecast period thanks to the presence of several key market players in the region like Smartlabs, Inc., Nortek, Inc., and Nestlabs, Inc. Developed countries such as The U.S. and Canada are the leading contributor to the regional market. However, In terms of both value and volume, the Asia Pacific region will record a significant CAGR of XX% during the forecasted period. The lighting control systems and security control are driving the market growth in the region. The market is already developing well in the emerging countries such as China, Japan, South Korea, India and other countries owing to the increased consumer interest in managing energy consumption.
Key players operating the global DIY Smart Home market are Nest Labs, Inc., Honeywell International Inc., Assa Abloy Group, Acuity Brands, Inc., Johnson Controls Inc., Schneider Electric SE, United Technologies Corporation, Samsung Electronics Co., Ltd., Nest Labs, Inc., Crestron Electronics, Inc., AMX LLC (Harman), Control4 Corporation, Siemens AG, Savant Systems LLC., and ABB Ltd.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global DIY Smart Home Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global DIY Smart Home Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explain Global DIY Smart Home Market positioning of competitors.
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