iCrowdNewswire Jan 13, 2021 5:00 AM ET
The DIY smart home market 2020 is on track to gain a phenomenal valuation of approximately USD 54 Billion by 2023, estimates Market Research Future (MRFR). It is also believed that the DIY smart home market can post a growth rate of close to 35% between 2017 and 2023 (assessment period). We will provide COVID-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
The most impactful event in the tech world in recent years has been the COVID-19 outbreak, halting almost every activity worldwide. The pandemic induced lockdown has increased the prevalence of the working from home practice, with industrialists, sales & marketing teams and business leaders continuously exploring new ways to maintain effective communication to produce operational results.
The latest trend of staying at home due to social distancing post SARS-CoV-2 has made everyone realize the importance of their current smart home automation solutions. MRFR thinks that the novel coronavirus has been a blessing for the DIY smart home market, given the surge in the appreciation for smart technologies and higher expenditure on technology-based services for smart homes. The COVID-19 impact has been such that people are now more likely to opt for automated solutions at their homes.
Some of the well-known contenders in the DIY smart home industry include Samsung Electronics Co., Ltd. (South Korea), United Technologies Corporation (U.S.), Nest Labs, Inc. (U.S.), Crestron Electronics Inc. (U.S.), Honeywell International Inc. (U.S.), Acuity Brands, Inc. (U.S.), Assa Abloy Group (Sweden), Johnson Controls Inc. (U.S.), Schneider Electric SE (France), and more.
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MRFR study of the DIY smart home market considers segments such as technology, product and software.
The prime technologies included in the report are wireless communication technologies, protocols & standards and network technologies.
Product-wise market categories are Security & Access Control, Home Healthcare, Lighting Control, HVAC Control, Entertainment Control, Smart Kitchen, and more.
The software-based segments include proactive and behavioral.
The DIY smart home market growth prospects for the period between 2017 and 2023 have been assessed in the key regions of APAC/Asia Pacific, Europe, North America, as well as RoW/Rest of the World.
Thanks to the high concentration of highly renowned companies like Nortek Inc., Nestlabs Inc. and Smartlabs Inc., the North American market has successfully clinched the top position among all regions. Moreover, the desire among people for leading an aspirational lifestyle and enjoy a high living standard, especially in Canada and the U.S, is leading to higher spending on advanced technologies such as home automation tools.
Major Highlights of TOC Covers:
- Executive Summary
- Key Business Trends
- Regional Trends and Growth
- Product Trends
- End-use Trends
- Definition and Forecast Parameters
- DIY Smart Home Market Segmentation
- DIY Smart Home Market Landscape
If you have any requirements, let know and we will customize the report according to your need.
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