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Market Insight- Global Smart Home as a Service Market

Market Overview

Smart home as a service or also referred to as (SHaaS) is a type of service where instead of consumer, service provider selects, installs, maintains, upgrades, and programs smart home devices. Smart home as a service uses the subscription-based business models with monthly payment from consumers. Novel technologies are used in SHaaS including connected devices, sensors, cloud intelligence, and social media to combine a variety of important services into a simple-to-use app that allows service providers to make their consumers’ lives effortless and simple. There are three major aspects of smart home as a service namely intelligence, connectivity, and functionality where it can help the user to function properly.

The global Smart Home as a Service Market was accounted for US$ 3,952.9 Mn in terms of value in 2019 and is expected to grow at CAGR of 18.1% for the period 2019-2027

Market Dynamics- Drivers

  1. Increasing demand for entertainment content is expected to drive growth of the global smart home as a service market during the forecast period

Entertainment plays an essential role in smart homes. Smart homes offer users the ability to control their entertainment devices remotely. Moreover, smart homes provide enhanced entertainment capabilities such as content sharing and are expected to accelerate the adoption of the smart home. According to the 2015 ‘State of the Smart Home’ report by Icontrol Network, around 46% of respondents stated that entertainment is an important factor in smart home adoption. Thus, these factors are expected to drive the global smart home as a service market growth during the forecast period.

  1. Growing demand for energy management solutions is expected to propel the global smart home as a service market growth over the forecast period

Smart homes help the consumers with long-term cost savings on energy consumption, which in turn, is expected to accelerate the adoption of the same. Although the cost of smart home appliances is significantly higher than conventional counterparts, their cost-saving potential is second to none. According to Nest Thermostat manufacturers, an average U.S. homeowner can save up to 12-15% on heating and cooling cost. Furthermore, there are many more energy management devices available such as smart lights, smart meters, smart outlets, smart fans, and ACs. Therefore, these factors are expected to boost the global smart home as a service market growth in the near future.

North America region dominated the global Smart Home as a Service Market in 2019, accounting for 45.3% share in terms of value, followed by Europe, Asia Pacific, Middle East and Africa and Latin America.

Smart Home as a Service  | Coherent Market Insights

Source: Coherent Market Insights

Market Opportunities-

  1. High cost of implementation is expected to hamper the global smart home as a service market growth during the forecast period

Increased cost concerning the adoption of a smart home is a major restraint for global market growth. These costs are related to the purchase cost of technology or the monthly fee of the service. Thus, high cost associated with the technology is expected to restrict the market growth over the forecast period.

  1. Issues regarding privacy and misuse of technology are expected to restrain the global smart home as service market growth over the forecast period

Concerns regarding data theft, data breach, and theft of personal information and data are expected to restrain growth of the market. Since the technology is extending to the most of the devices at home, there is a desperate need for a standardized security platform to minimize and avert the possible cyber-security-related risks. Moreover, tackling the risk of data collection via common connectivity needs to be addressed too. Hence, these factors are expected to restrain the global smart home as service market growth over the forecast period.

Smart Home as a Service  | Coherent Market Insights

Source: Coherent Market Insights

Market Trends

  1. Emerging opportunities for tech and insurance companies

Both insurance and tech companies have major growth opportunities in the market. For instance, companies, forming partnerships and packages with tech companies are essential for growth. Since tech companies are introducing novel products and innovations, such partnerships are major opportunities for insurance companies to be a part of the global smart home as a service market and influence it deeply. For instance, British Gas is in partnership with Axa Assistance offering bundled boiler covers and Allianz partnering with Panasonic to test Nest water leak detection devices. Similarly, John Lewis offered a discount on Nest smoke detectors with premium insurance.

  1. New connectivity standard influencing eco-system

Major advancements in information technology and the emergence of high-speed internet connectivity standards such as 5G are major factors affecting the eco-system since they will be more intelligent and interconnected with minimal legacy. Moreover, high-speed internet standards such as 5G are expected to reduce costs while improving reliability. These new eco-systems will allow better utilization of data and will broaden the scope and benefits of behind-the-meter initiatives like data-driven customer engagement tools, specifically for analytics and to meet demand response.

Segment information:

In global Smart Home as a service Market, by Service, Integrated sub-segment dominated the global market in 2019, accounting for 64.4% share in terms of value, followed by Managed Services.

Smart Home as a Service  | Coherent Market Insights

Source: Coherent Market Insights

Competitive Section

Key players operating in the global smart home as a service market are Ingersoll-Rand plc (Nexia), Vivint, Inc., Protection One Alarm Monitoring, Inc., The ADT Corporation, Telus Communications, Frontpoint Security Solutions, AT&T Inc., Johnson Controls, Inc., Comcast Corporation, Charter Communications (TWC), and CenturyLink, Inc.

Key Developments

  1. Key players in the market are focused on product launches, in order to expand the product portfolio. For instance, in February 2017, Ingersoll-Rand plc (Nexia) introduced a new line of indoor, outdoor HD cameras and flexible video storage plans.
  2. Major market players are involved in mergers and acquisitions, in order to enhance the market presence. For instance, in November 2019, Telus Communications, a Canada-based telecommunication company, acquired ADT Canada, a subsidiary of ADT Inc.

Smart home as a service or also referred to as (SHaaS) is a type of service where instead of consumer, service provider selects, installs, maintains, upgrades, and programs smart home devices. Smart home as a service uses the subscription-based business models with monthly payment from consumers. Novel technologies are used in SHaaS including connected devices, sensors, cloud intelligence, and social media to combine a variety of important services into a simple-to-use app that allows service providers to make their consumers’ lives effortless and simple. There are three major aspects of smart home as a service namely intelligence, connectivity, and functionality where it can help the user to function properly

Market Dynamics

Technological advancements have led to emergence of additional features such as live video surveillance, intrusion alerts, and instant updates, which was not possible with conventional systems. These features enhance personal and family security, which is the major market driver. According to Icontrol Network’s report published in 2015, 90% of the consumers agreed that home security is the primary reason for the adoption of the smart home. The adoption of smart homes can significantly reduce the number of domestic burglaries, break-ins, and robberies while keeping unwanted intruders out, thus making homes much safer. Hence, enhance security offered by smart homes is expected to propel the global smart home as a service market growth over the forecast period. Smart homes help the consumers with long-term cost savings on energy consumption, which in turn, is expected to accelerate the adoption of the same. Although the cost of smart home appliances is significantly higher than conventional counterparts, their cost-saving potential is second to none. According to Nest Thermostat manufacturers, an average U.S. homeowner can save up to 12-15% on heating and cooling cost. Furthermore, there are many more energy management devices available such as smart lights, smart meters, smart outlets, smart fans, and ACs. Therefore, these factors are expected to boost the global smart home as a service market growth in the near future.

Market Taxonomy

This report segments the Global Smart Home as a service Market on the basis of Service, Solution and Region. On the basis of Service, Global Smart Home as a service Market is segmented into Managed and Integrated. On the basis of Solution, the Global Smart Home as a service Market is segmented into Security and Access, Lighting and Window, Audio-Visual and Entertainment, Energy Management and Climate and Integrated. On the basis of region, Global Smart Home as a service Market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.

Key features of the study:

  • This report provides an in-depth analysis of the Global Smart Home as a service Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2019-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global Smart Home as a service Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the Global Smart Home as a service Market includes Ingersoll-Rand plc (Nexia), Vivint, Inc., Protection One Alarm Monitoring, Inc., The ADT Corporation, Telus Communications, Frontpoint Security Solutions, AT&T Inc., Johnson Controls, Inc., Comcast Corporation, Charter Communications (TWC), and CenturyLink, Inc.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
  • The global Smart Home as a service market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Smart Home as a service Market

Detailed Segmentation:

  • Global Smart Home as a service Market, By Service:
    • Managed
    • Integrated
  • Global Smart Home as a service Market, By Solution:
    • Security and Access,
    • Lighting and Window,
    • Audio-Visual and Entertainment,
    • Energy Management and Climate
    • Integrated
  • Global Smart Home as a service Market, By Region:
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa
  • Company Profiles
    • AT&T Inc.
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • CenturyLink, Inc.
    • Charter Communications (TWC)
    • Comcast Corporation
    • Frontpoint Security Solutions
    • Ingersoll-Rand plc (Nexia)
    • Johnson Controls, Inc.
    • Protection One Alarm Monitoring, Inc.
    • Telus Communications
    • The ADT Corporation
    • Vivint, Inc.

Browse all the market data tables and figures on “Global Smart Home as a service Market - Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, BY Service
      • Market Snippet, By Solution
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global Smart Home as a service Market, BY Service, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Managed
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Integrated
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  5. Global Smart Home as a service Market, By Solution, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Security and Access
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Lighting and Window
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Audio-Visual and Entertainment
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Energy Management and Climate
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Integrated
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  6. Global Smart Home as a service Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, Service, 2019–2027(US$ Million)
      • Market Size and Forecast, By Solution, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, Service, 2019–2027(US$ Million)
      • Market Size and Forecast, By Solution, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, Service, 2019–2027(US$ Million)
      • Market Size and Forecast, By Solution, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, Service, 2019–2027(US$ Million)
      • Market Size and Forecast, By Solution, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, Service, 2019–2027(US$ Million)
      • Market Size and Forecast, By Solution, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  7. Competitive Landscape
    • Company Profiles
      • AT&T Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • CenturyLink, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Charter Communications (TWC)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Comcast Corporation.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Frontpoint Security Solutions
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Ingersoll-Rand plc (Nexia)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Johnson Controls, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Protection One Alarm Monitoring, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Telus Communications
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • The ADT Corporation.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Vivint, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on “Global Smart House as a Service Market -forecast to 2027”.

Frequently Asked Questions

The global smart home as a service market is estimated to reach US$ 15,225.8 Million by 2027.
Major players operating in the global smart home as a service market include Ingersoll-Rand plc (Nexia), Vivint, Inc., Protection One Alarm Monitoring, Inc., The ADT Corporation, Telus Communications, Frontpoint Security Solutions, AT&T Inc., Johnson Controls, Inc., Comcast Corporation, Charter Communications (TWC), and CenturyLink, Inc.
High cost of implementation, coupled with issues regarding privacy and misuse of technology are some of the major factors that are expected to hamper growth of the market over the forecast period.
Growing demand for energy management solutions is one of the major factors that is expected to propel growth of the market over the forecast period.
The global smart home as a service market is estimated to exhibit a CAGR of 18.1% during the forecast period (2019-2027).
Among regions, North America is expected to hold dominant position in the global smart home as a service market in 2019, accounting for 45.3% share, in terms of value, followed by Europe, Asia Pacific, Middle East & Africa, and Latin America.
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