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Smart Home Devices Market at a CAGR of 18.7% between 2021 and 2031.
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The smart home devices market is set to grow at a CAGR of 18.7% from 2021 to 2031, driven by technological advancements and green initiatives.
Global smart home devices sales is expected to grow at a healthy CAGR of over 18% during the study forecast period 2021-2031, despite a period of less growth in 2020, according to a latest study by ESOMAR-certified market research firm, Future Market Insights. The research study tracks smart devices sales in 20+ countries, offering a lucid analysis on how growth trend will unfold.
The smart home devices market is currently exhibiting growth at an impressive pace. Due to the increasing popularity of technological advancements, device and appliance manufacturers now have the focus on fostering smarter homes. Advanced automated systems such as monitor lighting, temperature, multi-media, security shields, entertainment systems, window and door operations, and others, which can be operated by users through smartphones and computers are being launched. Focus on smart home technologies is expected to rise, paving way for the expansion of smart home devices market.
Future Market Insight’s latest edition of the study offers comprehensive insights into the market trends, value (US$ Bn) projections, recent developments, and dynamics. The report tracks the global value of smart home devices market in various high-growth countries across regions such as South Asia & Pacific, Middles East, and Latin America offering the most profitable opportunities to stakeholders. The report also analyzes the impact COVID-19 has had on the economy in general, and thermal printing in particular.
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Key Takeaways from the smart home devices Market Study
Green Building Initiatives Paving Way for Growth
Green building initiatives undertaken by several countries around the world have been creating lucrative growth opportunities.For instance, in India the government is providing certain incentives to IGBC which is a council in India implementing certain initiatives to build sustainable and eco-friendly buildings. These initiatives have played a major role in Kohinoor Hospital in Mumbai, which is a remarkable example of the green building initiative.
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Competitive Landscape
Some of the prominent players in global smart home devices market include Samsung electronics Co. Ltd, LG Electronics, Siemens AG, Samsung electronics Co. Ltd, Honeywell International Inc., Schneider Electric, Koninklijke Philips N. V, Amazon.com Inc., Robert Bosch GmbH, Apple Inc., Nest Labs, UNITED TECHNOLOGIES, Panasonic Corporation, Sony Corporation, and Midea Group.
The players have opportunities to generate sales and improve their position in the smart devices market by implementing latest ideas into their products. They also can widen their distribution methods by collaborating with the industries. There is incredible focus on staying up-to-date with the latest technologies. Therefore, product launches are a common strategy as market players seek to offer state-of-the art technologies to their consumers.
Key Questions Answered in the Report
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The article discusses the growth of the smart home devices market, projected to grow at a CAGR of 18.7% from 2021 to 2031.
How do green building initiatives impact the market? They create growth opportunities by promoting eco-friendly technologies.
Who are the key players in the market? Companies like Samsung, LG, and Apple are leading the market.
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