Transparency Market Research has recently published a new research report on global connected home devices market. According to the research report, the global market is expected to exhibit a massive CAGR of 12% for the forecast period of 2019 to 2027. With this rate of growth, the global market is expected to witness sales of around 240 million units across the world over the course of the forecast period.
The research report provides great insight on the overall competitive landscape of the global connected home devices market. The competitive landscape of the global market is a fragmented one with the presence of several key players. These leading companies are expected to invest further in developing advanced products that will further cater to the evolving needs of the consumers. In addition to these, the leading players in the market are expected to adopt aggressive strategies such as mergers, strategic partnerships, and acquisitions in order to stay ahead of their competitive curve. Some of the notable brands operating in the global connected home devices market are LG Electronics, Ingersoll Rand PLC, Hubbell Inc., Apple Inc., Lutron Electronics and Co., and Robert Bosch GmbH among others.
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Increasing Customization to Attract More User for Market Adoption
There are several factors that are helping to push the development of the global connected home devices market. As the artificial intelligence, machine learning, and voice control technology make more developments in their respective sectors, an intelligent assistant has now come up to be one of the most popular control center application for connected homes. This has been the biggest trend in the global market in recent years and is responsible for pushing the growth of the market to newer heights. In addition to this, constant production and launch of new products such as smart speakers, and technologically advanced gadgets is also driving the growth of the global connected home devices market. In addition to this, with the customization of applications and products, end-users are now getting personalized experience of the connected home. This too is helping to drive the growth of the global connected home devices market.
Asia Pacific Market to Experience Huge Growth
In terms of geographical segmentation, there are five key regions of the global connected home devices market. These regions are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these, currently, the global connected home devices market is led by the regional segment of North America. Strong technological infrastructure and early access to latest tech has helped the development of the North America market. On the other hand, the regional segment of Asia Pacific is projected to witness a promising growth during the coming years of the forecast period. Rapid adoption of latest technology, growing awareness among people, and increasing spending power are some of the key reasons behind the development of the Asia Pacific market.