The global Smart Home Systems market size is projected to grow from USD 78.3 billion in 2020 to USD 135.3 billion by 2025, at a CAGR of 11.6% during the forecast period. Growth of this market can be attributed to factors such as increasing need for convenience as well as safety and security, and rising demand for energy-efficient solutions. The Smart Home Systems market will be significantly driven by the increasing consumer preference for video doorbells, voice-assisted technologies (such as Alexa and Google Home), and surveillance systems.
In 2019, the Best Smart Home Systems market was dominated by Honeywell, Siemens AG, Johnson Controls, and GE. A few of the key strategies executed by these players to compete in the Smart Home Systems market include product launches, partnerships, collaborations, and agreements. There were also a significant number of acquisitions & mergers during this period.
Honeywell has a strong presence in the Smart Home Systems market majorly due to its wide product portfolio
comprising various products and services related to security and fire, building control and software, and so on. Product launches, acquisitions, and expansions have been the major strategies adopted by the company for business growth. To further broaden its product portfolio, the company focuses on strategic acquisitions and product launches.
June 2018 – Honeywell introduced Honeywell Vector Space Sense, a software solution that shows where, when, and how building spaces are used at any given point in time.
May 2019 – Resideo, a Honeywell subsidiary, acquired the Responsive Energy Efficiency Technology to expand its Smart-Home Comfort Offering.
Siemens AG is one of the leading players in the Smart Home Systems market. Its growth strategy revolves around the electrification, automation, and digitalization industries. The company is known for its automation and control offerings that cater to the increasing needs for industrial automation. It focuses on innovation-driven growth markets by designing innovative solutions to meet customer needs. The company is concentrating on enhancing its product portfolio in the Top Smart Home Systems market by offering innovative products according to consumer requirements. It also invests significantly in R&D to drive profitable growth and optimize manufacturing capabilities.
September 2018 – Siemens updated its GAMMA instabus product line with the new, powerful KNX-based universal dimmer—N554. This universal dimmer can be used to control LED and other lamps with up to 1000 VA specifications, making it perfect for advanced lighting solutions in cinemas, theaters, opera houses, museums, and hotels.
June 2018 – Siemens acquired J2 Innovations, a software framework provider to build automation and IoT technologies.
Johnson Controls is one of the leading players in the Smart Homes Systems market. The company has a wide product portfolio for the market, with products ranging from HVAC systems to video surveillance systems. It caters to a large customer base, which helps the company enhance its revenues and profit margins. It also aims to strengthen its position in other regions through strategic partnerships and collaborations.
April 2020 – Johnson Controls introduced LUX KONOse for the senior care market which offers increased visibility, focused ease of use, and adjustment assurance to create the best experience for residents of senior living facilities.
September 2018 – johnson Controls acquired Federal Energy Infrastructure Solutions, a subsidiary of EDF Renewables (US). The transaction allows Johnson Controls to expand in the federal government Energy Savings Performance Contract (ESPC) marketplace.