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 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.
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Top Boosters and Key Restraints
Trade analysts believe that the COVID-19 crisis can be a boon for online purchasing platforms, since people are homebound and are on the lookout for IoT-based products that can help them stay entertained, and also boost their smart home capabilities. Therefore, the current situation is expected to be quite favorable for the DIY smart home market in the coming time.
DIY tools and systems are far more affordable than the professionally fixed automation systems, which is why they are in heavy demand among price-sensitive consumers worldwide. Also, the surge in technological innovations in sensors, analytics and communication has done wonders for the DIY smart home industry over the years.
With the increasing prominence of wireless technologies to avoid the mess that wires usually create and the soaring demand for energy-efficient and green product solutions also induce revenue generation in the DIY smart home market. Besides, the growing desire among consumers for safety, convenience, connectivity and security also prompts market growth.
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. The sound financial conditions of the people in the region help them pursue these interests, which results in market growth for DIY smart homes.
The persistently increasing need for home safety and the increasing compliance with strict government rules and standards have led the APAC market to great heights. The emergence of new redecoration and renovation trends also accelerates the growth rate of the DIY smart home market in developing countries like China and India. The high consumption of tablets and smartphones is also deemed to be a critical growth enhancer in the APAC market.
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.