Meticulous Research®—a leading global market research company, published a research report titled, ‘South East Asia Smart Home Market by Product Type (Smart Lightning Systems, Smart Speakers, Smart Security & Monitoring Systems, Smart Home Appliances), Protocol & Standard (Wireless Protocols, Wired Protocols, Hybrid Protocols) - Forecast to 2030.’
According to this latest publication from Meticulous Research®, the South East Asia smart home market is projected to reach $4.8 billion by 2030, at a CAGR of 13.7% during the forecast period. The growth of the smart home market in South East Asia is driven by the increasing government initiatives for the adoption of smart devices, the wider proliferation of the Internet of Things (IoT), and increasing internet penetration rates. However, consumer reluctance towards technology adoption and the high cost of procurement may restrain the market's growth.
Furthermore, the significant growth opportunities in emerging countries of Asia-Pacific is expected to offer significant growth opportunities for the smart home market in South East Asia. However, data privacy and security concerns may hinder the growth of this market. Additionally, the acceptance of partial automation and collaborations for better interconnectivity are prominent trends in the smart home market.
Meticulous Research® has segmented this market based on product type, protocol & standard, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product type, the South East Asia smart home market is segmented into smart lighting systems, smart speakers, smart HVAC control, smart security & monitoring systems, smart entertainment systems, smart home appliances, smart kitchen appliances, smart home healthcare systems, and smart furniture. In 2023, the smart entertainment systems segment is expected to account for the largest share of the South East Asia smart home market. The large market share of this segment is attributed to the growing populations of tech-savvy individuals, increasing disposable income of the urban population, and technological advancements in entertainment products in the form of digital set-top boxes, smart home theatre, and media players.
Based on protocol & standard, the South East Asia smart home market is segmented into wireless protocols, wired protocols, and hybrid protocols. In 2023, the wired protocols segment is expected to account for the largest share of the South East Asia smart home market. The large market share of this segment is attributed to the rising need to attain better energy efficiency and changing consumers' preference for stable and reliable wired standards for home automation systems.
Based on country/region, the South East Asia smart home market is segmented into Indonesia, Vietnam, Thailand, Malaysia, Singapore, the Philippines, and the Rest of South East Asia. In 2023, Singapore is expected to account for the largest share of the South East Asia smart home market. Singapore’s large market share can be attributed to the increasing initiatives by the government to improve connectivity, transportation & logistics, utility, and service stands. Furthermore, the Singapore government is also endorsing its strategy of sustainability and converting its existing and new infrastructure into smart infrastructure.
The key players operating in the South East Asia smart home market are Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc. (U.S.), Siemens AG (Germany), Samsung Electronics Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Schneider Electric SE (France), LG Electronics, Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), General Electric Company (U.S.), Sony Corporation (Japan), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Lenovo Group Limited (China), Panasonic Corporation (Japan), and D-Link Corporation (Taiwan).
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