The global home networking devices market is foreseen to portray stable continual growth in all the regions around the world, driven by surging customer’s broadband penetration and increased network device adoption. By regulating various systems at home through network devices, end users can create a contented and gratifying environment, while decreasing energy consumption and aligned expenditures. This knack is expected to upkeep revenue growth of the home networking devices. Consequently, market accomplices would pursue innovations that allow homeowners to integrate all their systems and reduce energy consumption.
Home networking devices are foreseen to integrate automated mechanization in daily activity and use technology to avail advanced features and characteristics by means of any electronic device or merchandise that can be owned by an individual. Subsequently, elderly people are foreseen as the major user of the home networking devices as they run the functioning of home automation devices, and increasing aging population is expected to be one of the major market drivers. Growing need to conserve energy & save the environment, changing demographics, emerging need for push-button controlled devices, and mobility are few other drivers of the home networking devices industry growth.
Home networking devices are foreseen to be equipped with high-end technologies such as IP, Bluetooth, and infrared which would act as a restraint in their market growth. Initial high costs, unethical technological breaches, lack of consumer awareness, and lack of standard guidelines in networking systems functioning are expected to hinder the market growth.
Surging proclivity towards sophisticated gadgets with innovative features, new product developments in the home automation segment are expected to emerge as major drivers for the home networking devices market. Smart grid accessibility, surge in individual income in developing economies, and growing interest of the consumer electronics industry are expected to be major opportunities for the players in this market.
Home networking devices market can be segmented by product into security controls, HVAC controls, entertainment controls, and outdoor controls. Based on end-use segments, home networking devices can be bifurcated into mainstream markets and high-end markets. The wireless protocols used in networking devices further segments them into ZigBee, EnOcean, Z-Wave, RFID, Bluetooth, Wi-Fi and Synapse technologies.
North America market is expected to portray a stable growth rate due to the presence of prominent manufacturers and maximum adoption of smart home systems utilizing full networking functionality. The European market is expected to grow faster than the global average in the coming years due to its debauched economic repossession. In Asia Pacific region market is foreseen to grow substantially due to increasing consumer income, higher technological adaptation and increasing consumer awareness
The top companies helping to fuel the home networking devices industry over the forecast period are Mechoshade Systems, Schneider Electric/Square D Company, Watt Stopper, Lutron Electronic Ltd., Vantage Controls, Inc., Siemens AG, Crestron Electronics, and Ingersoll-Rand PLC.
The home networking devices market growth also creates a supplementary growth for the linked markets such as tablet computers, LED-makers, and smartphones. The recent innovations such as Wi-Fi bulb by ZigBee and home automation accessories by Apple are set to bring about a revolution in the home networking devices industry over the forecast period.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.