The main players in the market are Johnson Controls; ABB SA; Siemens SA; Honeywell International Inc .; Hitachi; IBM; Schneider Electric; Hewlett-Packard; TYCO International and Siemens; Legrand SA.
New York, December 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Smart Apartments Global Market Report 2022” – https://www.reportlinker.com/p06193669/?utm_source=GNW
The global smart apartment market is expected to grow from $ 2.29 billion in 2021 to $ 2.67 billion in 2022 at a compound annual growth rate (CAGR) of 16.4%. The growth is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that have resulted in operational challenges. The market is expected to reach $ 4.71 billion in 2026 at a CAGR of 15.3%.
The smart apartment market includes the sale of smart apartments and related services. Smart apartments are connected with smart equipments like smart lights, smart locks, integrated services like house cleaning in an apartment.
The smart apartment includes smart devices like smart locks, smart thermostats, smart lights, smart TVs, blinds, cameras and kitchen appliances. A smart apartment also involves the use of technology that can be reprogrammed frequently based on the resident’s rental contracts.
The main types of products in smart apartments are building management system (BMS), heating, ventilation and air conditioning (HVAC), lighting control, security and access control, system alarm and emergency evacuation and audio and visual effects. Lighting controls are a class of intelligent lighting systems capable of managing the quantity, quality and characteristics of light in a specific area.
These smart devices help reduce wasted electricity while increasing energy efficiency. Smart apartments are used in residences, hotels and more.
Asia-Pacific is the largest region of smart apartment market in 2021. Africa is expected to be the fastest growing region during the forecast period.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
The smart apartment market is driven by the increased use of IoT (Internet of Things) devices by people in all aspects of their daily routine. IoT involves sending and receiving data through a network of sensors, devices, meters, and other devices.
IoT-enabled sensors and devices are used to increase the efficiency of devices in a smart apartment, making it more efficient, durable, safer, as some IoT-enabled sensors are able to automatically turn on the lights after detecting the presence in a bedroom thus adding a distinctive attribute to smart apartments. Thus, the increased adoption of IoT technology is driving the growth of the smart apartment market.
For example, global IoT spending in all markets grew 12.1% in 2020 to reach $ 128.9 billion. Thus, the increased demand for IoT devices that help facilitate the lifestyle is driving the growth of the smart apartment market.
The concept of Using Apartment as a Service (AaaS) is the latest trend driving the smart apartment market. In the Apartment as a Service (AaaS) concept, fully furnished smart apartments are rented for very short to long term stays.
It helps provide tenants with a cost effective solution for living in a smart apartment. Using the apartment as a service allows rental operators to streamline their operations and costs, improving the resident experience and uncovering new sources of income for the owner.
For example, as Entrata, an American property management software provider, reported in the United States, nearly 57% of apartment renters can pay up to $ 20 per month if smart technology has been installed in the apartment. a flat.
The risk of a potential cyberattack leading to an invasion of privacy limits the growth of the smart apartment market. A smart apartment uses a complex network of internet-connected devices that uses sensors and controllers that are used to control ventilation systems, heating systems, lighting, water, CCTV systems, alarms and other critical functions.
Thus, any security breach caused by a malicious cyber attack affects the remote monitoring of temperature, system performance and other variables of a smart building and invades the privacy of residents. Any breach of cybersecurity of a smart apartment may result in the exploitation of remote access privileges to access the facility.
For example, in 2019, a lawsuit was filed against Ring, an Amazon-owned US home security and smart home provider, where the plaintiff claimed that his Ring smart video doorbell was hacked by a hacker from the United States. ‘outside. The hacker used it. communicate with family members of the applicant.
The incident raises questions about the safety of smart devices installed in smart residential buildings. Thus, the growth of smart apartment market is limited by the risk of cyber attack causing privacy breach.
In 2019, Control4 Corporation, a U.S. provider of home and business automation and networking systems, acquired NEEO for an undisclosed amount. With this acquisition, Control4 Corporation aims to expand its product line by adding remote controls, touch screens, keyboards and other smart home devices to NEEO’s product portfolio.
NEEO is a Swiss supplier of home automation, electronics, consumer electronics and smart home automation.
The countries covered in the smart apartments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06193669/?utm_source=GNW
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