Global Smart Apartments Market Report 2022 – Market Forecast, Trends And Strategies
12 Jan, 2022
The global smart apartments market size 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 in the smart apartments market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The smart apartments market is expected to reach $4.71 billion in 2026 at a CAGR of 15.3%.
What is the Global Smart Apartments Market?
The smart apartments market consists of sales of smart apartments and related services. Smart apartments have connectivity to smart amenities such as smart lights, smart locks, integrated services like home cleaning within an apartment. The smart apartment comprises smart devices such as 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 lease agreements.
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What drives the Global Smart Apartments Market?
The smart apartments market is driven by the increased use of IoT (Internet of Things) devices by people in every aspect of their daily routine. IoT involves sending and receiving data by a network of sensors, appliances, meters and other devices. The IoT-enabled sensors and devices are used to increase the efficiency of the appliances in a smart apartment making it more efficient, sustainable, safer such as a few IoT-enabled sensors are capable of automatically turning the lights on after sensing the presence in a room thus adding a distinctive attribute to the smart apartments. Thus, the increased adoption of IoT technology boosts the growth of the smart apartments market. For instance, the global spending on IoT across markets grew 12.1% in 2020 to $128.9 billion. Thus, the increased demand for IoT devices that help ease the lifestyle boosts the growth of the smart apartments market.
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Global Smart Apartments Market Segments
The global smart apartments market is segmented:
By Product: Building Management System (BMS), Heating, Ventilating, And Air Conditioning (HVAC), Lighting Control, Security And Access Control, Emergency Alarm And Evacuation System, Audio And Visual Effects
By Application: Residential, Hotel, Other
By Geography: The regions covered in the smart apartments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global smart apartments market.
Smart Apartments Global Market Report 2022provides market size and growth forecasts for the global smart apartments market, global smart apartments market share, smart apartments market segments and geographies, smart apartments market competitive landscape including leading competitors’ revenues, profiles and market shares. The smart apartments market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Smart Apartments Industry Playersinclude Johnson Controls, ABB Ltd., Siemens AG, Honeywell International Inc., Hitachi, IBM, Schneider Electric, Hewlett-Packard, TYCO International, Siemens, Legrand SA. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.