Product Code: 66634
The smart home installation service market is expected to register a CAGR of 25% over the forecast period (2019 - 2024). Due to the growing adoption of IoT and Artificial Intelligence (AI), smart homes technologies continue to grow for greater access and control. The smart home system requires a smartphone application or web portal as a user interface, to interact with an automated system.
- The smart home installation service market is driven by an increase in the adoption of cognitive systems and connectivity technologies by end users. The adoption of intelligent assistance-embedded consumer devices (products) has increased rapidly over the last few years, owing to their advanced features, especially in terms of portability.
- Due to the rising adoption of personal assistants in smart homes, it is expected to create new opportunities for smart home installation service providers in the next few years. This is primarily because consumers are adopting technologically-advanced devices, including artificial intelligence embedded devices such as smart TVs, smart speakers, and gaming devices.
- The primary factor hindering the growth of smart home installation service market is the rising concern about data privacy and security.
Scope of the Report
Smart home installation service is a part of smart home technology which helps to provide homeowners security, comfort, convenience, and efficiency by giving them access to control smart devices through the smartphone app. Smart home installation services help to keep house connected and functioning as a whole. It helps to control everything from lights, thermostat, doors and entertainment items from a central control hub or smartphone.
Key Market Trends
E-commerce Expected to Have Significant Growth
- The increasing popularity of e-Commerce channels is expected to create new opportunities in the smart home installation services market.
- Many companies are collaborating with e-Commerce channels to expand their reach into their target customer segments. For instance, in November 2018, eBay announced partnerships with three service providers in the smart home companies - InstallerNet, Handy, and Porch thereby allowing end users to book smart home installation services on eBay's inventory.
- Leading service providers are challenging the easy installation claims made by home improvement and DIY kits, and using this strategy as an essential weapon for the expansion of their consumer base in the smart home installation services market. OEMs and retailers in the smart homes industry are offering consultation, product selection, and installation services under one roof, to bolster their growth in the smart home installation services industry.
North America Expected to Have Significant Market Share
- Smart homes are on the rise, with nearly 30 million U.S. households projected to add smart home technology in the near future. Consumers are adding products to their homes including connected cameras (highest demand), video doorbells (2nd highest demand), connected light bulbs, smart locks and smart speakers of late.
- According to a recent survey in the US, security-focused smart home products are in demand, as family safety is a significant factor for adopting smart home technology. However, the biggest driver for the market in this region is that the consumers are adopting smart home technology like smart lighting solutions, energy management solutions to simplify their lives with greater convenience.
The smart home installation market is neither fragmented nor consolidated. The companies are formulating their business strategies that reflect on an increased focus on expanding their existing distributor networks across the world. The major players are following strategies like product innovation, mergers, and acquisition to expand their reach and hold their market position.
- April 2019 - Calix Inc. announced a partnership with IdeaTek, to expand the availability of its Gigabit services to its subscribers, and facilitate the management and integration of its smart home devices with its cloud-based and home Wi-Fi services. Recently, Vivint, Inc. also announced its partnership with Airbnb, allowing it to remotely manage energy consumption and home security at its homes.
- February 2019 - HelloTech joined Abode Systems for professional security system installations. The new Abode System installation services facilitated by HelloTech will begin with what the companies call "do-it-for-me installation services," followed by plans to expand and introduce additional service and support features in the future.
- November 2018 - eBay announced partnerships with three service providers in the smart home landscape, InstallerNet, Handy, and Porchallowing, end users to book smart home installation services on eBay's inventory.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.3.1 Increased Number of Cognitive Systems
- 4.3.2 Adoption of Intelligent Embedded Devices
- 4.4 Market Restraints
- 4.4.1 Data Privacy and Security Concerns
- 4.5 Industry Value Chain Analysis
- 4.6 Industry Attractiveness - Porter's Five Force Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By System
- 5.1.1 Lighting Control
- 5.1.2 Home Monitoring/Security
- 5.1.3 Thermostat
- 5.1.4 Video Entertainment
- 5.1.5 Smart Appliances
- 5.1.6 Other Systems
- 5.2 By Channel
- 5.2.1 Retailers
- 5.2.2 E-commerce
- 5.2.3 OEM
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 Latin America
- 5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Calix Inc.
- 6.1.2 HelloTech Inc.
- 6.1.3 Red River Electric Inc.
- 6.1.4 Vivint Inc.
- 6.1.5 Meyer Electrical Services Inc.
- 6.1.6 Finite Solutions LLC
- 6.1.7 Handy Inc.
- 6.1.8 Insteon Inc.
- 6.1.9 PULS Group
- 6.1.10 Miami Electric Masters Inc.
- 6.1.11 Smartify Home Automation Limited
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS