South Korea Smart Home Market to Reach Nearly USD 5 Bn by 2024, States iGATE Research in Its Report Published at MarketPublishers.com08 Jan 2018 • by Natalie Aster
LONDON – South Korea’s smart home market is projected to see a fivefold increase by 2024 from its 2016 level, reaching nearly USD 5 billion. The growth of the smart home market is due to the rapidly evolving IoT marketplace, cost cutting measures empowered by home automation systems, a great number of producers enriching their product portfolios, as well as the growing significance of home monitoring from remote areas. With the surging demand for smart home devices, the security and privacy incidences are also on the rise. Increasing mobility is one of the emerging trends stimulating the growth of the smart home market. The issues relating to the breaches of privacy and security as well as cyber security concerns are limiting the sector’s growth.
The control and connectivity grab the largest share of the country’s smart home active households as of 2016, with comfort and lighting segment following after.
Smart appliances and home entertainment applications are competing very closely with each other to grab maximum share of the total number of smart home active households. The smart home entertainment segment is forecast to exhibit a CAGR of more than 12% through to 2024.
In-demand research report “South Korea Smart Home Market, Volume, Household Penetration & Key Company Analysis - Forecast to 2024” elaborated by iGATE Research gives an all-inclusive, unbiased assessment of the rapidly evolving and expanding smart home industry on a national level.
The study gives a comprehensive analysis of the market and penetration plus forecasts, includes a market share analysis and forecasts. It sheds light on the domestic smart home market, number of active households and also households penetration by application areas. Standardization issues are also discussed. The report includes an insightful overview and examination of the major drivers and challenges pertaining to the marketplace, limelights the competitive scenario and profiles the leading players and their products.
Many other topical research studies by this publisher are at hand at iGATE Research page at MarketPublishers.com.