Singapore Smart Home Market Report 2019-2025 – IoT Drives the Smart Home Market – ResearchAndMarkets.com – Yahoo Finance

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The smart home market in Singapore is estimated at over US$ 125 Million in 2018 and is predicted to grow at a double-digit rate during the forecast period to 2025.

Smart homes are the residences that are equipped with information and computing technology devices that anticipates and responds to the requirement of the owner in an effective and efficient manner. There is a growing demand in the Singapore market for safe and secure living environment, especially concerning safety functionalities and discrete monitoring for elderly people.

In line with Singapore’s Smart Nation vision to improve the quality of lives of Singaporeans through the use of digital technology and Big Data, Singapore’s Housing and Development Board (HDB) has been leveraging a suite of smart technologies to improve the planning, development and management of public housing. With approximately 80 per cent of Singapore households living in public housing, various government agencies are working with industry players to develop and test smart home solutions in HDB estates.

The growth of Singapore smart home market is attributed to factors such as significantly growing IoT market, cost reduction measures enabled by home automation systems, manufacturers expanding their product portfolios, and increasing importance of home monitoring from remote locations. With the increasing demand of smart home devices, security and privacy breach is also increasing. The issues pertaining to privacy and security breach are restraining the growth of the smart home market.

Driving Factors

  • IoT Drives Smart Home Market
  • Cost Savings Due to The Adoption of Energy Conservation Systems
  • Urbanization, Increasing Awareness & Concern for Monitoring Elderly People
  • Development of Connected Innovative Products

Challenges

  • Security and Privacy Breach Concern
  • Cyber Security Concerns

  • Smart Appliances captured maximum share of the Singapore smart home market in 2018.
  • Home Entertainment is the second largest application segment of the Singapore smart home market, being followed by Security segment.
  • Comfort and Lighting segment captured least share of the Smart Home market in 2018.
  • Control and Connectivity segment captured highest share of the Singapore Smart Home active households in 2018, being followed by Home Entertainment and Comfort and Lighting segment.
  • In Singapore, the household penetration for Security applications is expected to hit around 20% by 2025.
  • Security application captured least share of the Smart Home active households in 2018.
  • This report titled Singapore Smart Home Market, Number, Household Penetration & Key Company Analysis – Forecast to 2025 provides a comprehensive assessment of the fast-evolving, high-growth Singapore Smart Home Industry.

  • Singapore Smart Home Market, Volume, Household Penetration & Forecast (2017 – 2025)
  • Singapore Smart Home Market Share Analysis – By Application Areas (2017 – 2025)
  • Singapore Smart Home Active Households Share – By Application Areas (2017 – 2025)
  • Singapore Smart Home Market, Number of Active Households & Households Penetration – By Application Areas (2017 – 2025)
  • Singapore Smart Home Government Initiatives
  • Singapore Smart Home Market – Key Company Profiles
  • Singapore Smart Home Market – Growth Drivers and Challenges
  • Control and Connectivity (Home Automation)
  • Comfort and Lighting (Home Automation)
  • Home Entertainment
  • Smart Appliances
  • Energy Management
  • Security Application
  • Panasonic Corporation
  • Sony Corporation
  • Samsung Electronics Co., Ltd.
  • LG Electronics Inc.
  • IKEA
  • XIAOMI
  • Google
  • TOUCHOME
  • For more information about this report visit https://www.researchandmarkets.com/r/dz7syt

    View source version on businesswire.com: https://www.businesswire.com/news/home/20191211005852/en/

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