Singapore Smart Home Market Report 2019-2025 – IoT Drives the Smart Home Market – ResearchAndMarkets.com – Yahoo Finance
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.
- 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
- Security and Privacy Breach Concern
- Cyber Security Concerns
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.
For more information about this report visit https://www.researchandmarkets.com/r/dz7syt
View source version on businesswire.com: