Smart Apartments Market: —
The global smart apartments market is expected to decline from $2.09 billion in 2019 and to $1.84 billion in 2020 at a compound annual growth rate (CAGR) of -12.26%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $2.47 billion in 2023 at a CAGR of 10.45%.
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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In 2019, Control4 Corporation, a USA-based provider of automation and networking systems for homes and businesses, acquired NEEO for an undisclosed amount. Through the acquisition, Control4 Corporation aims to expand its product line by adding remotes, touch panels, keypads, and other smart home devices from NEEO’s product portfolio. NEEO is a Switzerland based provider of home automation, electronics, consumer electronics, and smart home automation.
The smart apartments market covered in this report is segmented by product into 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.
The risk of potential cyber-attack leading to a breach in privacy restricts the growth of the smart apartments market. A smart apartment uses a complex network of devices connected over the internet that uses sensors and controllers which are used to control the ventilation systems, heating systems, lighting, water, video surveillance systems, alarms, and other critical functions. Thus, any security breach caused due to malicious cyber-attack affects the remote monitoring of temperature, system performance, and other variables of a smart building and intruding privacy of the residents. Any breach in cybersecurity of a smart apartment may result in the exploitation of remote access privileges to gain access to the facility. For instance, in 2019, a lawsuit was filed against Ring, a USA-based Amazon-owned provider of home security and smart home, where the plaintiff claimed that his Ring smart video doorbell was hacked by a hacker from outside. The hacker used it to communicate with the plaintiff's family members. The incident raises issues regarding the safety of smart appliances installed in smart residential buildings. Thus, the growth of the smart apartments market is restricted by the risk of cyber-attack causing privacy breach.
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 was more than $700 billion in 2016 and was estimated to be more than $1 trillion in 2020. Thus, the increased demand for IoT devices that help ease the lifestyle boosts the growth of the smart apartments market.
The concept of using an apartment as a service (AaaS) is the latest trend driving the smart apartments market. In the apartment as a service concept (AaaS), fully furnished smart apartments are rented for very short to long periods of stays. It helps to offer a cost-effective solution for tenants to live in a smart apartment. Using apartment as a service enables the rental operators to streamline their operations and costs thus enhancing the resident’s experience and discovering new revenue streams for the owner. For instance, there were more than one million serviced apartment units in 2017. Also, as reported by Entrata, a USA based provider of property management software, in the USA, almost 57% of apartment tenants can pay up to $20 per month if smart technology was installed in an apartment.
Major players in the smart apartments market are Johnson Controls, ABB Ltd., Siemens AG, Honeywell International Inc., Hitachi, IBM, Schneider Electric, Hewlett-Packard, TYCO International and Siemens, and Legrand SA.
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