South Korea offers a lucrative market opportunity for the Smart home industry, with the country’s smart home market projected to reach nearly US$ 7 Billion by 2026.
Smart home is a system that allows home owners to control and monitor different devices in the home including the heating, lighting, security, and entertainment, automatically and sometimes remotely via the Internet. In South Korea, household penetration for smart home applications is estimated at around 22% in 2019.
The Korean government is now in the process of updating its national smart home standards to prepare for the era of the Internet of Things (IoT). Major Korean electronics manufacturers are also working actively on IoT and smart home developments, following South Korea’s 2017 launch of an alliance of leading information and communication technology, and construction firms to nurture the industry.
The alliance is designed to exchange related technologies for the building of smart homes, develop big data-based smart services, standardize regulations and launch marketing activities for the expansion of this business field.
The growth of the smart home market is attributed to factors such as significantly growing global IoT market, cost reduction measures enabled by home automation systems, large number of manufacturers expanding their product portfolios, and increasing importance of home monitoring from remote locations.
With the increasing demand of smart home devices, cybersecurity and privacy breach concerns are increasing in kind – issues that are, in fact, restraining the growth of the smart home market.
South Korea Smart Home Market – By Application Areas
In terms of smart home applications, smart appliances have captured maximum share of the South Korea smart home market. Smart appliances are the next generation of home appliances that have the ability to receive, interpret, and act on a signal received from a user, and then they automatically adjust their operation to save energy.
Control and Connectivity is the second largest application segment of the South Korea smart home market, followed by Security applications. Control and Connectivity is at the heart of smart home solutions, supporting everything from smart appliances to lighting, from temperature control to security. The Home Entertainment market captured nearly 14% share of the market in 2019, while the Comfort and Lighting application captured the smallest share of the South Korea smart home market.
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