Artificial Intelligence (AI) involves the creation of intelligent machines that react and work like humans. It helps machines to learn from practice, fine-tune to new input, and thereby, perform human-like tasks. An AI powered home solution combines various sensor interfaces including facial or voice recognition, context-based suggestion, and responsive notifications in order to streamline and simplify decision making. As per the Cisco Visual Networking (VNI) Index study: Forecast and Trends, 2017–2022, the global machine to machine (M2M) connections are estimated to rise from 6.1 billion in 2017 to 14.6 billion by 2022 at a CAGR of 19% during the forecast period (2017 – 2022).
Also, connected home applications including home automation, home security and video investigation, and tracking applications will represent nearly 48% of the total (machine to machine) M2M connections by 2022. This growing demand for home automation, security, and surveillance has boosted demand for AI powered home solutions. Various consumers are focusing on the latest home security solutions in order to safeguard themselves and family from threats. With the integration of AI in home security, consumers can monitor their homes from remote locations. An AI powered home solution helps consumers in controlling the electrical consumption according to their needs.
A major driver of the AI powered home solution market is rise in adoption of smart appliances, development in Internet of things (IoT), demand for intelligent home monitoring from remote places in order to save energy, and adhere to the low carbon emission norms. However, high switching cost involved in moving from traditional systems to intelligent systems and fear of data breach and security are major restraints affecting the growth of the AI powered home solution market.
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Nevertheless, emerging government guidelines, regulations, and policies to promote green buildings are some of the major opportunities for the AI powered home solution market. Rise in the use of voice assistants and increase in the penetration of the Internet and AI-enabled home appliances are major factors expected to boost demand for AI-powered home solutions globally. With a rise in disposable incomes, consumer demand for making automated tasks AI enabled is increasing. This will help in making smart devices, including ACs, locks, TVs, and vacuum cleaners, gauge the usage and requirement and take their own decisions to do an activity.
The global AI powered home solution market can be categorized based on application, component, distribution channel, end-use, and region. Based on component, the global AI powered home solution market can be classified into hardware, software, and services. The hardware segment can further be classified into cameras, voice assistants, alarms, smart locks and others. In terms of application, the global AI powered home solution market can be categorized into lighting control, security and access control, HVAC control, entertainment, smart kitchen, and home appliances.