Dublin, 06 October 2021 (GLOBE NEWSWIRE) – South Korea Smart Home Market Report, Number, Family Penetration (by Application Areas), COVID -19 Impact, Policies, Trends & Key Company Profiles – Forecast by 2027 “has been added ResearchAndMarkets.com’s Oferta e.

South Korea’s smart home market projected to exceed $ 10.7 billion by 2027

The smart home is a system that allows the homeowner to control and monitor various home appliances, including heating, lighting, security and entertainment, automatically and sometimes remotely via the internet. In South Korea, home penetration for smart home applications is estimated at around 30% by 2020.

The Korean government is updating its national smart home standards to prepare for the Internet of Things (IoT) era. Korea’s leading electronics manufacturers are also actively working on IoT and smart homes.

In 2017, South Korea launched an alliance of leading information and communication technology and construction firms to feed the smart home industry. The Alliance is supposed to exchange technologies related to building smart homes, develop large data-driven intelligent services, standardize regulations and launch marketing activities to expand this business area.

The growth of the smart home market is attributed to factors such as the significant growth of the IoT market, cost-cutting measures enabled by home automation systems, the large number of manufacturers expanding their product portfolios, and the growing importance of home monitoring from remote locations.

As the demand for smart home appliances increases, security and privacy breaches are also increasing. Issues related to privacy and security breaches are holding back the growth of the smart home market.

The Impact of COVID-19 on the South Korean Smart Home Market

The spread of COVID-19 has become a global stress test. As the number of people infected with the virus continues to rise worldwide, uncertainties about global economic growth are growing.

The home automation market has developed at a rapid pace in recent years, a trend which has been partially accelerated by COVID-19 and the fact that people have been forced to spend more time in their homes due to blockchain measures. The burden of housework has increased during COVID-19, and smart devices that help people save time will benefit.

Moreover, accessibility to smart home appliances has increased dramatically, due to the ever-increasing penetration of broadband among Korean households, as well as the ever-increasing number of people who own smartphones.

South Korean Smart Home Market – By Application Areas

In terms of Smart Home applications, Smart Devices captured the maximum share of the South Korean smart home market. Smart devices are equipped with various sensors and designed with connectivity features that can be connected to handheld devices such as smartphones and tablets, as well as other household appliances.

Security is the second largest segment of applications in the South Korean smart home market, followed by Control and Connectivity in third place. Control and Connectivity is at the heart of smart home solutions, enabling everything from smart appliances to lighting, from temperature control to safety.

The Home Entertainment market captured nearly 9% of the market in 2020, while the Comfort and Lighting app occupied the smallest share of the South Korean smart home market.

Active Families of South Korean Smart Home – By Application Areas

Based on the volume of Smart Home, the Smart Devices segment captured the highest share of South Korea’s active Smart Home households in 2020, followed by the Control and Connectivity segment.

The Energy and Safety Management segment is competing closely to capture the maximum number of active households in the South Korean Smart Home. With the improvement of network infrastructure, the penetration of broadband and internet has increased and consumers are increasingly choosing wireless and technologically advanced products to provide more security for their families. As the trend towards home and smart home automation grows, the market will witness significant growth.

The Home Entertainment app captured the smallest number of active South Korean smart home families by 2020. The rise of home automation and rapid developments in smart wireless technology have led to an explosion in the range of smart entertainment devices in homes, which will boost the smart home market.

Main topics covered:

1. Executive Summary

2. The Impact of COVID-19 on the South Korean Smart Home Market

3. South Korea Smart Home Market Analysis by 2027
3.1 The South Korean Smart Home Market and Forecast
3.2 South Korean Smart Home Number and Forecast
3.3 South Korea Smart Home – Family Penetration and Forecasting

4. Analysis of the stock market of the South Korean smart home by 2027
4.1 South Korean Smart Home Market Share – By Application Areas
4.2 Separation of Active Families of the South Korean Smart Home – By Application Areas

5. South Korean Smart Home Market, Number of Active Households and Household Penetration – By Application Areas
5.1 South Korean Smart Home – Control and Connectivity Market & Active Number Analysis in 2027
5.2 South Korean Smart Home – Comfort and Lighting Market & Active Number of Families Analysis in 2027
5.3 South Korea’s smart home – Home entertainment market and analysis of the number of active families by 2027
5.4 South Korea Smart Home – Smart Device Market & Active Household Number Analysis in 2027
5.6 South Korean Smart Home – Security Market & Active Household Number Analysis in 2027

6. National Standardization of the South Korean Smart Home

7. South Korea Smart Home – Top Company Profiles
7.1 Company Overview
7.2 Smart Home Products
7.3 Latest Smart Home Initiatives and Strategies

  • Hancom MDS Inc. (Former MDS Technology Co., Ltd.)
  • KT Corp
  • LG Electronics Inc.
  • Samsung Electronics Co., Ltd.
  • Telecom SK

For more information about this report visit https://www.researchandmarkets.com/r/srjnfl