Taiwan Smart Home Market by Product Type (Smart Lighting, Smart Home Security & Surveillance, Smart Entertainment, and Smart Appliances), by Communication Protocol (Wi-Fi, Zigbee, Z-Wave, Bluetooth, and Thread), by Smart Home Hubs (Standalone Hubs and Built-in Hubs), by Voice Assistants Integration (Amazon Alexa, Google Assistant, Apple Siri, and Others), by Smart Home Compatibility with Smartphones (iOS and Android), by Installation, (DIY Installation and Professional Installation), and by Sales Channel (Online Retailers and Offline Retailers)– Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Retail and Consumer | Publish Date: 29-Jun-2024 | No of Pages: 140 | No. of Tables: 104 | No. of Figures: 69 | Format: PDF | Report Code : N/A
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Taiwan Smart Home Market Overview
The Taiwan Smart Home Market size was valued at USD 1.10 billion in 2023, and is predicted to reach USD 5.21 billion by 2030, at a CAGR of 25.0% from 2024 to 2030. A smart home, also referred to as a connected home, is a residential space equipped with cutting-edge technology and automation systems. Smart home systems allow for the centralized control and monitoring of a wide range of household devices, appliances, and security features through a unified network. These intelligent devices can be managed remotely and often respond to voice commands or pre-set schedules, providing homeowners with enhanced convenience, energy efficiency, and security. Connected homes typically incorporate components such as smart thermostats, lighting systems, security cameras, voice assistants, and other interconnected devices, all aimed at enhancing the overall living experience.
Government-Led Smart City Initiatives Drive Market Growth
The Taiwanese government's emphasis on developing technologically advanced and interconnected cities encourages residents to adopt smart home solutions, aligning with the broader vision of smart and efficient urban living. By fostering a culture of innovation and technology adoption, these initiatives stimulate the demand for connected home devices and systems that enhance daily life, thereby contributing to the smart home market demand.
Semiconductor Manufacturing Dominance Propels Growth in Smart Home Market
The dominant position of Taiwan in semiconductor manufacturing plays a significant role in influencing the smart home market. The country produces a substantial portion of the world's semiconductors, including advanced chips, accounting for over 60% of global production.
With a concentration of over 90% in the most advanced semiconductor production, Taiwan's expertise in this field is unparalleled. The Taiwan Semiconductor Manufacturing Corporation (TSMC) is a key player, producing the majority of these chips.
This technological prowess enables Taiwanese companies to develop cutting-edge connected home devices and sensors. The availability of high-quality, locally-produced components accelerates innovation and makes connected home products more accessible and cost-effective for consumers, further driving the Taiwan smart home market growth.
Security and Privacy Concerns Act as Obstacles to the Growth of the Market
The Taiwan smart home market expansion faces a significant obstacle due to concerns about security associated with interconnected systems. Devices such as thermostats, cameras, and door locks are prone to hacking, jeopardizing residents' privacy and safety. Weak or easily guessed passwords and insufficient Wi-Fi network security are often to blame for this vulnerability.
Hackers exploit these weaknesses to gain unauthorized access, potentially manipulating devices or accessing sensitive information. To counter these risks, savvy homeowners must prioritize robust password practices, regularly update device firmware, and fortify their home networks to minimize the risk of cyber-attacks and protect their connected homes from potential breaches.
Integration of Blockchain Technology into Smart Home Devices Presents Lucrative Opportunity for Market Expansion
Renowned for its robust security features and transparency, blockchain technology holds vast potential to enhance the security and privacy of smart home systems. By employing encryption and secure storage, it shields sensitive connected home data, enabling users to regulate access permissions and mitigating the risk of unauthorized entry.
Blockchain technology validates device identities, ensuring that only trusted devices interact within the connected home network, and it simplifies procedures through tamper-proof smart contracts. Furthermore, blockchain technology decentralizes device control, tackles vulnerabilities, and streamlines transparent access control and permissions management.
Through the incorporation of blockchain into smart homes, security and privacy are fortified, fostering a safer and more confidential environment. Consequently, this integration is poised to create significant growth opportunities within the Taiwan smart home market.
Competitive Landscape
Several market players operating in the Taiwan smart home industry include LG Electronics, ASSA ABLOY, Amazon Inc., Samsung Electronics, Sony, Emerson Electronic Co., Johnson Controls International PLC, Centrica Connected Home Limited, Resideo Technologies Inc., Apple Inc., and others.
Taiwan Smart Home Market Key Segments
By Product Type
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Smart Lighting
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Smart Bulbs
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Smart Light Strips
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Smart Switches
-
-
Smart Home Security and Surveillance
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Smart Cameras
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Video Doorbells
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Smart Locks
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Security System
-
-
Smart Entertainment
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Smart TVs
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Smart Speakers
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Streaming Devices
-
-
Smart Appliances
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Smart Refrigerators
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Smart Ovens
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Smart Washing Machines
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Smart Dishwashers
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Smart Home HVAC Management
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Other Smart Appliances
-
By Communication Protocol
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Wi-Fi
-
Zigbee
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Z-wave
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Bluetooth
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Thread
By Smart Home Hubs
-
Standalone Hubs
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Built-in Hubs
By Voice Assistants Integration
-
Amazon Alexa
-
Google Assistant
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Apple Siri
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Others
By Smart Home Compatibility with Smartphones
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iOS
-
Android
By Installation
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DIY Installation
-
Professional Installation
By Sales Channel
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Online Retailers
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Retailers
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 1.10 Billion |
|
Revenue Forecast in 2030 |
USD 5.21 Billion |
|
Growth Rate |
CAGR of 25% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
LG Electronics
-
ASSA ABLOY
-
Amazon Inc.
-
Samsung Electronics
-
Sony
-
Emerson Electronic Co.
-
Johnson Controls International PLC
-
Centrica Connected Home Limited
-
Resideo Technologies Inc.
-
Apple Inc.
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