The ‘Peru Smart Home Market Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research, gives an extensive outlook of the Peru smart home market, assessing the market on the basis of its segments like product, type, connectivity, and distribution channel.
Peru Smart Home Market Size, Share, Analysis, Growth, Demand, Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 362.77 million
- Forecast CAGR (2023-2028): 13.10%
- Forecast Market Size (2028): USD 759.29 million
Based on IoT technology, smart homes allow homeowners to control smart devices remotely. Smart television sets, lighting systems, thermostats, locks, cameras, and kitchen appliances can be controlled using applications on owners’ smartphones or networked devices, helping them enhance the security and energy efficiency of their homes, thereby supporting the growth of the Peru smart home market.
Smart home systems and devices are capable of sharing consumer usage data among themselves and automating procedures based on the preferences of homeowners. Installing smart security cameras provides residents with greater comfort when going away from their homes, as they can monitor their homes from a distance. Since smart motion sensors can identify the difference between residents, pets, visitors, pests, and burglars, they can help owners notify authorities of any suspicious behaviour.
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Similar to other IoT devices, smart home devices are prone to cyber threats and attacks, such as man-in-the-middle, device hijacking, data and identity theft, distributed denial of service (DDoS), and permanent denial of service (PDoS) that can risk the security of occupants. However, by taking certain measures, such as updating firmware, using strong passwords, and two-factor authentication mechanisms, homeowners can lower the risk of attacks, aiding the growth of the Peru smart home market.
Peru Smart Home Market Segmentation:
Smart homes use internet-connected devices to help owners remotely monitor and manage their appliances and systems, including lighting and heating. Smart home technology forms a crucial part of the residential sector as it aids in home automation and provides homeowners with the benefits of security, comfort, convenience, and energy efficiency.
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Based on product, the market is segmented into:
- Lighting Control
- Security and Access Control
- Entertainment
- Home Healthcare
- Smart Kitchen
- Home Appliances
- Smart Furniture
- Others
On the basis of type, the market is divided into:
- Proactive
- Behavioural
Based on connectivity, the market is segmented into:
- Wired
- Wireless
- Hybrid
By distribution channel, the market is bifurcated into:
- Offline
- Online
Peru Smart Home Market Trends
A rise in burglary rates in the country is aiding the adoption of smart home devices to deter break-ins, stimulating the growth of the Peru smart home market. For instance, residents can set a timer to automatically turn on/off the lighting systems and television sets to provide burglars with the appearance that the house is not empty. Additionally, video doorbells and motion-activated flood lights can alert residents if any motion is detected on the premises.
In smart home systems, machine learning and artificial intelligence are gaining popularity, allowing home automation devices to adapt to their owner’s preferences. For instance, voice-activated systems that contain virtual assistants can learn and personalise the smart home to the occupant’s preferences, increasing their satisfaction and aiding the growth of the Peru smart home market.
The rising energy consciousness and the need to save on energy bills are anticipated to increase investments in smart home devices such as smart air conditioners that can be turned off and monitored remotely. Additionally, smart irrigation system can only water the lawn when needed and with the necessary amount of water. Thus, smart homes enhance the energy and water efficiency of users, helping them save natural resources and reap monetary benefits.
Key Market Players:
The major players in the Peru smart home market are Amazon.com, Inc., Google LLC, LG Electronics, Inc., Samsung Electronics Co., Ltd., Schneider Electric SE, Honeywell International, Inc., Life Services SAC, and Importaciones Hiraoka SAC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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