DUBLIN--(BUSINESS WIRE)--The "South Korea Smart Home Market, Number, Household Penetration (by Application Areas), Impact of COVID-19, Policies, Trends & Key Company Profiles - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

South Korea smart home market is projected to surpass US$ 10.7 Billion by 2027

Smart home is a system that allows home owner to control and monitor different devices in 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 30% in 2020.

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

In 2017, South Korea launched an alliance of leading information and communication technology and construction firms to nurture the smart home industry. The alliance is supposed 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 Smart home market is attributed to factors such as significantly growing 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, security and privacy breach is also increasing. The issues pertaining to privacy and security breach are restraining the growth of the smart home market.

Impact of COVID-19 on South Korea Smart Home Market

The COVID-19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth increases.

The home automation market has developed at a rapid rate 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 lockdown measures. The burden of household chores has increased during COVID-19, and smart appliances that help people save time will benefit.

Further, accessibility to smart home devices has dramatically increased, due to the ongoing growth in penetration of broadband amongst Korean households, as well as the continued rise in the number of people owning smartphones.

South Korea Smart Home Market - By Application Areas

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

Security is the second largest application segment of the South Korea smart home market, followed by Control and Connectivity application at the third spot. Control and Connectivity is at the heart of smart home solutions, enabling everything from smart appliances to lighting, from temperature control to security.

Home Entertainment market captured nearly 9% share of the market in 2020, while the Comfort and Lighting application captured least share of the South Korea smart home market.

South Korea Smart Home Active Households - By Application Areas

On the basis of Smart Home volume, Smart Appliances segment captured highest share of the South Korea Smart Home active households in 2020, being followed by Control and Connectivity segment.

Energy Management and Security segment are competing closely to grab maximum share of the South Korea Smart Home active households. With improvement in network infrastructure, broadband and internet penetration has increased, and consumers are increasingly opting for wireless and technologically advanced products to ensure more security for their families. As the trend towards home automation and smart homes grows, the market will witness significant growth.

The Home Entertainment application captured least share of the South Korea smart home active households in 2020. The growth of home automation and rapid developments in wireless smart technology has led to an explosion in the range of smart home entertainment devices, which will drive the market for smart home.

Key Topics Covered:

1. Executive Summary

2. Impact of COVID-19 on South Korea Smart Home Market

3. South Korea Smart Home Market Analysis to 2027

3.1 South Korea Smart Home Market and Forecast

3.2 South Korea Smart Home Number and Forecast

3.3 South Korea Smart Home - Household Penetration and Forecast

4. South Korea Smart Home Market Share Analysis to 2027

4.1 South Korea Smart Home Market Share - By Application Areas

4.2 South Korea Smart Home Active Households Share - By Application Areas

5. South Korea Smart Home Market, Number of Active Households & Households Penetration - By Application Areas

5.1 South Korea Smart Home - Control and Connectivity Market & Number of Active Households Analysis to 2027

5.2 South Korea Smart Home - Comfort and Lighting Market & Number of Active Households Analysis to 2027

5.3 South Korea Smart Home - Home Entertainment Market & Number of Active Households Analysis to 2027

5.4 South Korea Smart Home - Smart Appliances Market & Number of Active Households Analysis to 2027

5.6 South Korea Smart Home - Security Market & Number of Active Households Analysis to 2027

6. South Korea National Smart Home Standardization

7. South Korea Smart Home - Key Company Profiles

7.1 Company Overview

7.2 Smart Home Products

7.3 Recent Initiatives & Strategy in Smart Homes

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

For more information about this report visit https://www.researchandmarkets.com/r/8m923j

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