Market Share of South Korea Smart Home Industry
The South Korean smart home market is fragmented, with various small and large players. All the major players account for a significant market share and focus on expanding the global consumer base. Some of the significant players in the market are Schneider Electric SE, Emerson Electric Corporation, ABB Ltd, Honewell International Inc., and Siemens AG. Companies are increasing their market share by forming multiple collaborations, partnerships, and acquisitions and investing in introducing new products to earn a competitive edge during the forecast period.
In August 2023, the South Korean government announced the launch of Intelligent Home” also known as AIHome, through a collaborative effort involving prominent companies in various sectors, including Samsung, LG, Hyundai E&C, and Korea Land & Housing Corp. (LH). The project is expected to create intelligent homes within apartment buildings, enhancing residential living through technologies.
In July 2023, Cerence Inc. introduced a suite of low-footprint AI products designed specifically for Internet of Things (IoT) applications to meet the diverse needs of customers. The new launch includes Cerence Audio AI Lite and Cerence Input AI Lite, bringing the power of Cerence technology to products where only a small footprint is possible, particularly relevant for IoT products like CVNet’s smart home devices, the first products to leverage this new offering from Cerence.
South Korea Smart Home Market Leaders
-
Schneider Electric SE
-
Emerson Electric Co.
-
ABB Ltd.
-
Honeywell International Inc.
-
Siemens AG
*Disclaimer: Major Players sorted in no particular order
