From the perspective of products, hardware accounted for more than 80% of the smart lighting market in 2018 and is in a leading position. The growth of the smart lighting market is mainly due to the widespread adoption of smart bulbs and networked lighting systems in residential and commercial areas. Integrating advanced technologies such as Bluetooth, ZigBee and Wi-Fi into lighting solutions is one of the main factors driving market growth. This allows smart bulbs to be controlled through mobile applications or home and building automation hubs, and individual bulbs can be programmed to change the output as required.
In addition, the cost-effective nature and energy efficiency of smart bulbs are increasing their demand in the market. More than 250 million smart bulbs are expected to be sold by 2025.
Within the forecast time frame, the compound annual growth rate of the software market will exceed 22%. The market is driven by the increasing popularity of global smart home and business automation solutions. In the past five years, the integration of IoT devices in residential and commercial areas has suddenly increased. Consumers are using connected devices to reduce energy consumption and remotely manage their devices from remote locations.
Intelligent lighting control software allows users to control the intensity of lights and lamps based on infrastructure, environment and light intensity. In addition, the emergence of lighting as a service solution and the proliferation of mobile applications for controlling lighting have also become the main drivers of the software market growth.