Global Smart Lighting Market Size, Share & Trends Analysis Report by Offering (Hardware and Software & Services), by End-User (Indoor and Outdoor), and by Communication Technology (Wired and Wireless) Forecast Period (2022-2028) The global smart lighting market is anticipated to grow at a considerable CAGR of 20.6% during the forecast period. The growing penetration of smart homes across the globe is projected to drive the demand for the smart lighting market. Smart lighting systems comprise various hardware and software components such as dimmers, switches, sensors, control systems, and software. The smart home concept is led by advances in future technologies such as the Internet of Things (IoT). The increasing adoption of IoT and growing introduction of technology-enabled smart homes is gaining traction among homeowners, as a result presenting the requirement to transform conventional homes into smart homes. The ability of lights to connect with IoT devices and create a variety of ambient lighting using just smartphones or tablets has increased its popularity and demand across smart homes. Moreover, the wide range of features offered by smart lighting across residential spaces has created market growth avenues for smart lighting. The basic feature offered by smart lighting is that it can be dimmable with various color tones and can be controlled from anywhere. Apart from this, they can be scheduled to turn on/off, monitor lighting’s energy usage can be connected wirelessly and some of them can even be voice-controlled. The global smart lighting market is segmented based on the offering, end-user, and communication technology. Based on the offering, the market is segmented into hardware, and software & services. Based on the end-user, the market is categorized into indoor and outdoor. Further, based on communication technology, the market is segmented into wired and wireless. Among the offering, the software & services sub-segment is anticipated to grow at the fastest rate in the global smart lighting market. Smart lighting software is easy-to-use and is comprehensive Central Management Software (CMS) that monitors and manages the lighting by either dimming the lights or turning them off at off-peak times. They are suitable to manage large-scale outdoor lighting networks. The software assists in monitoring and controlling each street light or group of street lights with a web application suite that is remotely accessible at any time, anywhere. Several companies such as Citintelly, Efacec, TVILIGHT Projects B.V., and Dhyan Networks and Technologies, Inc. offers secure & scalable central management system (software) for street lighting control. Geographically, the global smart lighting market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Among these, the Asia-Pacific region is expected to witness the fastest growth in the global smart lighting market owing to the increasing investments in smart city projects and increasing government expenditure on public infrastructure. For instance, on June 25, 2015, Prime Minister Narendra Modi launched the 100 Smart Cities Mission in India. The government on April 18 informed that all government-funded projects in Smart City Mission will be completed by 2023. Additionally, others countries such as China are anticipated to be at the forefront of smart lighting adoption due to their rising constant increase in commercial and industrial building construction projects. The major companies serving the global smart lighting market include Honeywell International Inc., Hubbell Inc., Lutron Electronics Co., Inc., Sengled Optoelectronics Co., Ltd., Signify Holding (Philips Hue), and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2021, Leviton expanded the Decora Smart Wi-Fi lighting control portfolio with the launch of Decora Smart Wi-Fi 2nd Gen. The Decora Smart Wi-Fi 2nd Gen features four products – 600W Dimmer, 15A Switch, Mini Plug-in Switch, and Mini-Plug-in Dimmer. These products are compatible with the free My Leviton app, Amazon Alexa, Hey Google, Apple HomeKit/Siri, IFTTT, and others. Research Methodology The market study of the global smart lighting market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports. Secondary Sources Include • Financial reports of companies involved in the market. • Whitepapers, research papers, and news blogs. • Company websites and their product catalog. The report provides an in-depth analysis of the market size and the intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models. Market Segmentation 1. Global Smart Lighting Market Research and Analysis by Offering. 2. Global Smart Lighting Market Research and Analysis by End User. 3. Global Smart Lighting Market Research and Analysis by Communication Technology. The Report Covers • Comprehensive research methodology of the global smart lighting market. • This report also includes a detailed and extensive market overview with key analyst insights. • An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations. • Analysis of regional regulations and other government policies impacting the global smart lighting market. • Insights about market determinants that are stimulating the global smart lighting market. • Detailed and extensive market segments with the regional distribution of forecasted revenues. • Extensive profiles and recent developments of market players.