Global smart managed switches market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Smart managed switches are also termed, as smart switches. These connected electrical devices allow controlling switches using smartphone app or smart home technology.
The factors that are playing a major role in the growth of smart managed switches market are the rising use of latest technology, the rising awareness among populace regarding smart homes, rapid enhancement in IoT, and the growing urbanization. In addition, government initiative by offering favorable policies and regulations in developed regions and dynamic and eco-friendly designs are other factors that are boosting overall market. However, the high cost and lack of standards may restrain the overall market growth in the years to come.
Smart managed switch market is segmented based on type, offering, price range, application, distribution channel, and region. Toggle, push button, specialty, rocker, and other types that could be explored in the market in the forecast period.
Software and hardware are the offerings that could be explored in smart managed switch market in the forecast period. Hardware sector comprises 48-port gigabit, SFP for fiber uplinks, and rack-mount or desktop. Software sector comprises VLAN, quality of service (QoS), auto denial-of-service (DoS), and IGMP snooping. Price range vary from low, premium, and economy that could be explored in the market in the forecast period.
The market may be categorized based on applications like government, residential, commercial, and others that could be explored in the forecast period. The commercial sector accounted for the significant share of the market and is estimated to continue its dominance in the years to come. Based on the distribution channel, electrical wholesalers, online stores, electric retail stores, and others could classify smart managed switches in the forecast period.
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Globally, North America accounted for the significant share of smart managed switches market and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the high investment in smart homes, the presence of key manufacturers, and the rising trend of IoT-based home energy management system. The United States is a major consumer of smart managed switches in this region. The reason could be the continuous electricity traffic hikes and the rising home remodeling.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise the growing construction industry, growing population, and the rapid urbanization. The developing countries like India and China are the major consumers of smart managed switches in this region.
The key players of smart managed switches market are Leviton Manufacturing Co., Inc., Eaton Corporation, Lutron Electronics Co., Inc., Ankuoo Electronics Inc., General Electric, Wion Products, Belkin International, TP-Link Technologies Co., Ltd., iDevices, LLC, TP-Link Technologies Co., Ltd., Elgato Eve, and Logitech International S.A. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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