Global IOT Smart Homes Market

IOT Smart Homes Market Size, Share, Growth Analysis, By Product(Security & Access Controls, Lighting Control, Entertainment Devices, HVAC), By Protocols(Wireless Protocols, Wired Protocols, and Hybrid), By Application(New Construction, and Retrofit), By Region - Industry Forecast 2025-2032


Report ID: SQMIG45I2065 | Region: Global | Published Date: February, 2024
Pages: 233 | Tables: 95 | Figures: 76

IOT Smart Homes Market Regional Insights

During the duration of a forecast, North America is anticipated to dominate the market. The increasing demand for dependable and affordable home management systems, including cutting-edge safety and security systems, improving device standards, and rising demand for integrated smart devices, such as tablets, voice assistants, and loT-enabled devices, are the main factors driving the regional market. North America has more homes with these systems and appliances than other regions, which is the main factor driving the region's higher revenue for product and software providers.

Over the forecast period, the Asia Pacific region is expected to see a CAGR of much more than 30%. The increasing standard of living and more disposable income in the area are the factors responsible for the market expansion. The region's market is expected to be influenced by the quick uptake of smartphones, the internet, and other technologically advanced devices. Additionally, the use of AI-based digital assistants for daily tasks, like Siri and Alexa, has a significant impact on market growth.

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FAQs

IOT Smart Homes Market size was valued at USD 99.38 Billion in 2023 and is poised to grow from USD 124.52 Billion in 2024 to USD 756.55 Billion by 2032, growing at a CAGR of 25.3% during the forecast period (2025-2032).

The industry dynamics and corporate landscape are highlighted as they impact and shape the global market. Key corporations and new entrants forecast growth initiatives such product launches, mergers and acquisitions, technology improvements, and geographic expansion in both realistic and unrealistic ways. For example, Amazon.com, Inc. announced the release of its sound bot, wall echo, house robot, and other smart home products as part of an annual model refresh in August 2022. The introduction is consistent with the company's goal to improve the product's hardware in order to compete with other businesses. 'Amazon.com, Inc.', 'Alphabet Inc. (Google)', 'Samsung Electronics Co., Ltd.', 'Apple Inc.', 'LG Electronics Inc.', 'Honeywell International Inc.', 'Siemens AG', 'Schneider Electric SE', 'Robert Bosch GmbH', 'Johnson Controls International plc', 'Lutron Electronics Co., Inc.', 'United Technologies Corporation', 'Legrand S.A.', 'Ingersoll-Rand plc', 'Leviton Manufacturing Co., Inc.', 'Control4 Corporation', 'Alarm.com Holdings, Inc.', 'August Home, Inc.', 'Nest Labs, Inc.', 'SmartThings Inc.'

One of the most important global economic drivers for the expansion of the smart home business is the loT platform. Home-based loT-based technology offers energy-saving capabilities. By 2025, GSMA Intelligence projects that there will be over 25 billion Internet of Things connections worldwide, up from 10.3 billion in 2018. This indicates that within a few years, there will be vast collections of sensors, gadgets, and other objects communicating via advanced technologies like 5G. The market is probably going to expand faster as a result of the internet of things' increasing prevalence.

There is a rising demand for electrical cooling systems in the summer and, concurrently, for natural gas, heating oil, wood, and electrical heating systems in the winter due to the variability of climatic changes.

During the duration of a forecast, North America is anticipated to dominate the market. The increasing demand for dependable and affordable home management systems, including cutting-edge safety and security systems, improving device standards, and rising demand for integrated smart devices, such as tablets, voice assistants, and loT-enabled devices, are the main factors driving the regional market. North America has more homes with these systems and appliances than other regions, which is the main factor driving the region's higher revenue for product and software providers.

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Global IOT Smart Homes Market

Report ID: SQMIG45I2065

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