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 2024-2031

IOT Smart Homes Market Drivers

Internet of Things (IoT) Solution Adoption to Boost Market Expansion

• 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.

• The global market for smart homes is being driven by the increasing demand for energy-saving and low-emission solutions. The economic prosperity of a nation must take energy efficiency into consideration. The need to cut back on energy use and carbon emissions has increased as a result of regulatory requirements and rising global warming. An important portion of the global energy consumption is driven by smart homes. This aspect is anticipated to be the main driver of market expansion in this area.

IOT Smart Homes Market Restraints

High Security Concerns May Restrict Market

• The growing cyberattack in high-end connected technology is the main barrier to market expansion. The security of connected endpoints overall puts smart home technology at risk. Intelligent technology connects to every system and gadget in the house, which makes it vulnerable to hackers if not adequately guarded. A designer, developer, and licenser of chip interface technology, Rambus Incorporated estimates that 80% of loT devices are susceptible to various attacks.