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 2024-2031

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

IOT Smart Homes Market News

  • In January 2022, in order to promote the growth of smart home technologies, Samsung Electronics Co., Ltd. teamed up with the Home Connectivity Alliance. With this agreement, new and useful features will be added to the product lineup. To promote their use in houses, whether for new construction or retrofit, market participants are also expanding the capabilities of smart home products and features.
  • In 2022, New switch line was unveiled by ABB India. Switches from Millenium and Zenit that have received ISI certification offer customers comfort, functionality, and control in smart buildings and spaces that can easily be upgraded with the newest smart home automation systems. With these switches created for both residential and commercial establishments, customers can convert from conventional lighting to an intelligent, eco-friendly substitute.
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FAQs

IOT Smart Homes Market size was valued at USD 79.31 billion in 2019 and is poised to grow from USD 99.38 billion in 2023 to USD 603.79 billion by 2031, growing at a CAGR of 25.3% in the forecast period (2024-2031).

The industry dynamics and corporate landscape are highlighted as they impact and shape the 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 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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