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 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 market potential is anticipated to be driven by the rising number of internet users, rising disposable income of consumers in developing economies, the growing necessity of home monitoring in remote areas, and the rising demand for energy-saving and low-carbon emission solutions. In recent years, the Internet has eased life in a variety of ways and continues to increase in popularity. The use of the Internet has grown in a number of industries, including banking, transportation, education, healthcare, retail, home automation, and the analysis of personal data. The mobile device has a massive effect on this significant rise in Internet use.

The hands-free and more user-friendly deployment of smart devices made possible by digital assistance and AI has a substantial impact on consumer choices. The popularity of digital assistants like Alexa, Google Assistant, Siri, and Bixby has made it possible to operate smart devices using voice commands. The demand for smart home products is being driven by the new features of these digital assistants, such as Bluetooth speaker control and hands-free channel surfing. Customers prefer customised devices as well since they are more convenient and offer a better user experience.

The rapid adoption of modern technologies like the internet of things (IoT), blockchain, smart speech recognition, artificial intelligence (AI), and others has a big impact on market expansion. The technology enables users' voices to be recognised by smart home items so that they can respond to them personally. The market for smart homes has grown as a result of an increase in IoT use in both developing and developed nations. The ability of technology to enable device connectivity has contributed to increasing demand for the market.

US IOT Smart Homes Market is poised to grow at a sustainable CAGR for the next forecast year.