USD 79.55 billion
Smart Home Market Size, Share, Growth Analysis, By Products (Lighting Control, Security & Access Control), By Type (Behavioural Software & Services, Proactive Software & Services), By Installation Type, By Protocol, By Sales Channel, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2100 |
Region:
Global |
Published Date: October, 2024
Pages:
197
|Tables:
67
|Figures:
77
Smart Home Market Insights
Smart Home Market was valued at USD 79.55 Billion in 2022 and is poised to grow from USD 101.84 Billion in 2023 to USD 734.75 Billion by 2031, growing at a CAGR of 28.02% in the forecast period (2024-2031).
Dishwashers, streaming players, cameras, and lighting are some of the instances of smart home appliances. This rising trend of integration with the artificial intelligence of smart home devices for smart features is expected to increase product demand. Furthermore, the growing rate of the internet and smartphone penetration across the globe is increasing the demand for connected smart home products. The installation of smart devices is now hassle-free for any user, which is AI-powered digital assistance that influences the consumer's decision. In addition to this, a growing portion of the population is using virtual assistants such as Siri, Google Assistant, Alexa, etc., supporting voice commands for its automation in operations. The additional features that these digital assistants are providing, such as Bluetooth speakers and hands-free channel surfing, are driving demand for smart home products.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Wireless
Fastest Growth
Wired
Growth Rate
28.02% CAGR
Global Smart Home Market ($ Bn)
Country Share for Asia-Pacific Region (%)
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Smart Home Market Segmental Analysis
Global Smart Home Market is segmented by Products, Type, Installation Type, Protocol, Sales Channel and region. Based on Products, the market is segmented into Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen. Based on Type, the market is segmented into Behavioural and Proactive. Based on Installation Type, the market is segmented into Retrofit, New Construction. Based on Protocol, the market is segmented into Wireless Protocols (ZigBee, Wi-Fi), Wired Protocols, Hybrid. Based on Sales Channel, the market is segmented into Direct and Indirect. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Smart Home Market Analysis by Product
Security and access control segment dominated the industry in 2022. This can be attributed to providing access to safes and rooms for commodities and goods of value, which continue to increase in demand as the necessity of smart security systems increases. Smart locks and security cameras monitor the surrounding environment and restrict access to authorized people, among others, with features that include fingerprint scanners, changeable PINs, and live feed replay, among more.
The home healthcare segment is predicted to grow at the highest CAGR during the projected period. This development can be explained by the fact that customers increasingly chose smart home healthcare solutions over self-diagnosis in view of growing healthcare and insurance costs. Another element at play is the apprehensions people have regarding their fitness and well-being. For instance, blood pressure and oxygen levels can be monitored by people through home health care gadgets. Before, patients had to visit a hospital or clinic for this; now, with the help of smart home medical devices, they can now perform basic tests at home.
Smart Home Market Analysis by Type
Proactive software and services can offer adaptive and predictive features, they dominate the smart home market. These systems use artificial intelligence (AI), machine learning (ML), and natural language comprehension to recognize human wants and perform domestic tasks. Smart thermostats that self-adjust to the proper temperature due to actions performed by the user, and safety systems that will detect and warn of a possible threat, add comfort and safety alike.
However, the behavioral software and services market is growing fast due to the data-driven methods applied to refine smart home capabilities. These gadgets offer advice and recommendations to users so they may make informed decisions about security, energy use, and other home management concerns. It has been noted that the availability of inexpensive smart devices and the desire of customers to have such devices customized for them are the driving forces behind this sector.
Global Smart Home Market By Type
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Smart Home Market Regional Insights
Asia Pacific would have the fastest compound annual growth rate (CAGR) throughout the projection period. This expansion is attributed to the region's population's growing standard of living and disposable income. The region's market is expected to grow due to the widespread use of smartphones, the internet, and other high-tech devices. Furthermore, the trend of using AI-powered digital assistants for everyday tasks, such as Siri and Alexa, has a significant effect on industry growth.
Europe is expected to grow at a steady CAGR between 2023 and 2030. The key businesses in this region include Robert Bosch GmbH, Legrand, Schneider Electric SE, Siemens, and ABB, and their presence in the region makes it expand. Other than this, tech-savvy population, high GDP, and higher standards of living will also develop smart home devices and technologies, which will further boost the regional market. Additional government regulations encourage innovation.
Global Smart Home Market By Geography
- Largest
- Fastest
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Smart Home Market Dynamics
Smart Home Market Drivers
High IoT (Internet of Things) Solution Adoption to Boost Market Growth
- The Internet of Things (IoT) platform is one of the main factors driving market progress. Homes can now benefit from energy-saving measures due to Internet of Things technology. GSMA Intelligence estimated that by 2025, there would be around 25 billion IoT connections globally, which was 10.3 billion back in 2018. At this rate, in a few years, there could be enormous clusters of sensors, devices, and objects that are going to connect with one another via 5G and other high-speed technologies. Such a large-scale spread of IoT devices is predicted to accelerate the market's development.
Rise in the Usage of Internet and Home Connectivity
- Global advancements in internet and home connectivity have established a strong basis for the smart home industry. The increasing number of homes with broadband internet connections has made it easier to handle smart home appliances remotely. Cloud-based smart home platforms and services have grown in popularity as internet access has gotten more reliable.
Smart Home Market Restraints
Security Risks Hamper Market Growth
- One of the main obstacles to the market's expansion is the increased possibility of cyberattacks in high-end linked technologies. Technology is vulnerable to security risks from every connected endpoint. Every system and device in the house use smart technology, so if it is not sufficiently secured, hackers could acquire access to personal data. Approximately 80% of Internet of Things devices are vulnerable to cyberattacks, according to estimations made by Rambus Incorporated, a firm that designs, develops, and licenses chip interface technology. The situation in the case when traditionally "standalone" smart devices, such as locks, appliances, and lights, are finally connected brings new cyber security challenges. This feature is predicted to affect the smart home market share during the forecast period.
Interoperability and Fragmentation Restrict Market Growth
- The smart home market is made up of many manufacturers and products, many of which may use different platforms and communication protocols. This fragmentation and lack of interoperability present difficulties for consumers wishing to combine numerous devices from different manufacturers into a single smart home solution. Compatibility problems can lead to complexities and difficulties that severely restrict utilization.
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Smart Home Market Competitive Landscape
Major players use a range of strategies to strengthen their positions in the market, such as partnerships, joint ventures, acquisitions, R&D, and global expansions. Businesses are focusing on improving their product offerings to better match the changing needs of consumers to stay competitive. For instance, in August 2022, Amazon.com, Inc. For instance, in August 2022, Amazon.com, Inc. Launched its wall echo, sound bot, wall echo and house robot as an annual exercise of refreshing models. The launch is anticipated to feature as part of the company's bid on competing with new entrants. Big businesses are investing a lot of money in venture capital, R&D, and modern technologies.
Smart Home Market Top Player’s Company Profiles
- Johnson Controls Inc.
- Honeywell International Inc.
- Schneider Electric
- Siemens
- ASSA ABLOY
- Amazon.com, Inc.
- Apple Inc.
- ADT
- Robert Bosch
- ABB
- Samsung Electronics
- Sony Corporation
- Ooma
- Wozart Technologies Private Limited
- Control4
- Axis Communications Ab (Canon)
- Comcast
- Ecobee
- Crestron Electronics, Inc.
- Simplisafe, Inc.
Smart Home Market Recent Developments
- January 2023: Schneider Electric unveiled Schneider Home. An electric vehicle (EV) charger, light switches, networked outlets, a smart solar inverter, a powerful house battery for storing sustainable energy, and an electric panel are all parts of this energy management system. The entire system is easy to handle with the help of the user-friendly Schneider Home app.
- January 2023: Apple revealed it is working on a new, cheaper tablet than the iPad and a new Apple TV designed to break into the smart home market. This trend is expected to give competition to Google and Amazon, current leaders in the industry in voice, activated smart device technology.
- November 2022: Schneider Electric and Smartworld Developers joined together to offer home automation solutions. Smartworld Developers will build homes with nicer interiors and less rubbish. To do this, Schneider Electric's smart product lines, such as Wiser Smart Homes and Modular Switches, will be integrated.
Smart Home Key Market Trends
- More Energy-efficient and Interoperable Smart Home Technologies are Implemented: Users of smart home equipment can reduce their carbon footprint, monitor and control their energy use, and save energy. Smart power strips, smart lights, sprinkler systems, composters, smart meters, and thermostats are a few instances of these appliances. The goal of creating a smart ecosystem, a group of networked devices that work together without additional configuration or programming, is becoming more and more prevalent. A few of the communication protocols that are utilized for this are Matter, Wi-Fi, and Zigbee. The energy-efficient and environmentally friendly solutions that smart devices can provide may contribute to the growth of the smart home market.
Smart Home Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest Analysis, the smart home market has been growing and it is expected to grow even more. The use of smart technology, rising consumer awareness, and the need for comfort and energy efficiency are driving the market for smart homes. Although there is great potential in the smart home sector, there are drawbacks as well. These comprise the challenges related to price, interoperability, security, and configuration and integration. These problems must be resolved by satisfying consumer demands for affordability, convenience, and data privacy to further drive market expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 79.55 Billion |
| Market size value in 2031 | USD 734.75 Billion |
| Growth Rate | 28.02% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Home Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Home Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Home Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Home Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Home Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Home Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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