What is the global market size of Smart Home Market?

Smart Home Market size was valued at USD 62.14 billion in 2021 and is poised to grow from USD 79.55 billion in 2022 to USD 448.33 billion by 2030, at a CAGR of 28.02% during the forecast period (2023-2030).

Who are the key vendors in the Global Smart Home Market?

The major players utilize techniques to strengthen their market positions, including alliances, purchases, ventures, innovations, R&D, and regional expansions. To maintain their competitiveness, businesses are putting more effort into enhancing the products they offer so that they better meet the evolving needs of people. 'Google LLC (United States)', 'Amazon.com, Inc. (United States)', 'Apple Inc. (United States)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Xiaomi Corporation (China)', 'Honeywell International Inc. (United States)', 'LG Electronics Inc. (South Korea)', 'Siemens AG (Germany)', 'Schneider Electric SE (France)', 'ADT Inc. (United States)', 'Philips Lighting Holding B.V. (Netherlands)', 'Sony Corporation (Japan)', 'Vivint Smart Home, Inc. (United States)', 'Johnson Controls International plc (Ireland)', 'ABB Ltd. (Switzerland)', 'Legrand SA (France)', 'Ingersoll Rand Inc. (Ireland)', 'Bosch Security Systems (Germany)', 'Control4 Corporation (United States)', 'Lutron Electronics Co., Inc. (United States)', 'Somfy Systems, Inc. (France)', 'Resideo Technologies, Inc. (United States)'

What is the key driver of Global Smart Home Market?

The integration of smart home devices with popular voice assistants, such as Amazon Alexa and Google Assistant, has simplified the control and management of smart home systems. Voice commands enable hands-free operation and enhance the user experience. Additionally, the availability of dedicated mobile apps for smart home control provides convenience and accessibility to homeowners.

What is the key market trend for Global Smart Home Market?

Enhanced User Experience and Personalization : The smart home market is moving towards delivering a more personalized and intuitive user experience. This includes customizable automation routines, voice-controlled interactions, and smart home platforms that adapt to individual preferences. Manufacturers are focusing on user-friendly interfaces, simplified setup processes, and seamless integration across devices and brands to enhance usability and convenience.

Which region accounted for the largest share in Smart Home Market?

During the predicted period, the Asia Pacific region's CAGR will be the fastest, at 32.21%. Improvements in living conditions and an increase in disposable income among local residents are credited with driving regional growth. Market expansion in the area is anticipated to be fueled by the widespread use of cellphones, the internet, and other technologically advanced tools. The use of AI-based digital assistants for everyday chores, like Siri and Alexa, has also become increasingly popular, which has a big impact on market expansion.

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: November, 2024
Pages: 197 | Tables: 67 | Figures: 77

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.

Smart Home Market Report Snapshots

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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).

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. '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.'

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.

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.

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.

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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

Smart Home Market Dynamics

Smart Home Market Report Snapshots

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What is the global market size of Smart Home Market?

Who are the key vendors in the Smart Home Market?

What is the key driver of Smart Home Market?

What is the key market trend for Smart Home Market?

Which region accounted for the largest share in Smart Home Market?

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