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: 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.

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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

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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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