Smart Home Market – Global Industry Analysis and Forecast (2023-2029)

Smart Home Market size was valued at 93.39 Bn in 2022 and is expected to reach US$ 188.94 Bn by 2029 to exhibit a CAGR of 10.59% during the forecast period.
COVID-19 impact on market:
COVID-19 has the potential to have three major effects on the global economy: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets. Our analysts, who are monitoring the situation throughout the world, believe that the market would provide producers with lucrative opportunities following the COVID-19 dilemma.To know about the Research Methodology:-Request Free Sample Report

Smart Home Market Dynamics:

Smart Home is the term generally used to define a residence that has appliances, lighting, heating, air conditioning, TVs, computers, entertainment audio & video systems, security, and camera systems that are capable of communicating with one another and can be managed remotely by a time schedule, from any room in the home as well as remotely from any location by phone or internet. The smart home is one that gives its owners comfort, security, energy efficiency, and satisfaction at all times, regardless of whether anyone is home.

Installation of smart products provides the home and its residents' various benefits, the same benefits that technology and personal computing have brought to us over the past 30 years convenience and savings of time, money, and energy.

Growth of the market is driven by different factors like the base of internet users, enlarged adoption of smart devices, rise in the awareness of fitness and healthy lifestyles owing to the high disposable income in developing economies, high importance of home monitoring from remote locations, increase in the need for energy saving and low carbon emission solutions, cost reduction measures enabled by smart homes, the fast growth of smartphones and smart gadgets.

The rising adoption of entertainment and other control systems, lighting control solutions, smart speakers, and home appliances increasing the growth of the market.

Smart homes have gained an increased awareness of both policies and government regulations across the globe.
The major restraints of the market are climate change, fluctuating energy prices, energy security, and supply concerns have necessitated new ways of producing, delivering, and consuming energy.
Smart Home Market Segment Analysis:
Entertainment and other controls segment are expected to hold the largest share of the market during the forecast period due to entertainment has become an important part of life as it gives composure and rejuvenation. Most of the control systems used in smart homes are audio, volume, and multimedia room controls. The growth of the market for audio, volume, and multimedia room controls is managed by the convenience provided by these controls for managing as well as controlling the entertainment systems within a house. Evolution in wireless communication technologies is a key factor in improving the growth of the market for home theatre system controls, by that means driving the overall market for entertainment controls.

The component services segment holds the largest market size during the forecast period owing to increase connectivity between machine-to-machine solutions and the Internet of Things is handling the growth of the smart home and energy management markets, which has, affected the growth of the market for software and services for smart homes. The behavioural type software and services help examine energy-related data and onward it to end-users.
Smart Home Market Key Developments:
According to market researchers, smart speakers such as the Amazon Echo or Google Home are the fastest-growing classification of speakers, with a five-year growth rate of 39.1%. Smart lighting, thermostats, door intercoms, and security systems are also becoming increasingly popular. Amazon Echo, Google Assistant, and ULE-based products boosting growth on the market.

Due to the huge growth rate, smart speakers are set to be the third-largest segment in the market to hold the largest share of the market. An ever-growing number of providers are developing products that are compatible with Amazon’s Alexa or Google Assistant. Voice assistants such as Siri, Cortana, and Bixby are also enjoying increasing popularity.

In July 2018, Siemens AG (Germany) company adjoined new functionalities to the Synco IC cloud platform for remote heating, ventilation, and air-conditioning control.

October 2018, Johnson Controls International (Ireland) received Lux Products Corporation (US), a leading provider of residential thermostats and smart products. LUX markets several successful residential and trading product lines ranging from timers to smart home thermostats, including Kono and Geo.
Smart Home Market, Key Highlights:
Global Market analysis and forecast, in terms of value.

Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Smart Home Market

Global Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.

Global  Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.

Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.

Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Market are also profiled.
Smart Home Market Scope: Inquire before buying



Smart Home Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 93.39 Bn.


Forecast Period 2023 to 2029 CAGR:
10.59%
Market Size in 2029:
US $ 188.94 Bn.


 Segments Covered:
by Product
Lighting Control
Security & Access Control
HVAC
Entertainment
Smart Speaker
Home Healthcare
Smart Kitchen
Home Appliances
Smart Furniture


by Component
Software
Services


by Sales Channel
Direct
Indirect



Smart Home Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. Johnson Controls International
2. United Technologies Corporation
3. Schneider Electric
4. Honeywell International, Inc.
5. Siemens AG.
6. Amazon, Inc.
7. Apple Inc.
8. Google
9. ADT
10. Robert Bosch GmbH
11. ASSA ABLOY
12. ABB Ltd.
13. Ingersoll-Rand PLC
14. Legrand S.A.
15. Comcast Corp.
16. Hubbell Inc.
17. Samsung Electronics Co.
18. LG Electronics
19. Sony
20. Control4 Corp.
21. Lutron Electronics Co. Inc.
22. Vivint
23. Axis Communication AB

Frequently Asked Questions:

1. Which region has the largest share in Global Smart Home Market?
Ans: North region held the highest share in 2022.

2. What is the growth rate of Global Smart Home Market?
Ans: The Global Smart Home Market is expected to grow at a CAGR of 10.59% during forecast period 2023-2029.

3. What is scope of the Global Smart Home market report?
Ans: Global Smart Home Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Smart Home market?
Ans: The important key players in the Global Smart Home Market are – Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture

5. What is the study period of this market?
Ans: The Global Smart Home  Market is studied from 2022 to 2029.