Smart Home Market size was valued at 84.45 Bn in 2021 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 ReportSmart 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 smart home 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 smart home market. Smart homes have gained an increased awareness of both policies and government regulations across the globe. The major restraints of the smart home 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 Dynamics:
Smart Home Market Segment Analysis:Entertainment and other controls segment are expected to hold the largest share of the smart home 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 smart home 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 smart home 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 Smart Home 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 Smart Home Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided. • Global Smart Home 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 Smart Home 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 Smart Home Market are also profiled.
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Global Smart Home Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2022: US $ 84.45 Bn. Forecast Period 2022 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
Smart Home Market, by Region• North America • Europe • Asia-Pacific • Middle East & Africa • South America
Smart Home Market Key Players• Johnson Controls International • United Technologies Corporation • Schneider Electric • Honeywell International, Inc. • Siemens AG. • Amazon, Inc. • Apple Inc. • Google • ADT • Robert Bosch GmbH • ASSA ABLOY • ABB Ltd. • Ingersoll-Rand PLC • Legrand S.A. • Comcast Corp. • Hubbell Inc. • Samsung Electronics Co. • LG Electronics • Sony • Control4 Corp. • Lutron Electronics Co. Inc. • Vivint • 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 2021. 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 2022-2029. 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 2021 to 2029.
1. Preface 1.1. Report Scope and Market Segmentation 1.2. Research Highlights 1.3. Research Objectives 1.4. Key Questions Answered 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations Used 2.3. Research Methodology 2.3.1. Secondary Research 188.8.131.52. Secondary data 184.108.40.206. Secondary Sources 2.3.2. Primary Research 220.127.116.11. Data from Primary Sources 18.104.22.168. Breakdown of Primary Sources 3. Executive Summary 3.1. Global Smart Home Size, by Market Value (US$ Bn) and Market Volume (Units), by Region 4. Market Overview 4.1. Introduction 4.2. Market Indicator 4.2.1. Drivers 4.2.2. Restraints 4.2.3. Opportunities 4.2.4. Challenges 4.3. Market Analysis 4.3.1. Porter’s Analysis 4.3.2. Value Chain Analysis 4.3.3. SWOT Analysis 4.4. Global Smart Home Market Industry Trends 4.5. Emerging Technological and Patent Registration 5. Supply Side and Demand Side Indicators 6. Global Smart Home Analysis and Forecast 6.1. Smart Home Analysis and Forecast 6.2. Smart Home Size & Y-o-Y Growth Analysis 6.2.1. North America 6.2.2. Europe 6.2.3. Asia Pacific 6.2.4. Middle East & Africa 6.2.5. Latin America 7. Global Smart Home Analysis and Forecast, by Product type 7.1. Introduction and Definition 7.2. Key Findings 7.3. Smart Home Value Share Analysis, by Product type 7.4. Smart Home Size (US$ Bn) Forecast, by Product type 7.5. Smart Home Analysis, by Product type 7.6. Smart Home Attractiveness Analysis, by Product type 8. Global Smart Home Analysis and Forecast, by Component 8.1. Introduction and Definition 8.2. Key Findings 8.3. Smart Home Value Share Analysis, by Component 8.4. Smart Home Size (US$ Bn) Forecast, by Component 8.5. Smart Home Analysis, by Component 8.6. Smart Home Attractiveness Analysis, by Component 9. Global Smart Home Analysis, by Region 9.1. Smart Home Value Share Analysis, by Region 9.2. Smart Home Size (US$ Bn) Forecast, by Region 9.3. Smart Home Attractiveness Analysis, by Region 10. North America Smart Home Analysis 10.1. Introduction and Definition 10.2. Key Findings 10.3. Smart Home Overview 10.4. Smart Home Value Share Analysis, by Product type 10.5. Smart Home Forecast, by Product type 10.5.1. Lighting Control 10.5.2. Security & Access Control 10.5.3. HVAC 10.5.4. Entertainment 10.5.5. Smart Speaker 10.5.6. Home Healthcare 10.5.7. Smart Kitchen 10.5.8. Home Appliances 10.5.9. Smart Furniture 10.6. Smart Home Value Share Analysis, by Component 10.7. Smart Home Forecast, by Component 10.7.1. Software 10.7.2. Services 10.8. North America Smart Home Value Share Analysis, by Country 10.9. North America Smart Home Forecast, by Country 10.9.1. U.S. 10.9.2. Canada 10.10. North America Smart Home Analysis, by Country 10.11. U.S. Smart Home Forecast, by Product type 10.11.1. Lighting Control 10.11.2. Security & Access Control 10.11.3. HVAC 10.11.4. Entertainment 10.11.5. Smart Speaker 10.11.6. Home Healthcare 10.11.7. Smart Kitchen 10.11.8. Home Appliances 10.11.9. Smart Furniture 10.12. U.S. Smart Home Forecast, by Component 10.12.1. Software 10.12.2. Services 10.13. Canada Smart Home Forecast, by Product type 10.13.1. Lighting Control 10.13.2. Security & Access Control 10.13.3. HVAC 10.13.4. Entertainment 10.13.5. Smart Speaker 10.13.6. Home Healthcare 10.13.7. Smart Kitchen 10.13.8. Home Appliances 10.13.9. Smart Furniture 10.14. Canada Smart Home Forecast, by Component 10.14.1. Software 10.14.2. Services 10.15. North America Smart Home Attractiveness Analysis 10.15.1. By Product type 10.15.2. By Component 10.16. PEST Analysis 11. Europe Smart Home Analysis 11.1. Introduction and Definition 11.2. Key Findings 11.3. Smart Home Overview 11.4. Smart Home Value Share Analysis, by Product type 11.5. Smart Home Forecast, by Product type 11.5.1. Lighting Control 11.5.2. Security & Access Control 11.5.3. HVAC 11.5.4. Entertainment 11.5.5. Smart Speaker 11.5.6. Home Healthcare 11.5.7. Smart Kitchen 11.5.8. Home Appliances 11.5.9. Smart Furniture 11.6. Smart Home Value Share Analysis, by Component 11.7. Smart Home Forecast, by Component 11.7.1. Software 11.7.2. Services 11.8. Europe Smart Home Value Share Analysis, by Country 11.9. Europe Smart Home Forecast, by Country 11.9.1. Germany 11.9.2. U.K. 11.9.3. France 11.9.4. Italy 11.9.5. Spain 11.9.6. Rest of Europe 11.10. Europe Smart Home Analysis, by Country/ Sub-region 11.11. Germany Smart Home Forecast, by Product type 11.11.1. Lighting Control 11.11.2. Security & Access Control 11.11.3. HVAC 11.11.4. Entertainment 11.11.5. Smart Speaker 11.11.6. Home Healthcare 11.11.7. Smart Kitchen 11.11.8. Home Appliances 11.11.9. Smart Furniture 11.12. Germany Smart Home Forecast, by Component 11.12.1. Software 11.12.2. Services 11.13. U.K. Smart Home Forecast, by Product type 11.13.1. Lighting Control 11.13.2. Security & Access Control 11.13.3. HVAC 11.13.4. Entertainment 11.13.5. Smart Speaker 11.13.6. Home Healthcare 11.13.7. Smart Kitchen 11.13.8. Home Appliances 11.13.9. Smart Furniture 11.14. U.K. Smart Home Forecast, by Component 11.14.1. Software 11.14.2. Services 11.15. France Smart Home Forecast, by Product type 11.15.1. Lighting Control 11.15.2. Security & Access Control 11.15.3. HVAC 11.15.4. Entertainment 11.15.5. Smart Speaker 11.15.6. Home Healthcare 11.15.7. Smart Kitchen 11.15.8. Home Appliances 11.15.9. Smart Furniture 11.16. France Smart Home Forecast, by Component 11.16.1. Software 11.16.2. Services 11.17. Italy Smart Home Forecast, by Product type 11.17.1. Lighting Control 11.17.2. Security & Access Control 11.17.3. HVAC 11.17.4. Entertainment 11.17.5. Smart Speaker 11.17.6. Home Healthcare 11.17.7. Smart Kitchen 11.17.8. Home Appliances 11.17.9. Smart Furniture 11.18. Italy Smart Home Forecast, by Component 11.18.1. Software 11.18.2. Services 11.19. Spain Smart Home Forecast, by Product type 11.19.1. Lighting Control 11.19.2. Security & Access Control 11.19.3. HVAC 11.19.4. Entertainment 11.19.5. Smart Speaker 11.19.6. Home Healthcare 11.19.7. Smart Kitchen 11.19.8. Home Appliances 11.19.9. Smart Furniture 11.20. Spain Smart Home Forecast, by Component 11.20.1. Software 11.20.2. Services 11.21. Rest of Europe Smart Home Forecast, by Product type 11.21.1. Lighting Control 11.21.2. Security & Access Control 11.21.3. HVAC 11.21.4. Entertainment 11.21.5. Smart Speaker 11.21.6. Home Healthcare 11.21.7. Smart Kitchen 11.21.8. Home Appliances 11.21.9. Smart Furniture 11.22. Rest of Europe Smart Home Forecast, by Component 11.22.1. Software 11.22.2. Services 11.23. Europe Smart Home Attractiveness Analysis 11.23.1. By Product type 11.23.2. By Component 11.24. PEST Analysis 12. Asia Pacific Smart Home Analysis 12.1. Introduction and Definition 12.2. Key Findings 12.3. Smart Home Overview 12.4. Smart Home Value Share Analysis, by Product type 12.5. Smart Home Forecast, by Product type 12.5.1. Lighting Control 12.5.2. Security & Access Control 12.5.3. HVAC 12.5.4. Entertainment 12.5.5. Smart Speaker 12.5.6. Home Healthcare 12.5.7. Smart Kitchen 12.5.8. Home Appliances 12.5.9. Smart Furniture 12.6. Smart Home Value Share Analysis, by Component 12.7. Smart Home Forecast, by Component 12.7.1. Software 12.7.2. Services 12.8. Asia Pacific Smart Home Value Share Analysis, by Country 12.9. Asia Pacific Smart Home Forecast, by Country 12.9.1. China 12.9.2. India 12.9.3. Japan 12.9.4. ASEAN 12.9.5. Rest of Asia Pacific 12.10. Asia Pacific Smart Home Analysis, by Country 12.11. China Smart Home Forecast, by Product type 12.11.1. Lighting Control 12.11.2. Security & Access Control 12.11.3. HVAC 12.11.4. Entertainment 12.11.5. Smart Speaker 12.11.6. Home Healthcare 12.11.7. Smart Kitchen 12.11.8. Home Appliances 12.11.9. Smart Furniture 12.12. China Smart Home Forecast, by Component 12.12.1. Software 12.12.2. Services 12.13. India Smart Home Forecast, by Product type 12.13.1. Lighting Control 12.13.2. Security & Access Control 12.13.3. HVAC 12.13.4. Entertainment 12.13.5. Smart Speaker 12.13.6. Home Healthcare 12.13.7. Smart Kitchen 12.13.8. Home Appliances 12.13.9. Smart Furniture 12.14. India Smart Home Forecast, by Component 12.14.1. Software 12.14.2. Services 12.15. Japan Smart Home Forecast, by Product type 12.15.1. Lighting Control 12.15.2. Security & Access Control 12.15.3. HVAC 12.15.4. Entertainment 12.15.5. Smart Speaker 12.15.6. Home Healthcare 12.15.7. Smart Kitchen 12.15.8. Home Appliances 12.15.9. Smart Furniture 12.16. Japan Smart Home Forecast, by Component 12.16.1. Software 12.16.2. Services 12.17. ASEAN Smart Home Forecast, by Product type 12.17.1. Lighting Control 12.17.2. Security & Access Control 12.17.3. HVAC 12.17.4. Entertainment 12.17.5. Smart Speaker 12.17.6. Home Healthcare 12.17.7. Smart Kitchen 12.17.8. Home Appliances 12.17.9. Smart Furniture 12.18. ASEAN Smart Home Forecast, by Component 12.18.1. Software 12.18.2. Services 12.19. Rest of Asia Pacific Smart Home Forecast, by Product type 12.19.1. Lighting Control 12.19.2. Security & Access Control 12.19.3. HVAC 12.19.4. Entertainment 12.19.5. Smart Speaker 12.19.6. Home Healthcare 12.19.7. Smart Kitchen 12.19.8. Home Appliances 12.19.9. Smart Furniture 12.20. Rest of Asia Pacific Smart Home Forecast, by Component 12.20.1. Software 12.20.2. Services 12.21. Asia Pacific Smart Home Attractiveness Analysis 12.21.1. By Product type 12.21.2. By Component 12.22. PEST Analysis 13. Middle East and Africa Smart Home Analysis 13.1. Introduction and Definition 13.2. Key Findings 13.3. Smart Home Overview 13.4. Smart Home Value Share Analysis, by Product type 13.5. Smart Home Forecast, by Product type 13.5.1. Lighting Control 13.5.2. Security & Access Control 13.5.3. HVAC 13.5.4. Entertainment 13.5.5. Smart Speaker 13.5.6. Home Healthcare 13.5.7. Smart Kitchen 13.5.8. Home Appliances 13.5.9. Smart Furniture 13.6. Smart Home Value Share Analysis, by Component 13.7. Smart Home Forecast, by Component 13.7.1. Software 13.7.2. Services 13.8. Middle East & Africa Smart Home Value Share Analysis, by Country 13.9. Middle East & Africa Smart Home Forecast, by Country 13.9.1. GCC 13.9.2. South Africa 13.9.3. Rest of Middle East & Africa 13.10. Middle East & Africa Smart Home Analysis, by Country 13.11. GCC Smart Home Forecast, by Product type 13.11.1. Lighting Control 13.11.2. Security & Access Control 13.11.3. HVAC 13.11.4. Entertainment 13.11.5. Smart Speaker 13.11.6. Home Healthcare 13.11.7. Smart Kitchen 13.11.8. Home Appliances 13.11.9. Smart Furniture 13.12. GCC Smart Home Forecast, by Component 13.12.1. Software 13.12.2. Services 13.13. South Africa Smart Home Forecast, by Product type 13.13.1. Lighting Control 13.13.2. Security & Access Control 13.13.3. HVAC 13.13.4. Entertainment 13.13.5. Smart Speaker 13.13.6. Home Healthcare 13.13.7. Smart Kitchen 13.13.8. Home Appliances 13.13.9. Smart Furniture 13.14. South Africa Smart Home Forecast, by Component 13.14.1. Software 13.14.2. Services 13.15. Rest of Middle East & Africa Smart Home Forecast, by Product type 13.15.1. Lighting Control 13.15.2. Security & Access Control 13.15.3. HVAC 13.15.4. Entertainment 13.15.5. Smart Speaker 13.15.6. Home Healthcare 13.15.7. Smart Kitchen 13.15.8. Home Appliances 13.15.9. Smart Furniture 13.16. Rest of Middle East & Africa Smart Home Forecast, by Component 13.16.1. Software 13.16.2. Services 13.17. Middle East & Africa Smart Home Attractiveness Analysis 13.17.1. By Product type 13.17.2. By Component 13.18. PEST Analysis 14. Latin America Smart Home Analysis 14.1. Introduction and Definition 14.2. Findings 14.3. Smart Home Overview 14.4. Smart Home Value Share Analysis, by Product type 14.5. Smart Home Forecast, by Product type 14.5.1. Lighting Control 14.5.2. Security & Access Control 14.5.3. HVAC 14.5.4. Entertainment 14.5.5. Smart Speaker 14.5.6. Home Healthcare 14.5.7. Smart Kitchen 14.5.8. Home Appliances 14.5.9. Smart Furniture 14.6. Smart Home Value Share Analysis, by Component 14.7. Smart Home Forecast, by Component 14.7.1. Software 14.7.2. Services 14.8. Latin America Smart Home Value Share Analysis, by Country 14.9. Latin America Smart Home Forecast, by Country 14.9.1. Brazil 14.9.2. Mexico 14.9.3. Rest of Latin America 14.10. Latin America Smart Home Analysis, by Country/ Sub-region 14.11. Brazil Smart Home Forecast, by Product type 14.11.1. Lighting Control 14.11.2. Security & Access Control 14.11.3. HVAC 14.11.4. Entertainment 14.11.5. Smart Speaker 14.11.6. Home Healthcare 14.11.7. Smart Kitchen 14.11.8. Home Appliances 14.11.9. Smart Furniture 14.12. Brazil Smart Home Forecast, by Component 14.12.1. Software 14.12.2. Services 14.13. Mexico Smart Home Forecast, by Product type 14.13.1. Lighting Control 14.13.2. Security & Access Control 14.13.3. HVAC 14.13.4. Entertainment 14.13.5. Smart Speaker 14.13.6. Home Healthcare 14.13.7. Smart Kitchen 14.13.8. Home Appliances 14.13.9. Smart Furniture 14.14. Mexico Smart Home Forecast, by Component 14.14.1. Software 14.14.2. Services 14.15. Rest of Latin America Smart Home Forecast, by Product type 14.15.1. Lighting Control 14.15.2. Security & Access Control 14.15.3. HVAC 14.15.4. Entertainment 14.15.5. Smart Speaker 14.15.6. Home Healthcare 14.15.7. Smart Kitchen 14.15.8. Home Appliances 14.15.9. Smart Furniture 14.16. Rest of Latin America Smart Home Forecast, by Component 14.16.1. Software 14.16.2. Services 14.17. Latin America Smart Home Attractiveness Analysis 14.17.1. By Product type 14.17.2. By Component 14.18. PEST Analysis 15. Company Profiles 15.1. Market Share Analysis, by Company 15.2. Competition Matrix 15.3. Company Profiles: Key Players 15.3.1. Johnson Controls International 22.214.171.124. Company Overview 126.96.36.199. Financial Overview 188.8.131.52. Business Strategy 184.108.40.206. Recent Developments 220.127.116.11. Manufacturing Footprint 15.3.2. United Technologies Corporation 15.3.3. Schneider Electric 15.3.4. Honeywell International, Inc. 15.3.5. Siemens AG. 15.3.6. Amazon, Inc. 15.3.7. Apple Inc. 15.3.8. Google 15.3.9. ADT 15.3.10. Robert Bosch GmbH 15.3.11. ASSA ABLOY 15.3.12. ABB Ltd. 15.3.13. Ingersoll-Rand PLC 15.3.14. Legrand S.A. 15.3.15. Comcast Corp. 15.3.16. Hubbell Inc. 15.3.17. Samsung Electronics Co. 15.3.18. LG Electronics 15.3.19. Sony 15.3.20. Control4 Corp. 15.3.21. Lutron Electronics Co. Inc. 15.3.22. Vivint 15.3.23. Axis Communication AB 16. Primary Key Insights