Global Smart Home Market Insights Forecasts to 2032
- The Global Smart Home Market Size was valued at USD 102.3 Billion in 2023.
- The Market is Growing at a CAGR of 10.0% from 2023 to 2032
- The Worldwide Smart Home Market Size is expected to reach USD 263.6 Billion by 2032
- Asia Pacific is expected to Grow the fastest during the forecast period
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The Global Smart Home Market Size is anticipated to exceed USD 263.6 Billion by 2032, growing at a CAGR of 10.0% from 2023 to 2032. The increasing demand for energy-saving and low-carbon-emission-oriented solutions, as well as the growing importance of monitoring homes in remote locations, are driving market growth over the projected period. Integration of power line communication systems in smart homes offers expansion opportunities for the smart home industry.
The global smart home market has witnessed significant growth and advancements in recent years. A smart home refers to a residence equipped with various devices and systems that can be controlled remotely or automatically to enhance comfort, convenience, energy efficiency, and security. These systems are interconnected through the Internet of Things (IoT) technology, enabling seamless communication and control. With continuous technological advancements and increasing adoption of smart home solutions worldwide, the market is poised to witness substantial growth in the foreseeable future.
The growing number of internet users, rising disposable income in developing economies, the increasing importance of home monitoring in remote areas, and rising demand for low-carbon emission and energy-saving solutions are all expected to boost market capabilities.
The global smart home market is highly competitive, with several prominent players competing for market share. Some of the key players in the industry include Amazon.com Inc., Google LLC, Apple Inc., Samsung Electronics Co. Ltd., Schneider Electric SE, Honeywell International Inc., Siemens AG, LG Electronics Inc., and Sony Corporation. These companies are actively involved in product innovation, partnerships, mergers and acquisitions, and expanding their product portfolios to strengthen their market presence.
For instance, in January 2023, Schneider Electric (France) introduced Schneider Home, an energy management solution that consists of a house battery for long-term energy storage, a smart electrical panel, a high-power solar inverter, an EV charger, and integrated electrical outlets and light switches. The Schneider Home app, which is simple to use, controls everything.
This research report categorizes the market for the global smart home market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the smart home market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the smart home market.
Global Smart Home Market Report Coverage
|Market Size in 2023:||102.3 Billion in 2023|
|Forecast Period 2023-2032 CAGR:||10.0%|
|2032 Value Projection:||USD 263.6 Billion|
|Historical Data for:||2019-2022|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Product, By Software & Service, By Sales Channel, By Region.|
|Companies Covered:||Johnson Controls, Honeywell, Siemens, Amazon, Apple, ADT, ABB, Robert Bosch, Sony, Samsung Electronics, Ooma, Delta Controls, Control4, Schneider Electric, ASSA ABLOY, Others.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The evolution of IoT technology has played a vital role in driving the smart home market. The increasing connectivity and interoperability of devices and appliances have made it easier for homeowners to manage and control various aspects of their homes remotely. IoT-enabled devices, such as smart thermostats, smart lighting systems, and smart security systems, offer enhanced convenience, energy efficiency, and security, leading to a surge in their adoption.
The proliferation of voice assistants, such as Amazon Alexa, Google Assistant, and Apple Siri, has significantly impacted the smart home market. These voice-controlled virtual assistants integrate seamlessly with smart home devices, allowing users to control various functions through voice commands. The integration of artificial intelligence (AI) in smart home systems has further enhanced their functionality, enabling personalized experiences, predictive analytics, and automation, driving market growth.
Home security is a major driver of the smart home market. The ability to remotely monitor and control security cameras, door locks, and alarm systems provides homeowners with peace of mind and a heightened sense of security. Smart security systems offer features like real-time alerts, video surveillance, and remote access, making them highly desirable in today's security-conscious environment.
One of the primary restraints for the smart home market is the high initial costs associated with implementing smart home technologies. Smart devices, automation systems, and installation expenses can be relatively expensive, deterring some consumers from investing in smart home solutions. The cost factor becomes more prominent when retrofitting existing homes with smart features, leading to slower adoption rates. The lack of standardized protocols and interoperability between different smart home devices and platforms poses a significant challenge for the market. With numerous manufacturers offering their own proprietary technologies and protocols, integrating devices from different brands can be complex and frustrating for consumers. This fragmentation hinders seamless connectivity and interoperability, limiting the overall user experience and slowing down the market growth.
The Global Smart Home Market share is classified into product, software & service, and sales channel.
- The smart kitchen segment is witnessing the highest CAGR in the global smart home market over the forecast period.
The global smart home market is segmented by product into lighting control, security & access control, HVAC control, smart speaker, smart kitchen, and smart furniture. Among these, the smart kitchen segment is witnessing the highest CAGR in the global smart home market over the forecast period. The growth can be attributed due to the increasing preference for modular kitchen designs and an increase in spending power among people in developing countries. The requirement for a smart kitchen has grown as people's lifestyles have changed and they spend more time outside the home. Furthermore, the increasing popularity of internet, smartphone, and tablet customers has made it easier for consumers to track their home appliances through their mobile devices, which is especially appealing to those who lead busy lifestyles. Kitchen renovation activity has also increased significantly, especially in emerging markets, with an increasing demand for modular kitchens.
- The proactive segment is expected to grow at the highest pace in the global smart home market during the forecast period.
Based on the software & service, the global smart home market is divided into behavioral and proactive. Among these, the proactive segment is expected to grow at the highest pace in the global smart home market during the forecast period. The growth is driven by the increasing adoption of AI, machine learning, and IoT technologies, which enable smart home systems to anticipate and respond to users' needs in real-time. The proactive segment in the global smart home market involves the deployment of advanced technologies that proactively anticipate and respond to users' needs and demands.
- The direct segment is expected to grow at the fastest pace in the global smart home market over the forecast period.
Based on the sales channel, the global smart home market is divided into direct and indirect. Among these, the direct segment is expected to grow at the fastest pace in the global smart home market over the forecast period. The direct segment is fueled by advancements in connectivity standards and interoperability among smart home devices. The direct segment benefits from the rising awareness and growing adoption of smart home technologies among individual consumers. As users become more familiar with the concept and benefits of smart homes, they are likely to opt for direct purchases to personalize their smart home experiences.
Regional Segment Analysis of the Global Smart Home Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is estimated to hold the largest share of the global smart home market over the predicted timeframe.
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North America is expected to hold the largest share of the global smart home market during the forecast period. North America has traditionally been a leading market for smart home technologies. The region's strong technological infrastructure, high disposable income, and tech-savvy consumer base contribute to its prominence in the smart home market. The United States, in particular, holds a significant share of the North American market, driven by the presence of major technology companies, early adopters, and the widespread availability of smart home products and services.
Asia Pacific is expected to grow at the fastest pace in the global smart home market during the forecast period. The Asia Pacific region is experiencing rapid growth in the smart home market, driven by factors such as the expanding middle class, urbanization, and increasing disposable income. China, Japan, South Korea, and India are major contributors to the growth of the Asia Pacific smart home market. Rising awareness, a growing tech-savvy population, and the development of smart city initiatives are key factors propelling market expansion in this region.
Latin America is an emerging market for smart home technologies. Brazil, Mexico, and Argentina are the key countries driving the growth in this region. Factors such as improving infrastructure, rising urbanization, and increasing consumer awareness about smart home benefits are fostering market growth. However, economic factors and affordability remain important considerations for widespread adoption in certain countries within the region.
The report offers the appropriate analysis of the key organizations/companies involved within the global smart home along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Johnson Controls
- Robert Bosch
- Samsung Electronics
- Delta Controls
- Schneider Electric
- ASSA ABLOY
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In January 2023, Apple, the world's largest technology company, has announced its entry into the smart home application market. Apple is working on a smart home display with a magnetic wall attachment that can be used to adjust the thermostat and turn on and off lighting. According to reports, it will also support FaceTime.
- In January 2023, Eve Systems, a maker of smart home accessories, disclosed the availability of products with Matter compatibility built in. Among them are Eve Energy smart plugs, Eve Motion, and Eve Door and Window sensors. The new Eve accessories work with Apple HomeKit, Amazon Alexa, Google Home, and Samsung SmartThings, and will be available in the United States in March 2023.
- In January 2023, Apple (US) has released the HomePod (2nd Generation), a smart speaker which enables users to check the temperature and humidity in a room hands-free, set up smart home automation with Siri, and receive notifications when a smoke or carbon monoxide alarm is detected in their home.
- In November 2022, Smartworld Developers (India) and Schneider Electric (France) have collaborated on home automation solutions. Smartworld Developers will create positive impact homes with lower waste and healthier interiors by utilizing Schneider Electric smart product lines such as Wiser Smart Homes, Modular Switches, and so on.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Smart Home Market based on the below-mentioned segments:
Global Smart Home Market, By Product
- Lighting Control
- Security & Access Control
- HVAC Control
- Smart Speaker
- Smart Kitchen
- Smart Furniture
Global Smart Home Market, By Software & Service
Global Smart Home Market, By Sales Channel
Global Smart Home Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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