The worldwide smart home market was valued at roughly USD 80.67 billion in 2022 and is expected to exceed USD 200.34 billion by 2032, increasing at a CAGR of over 13% during the forecast period.
There are many different types of smart home equipment available, including dishwashers, streaming devices, cameras, and lighting. Product demand is predicted to rise as a result of the growing trend of artificial intelligence (AI) integration in smart home devices for smart features. Additionally, the demand for connected smart home goods is being driven by the growing worldwide penetration rate of smartphones and the internet.
using the increasing popularity of virtual assistants like Siri, Google Assistant, and Alexa, users may automate tasks using voice commands. The desire for smart home appliances is being driven by the new functions that these digital assistants are offering, such as Bluetooth speakers and hands-free channel surfing. For example, Google modified its assistant in October 2022 to enable voice input for message composing and support for emojis to make chatting easier for consumers.
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Global Smart Home Market Segmentation
By Application
- home security,
- home automation,
- energy management,
- entertainment,
- health and wellness
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Players
Google LLC, Amazon.com, Inc., Apple Inc., Samsung Electronics Co., Ltd., Philips Lighting Holding B.V., Honeywell International Inc., Schneider Electric SE, Legrand S.A., Sony Corporation, LG Electronics Inc., Xiaomi Corporation, ADT Inc., August Home Inc., Nest Labs, Inc. (a subsidiary of Google LLC), Arlo Technologies, Inc,
Market Driver
Convenience, efficiency, security, and safety are all provided to occupants of smart homes through the automation of several devices and appliances in the house through an integrated monitoring system. Audio/video, security, lighting, and temperature may all be monitored and managed via a single interface system. Intelligent home security systems are a key component of smart homes, and even when the owners are not home, they can monitor individual rooms and alert them to any intruder activity. In order to guarantee the safety of residential areas, access control systems are fundamental. Increased usage of home automation and control systems in smart homes to improve security is a result of their high efficiency and sophistication.
Market Opportunity
In recent years, the market for lighting control has grown significantly. A wide range of devices, such as dimmers, timers, occupancy sensors, daylight sensors, and relays, have been available. These items may be used on their own or incorporated into home automation systems. Automation of lighting controls usually requires external connection methods. Nevertheless, producers of lighting controls are now making devices that have data connectivity built right in, doing away with the requirement for additional protocols and communication.
It is anticipated that this development will lead to a significant demand for these items, creating potential for companies operating in the smart home sector. Because loT is the backbone of connected lighting systems, devices may communicate with one another effortlessly, facilitating contextual services and data sharing. LED-based systems also provide lower energy usage and operating expenses, as well as enhanced control capabilities. The smart home sector is about to transform as a result of the integration of loT and connectivity into lighting systems, creating new opportunities and value propositions.
Scope of the Report
This report offers past, present as well as future analysis and estimates for the Global Smart Home Market. The market estimates that are provided in the report are calculated through an exhaustive research methodology. The research methodology that is adopted involves multiple channels of research, such as – primary research, secondary research, and subject-related expert advice. The market estimates are calculated based on the influence of the current market dynamics along with various economic, social, and political factors on the Seasonal Affective Disorder Market. Also, various regulations, government spending, and research and development growth define the market data. Both positive, as well as negative changes to the market, are taken into consideration for the market estimates.
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