The Single-Family Smart Homes by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Single-Family Smart Homes, The single-family smart homes market size has grown rapidly in recent years. It will grow from $99.14 billion in 2023 to $117.28 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, low interest rate environment, and increase in internet penetration.
The single-family smart homes market size is expected to see rapid growth in the next few years. It will grow to $226.28 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to urbanization, increasing iot, and rising geriatric population . Major trends in the forecast period include adopting green construction and energy efficient techniques, investing in integration with voice assistants, investing in security solutions, adopting artificial intelligence and robotics, utilizing predictive analytics techniques, and investing in smart switches and displays.
The increasing number of connected homes and the growing implementation of smart home appliances, including speakers, home healthcare products, lightning systems, smart kitchens, smart furniture, and HVAC control solutions, is projected to contribute to the higher demand for the single-family smart homes market. According to the smart home statistics of 2021, 57% of homes in Britain contain a smart device, and 23% of Britain, that is 66.44 million people, have a smart item. In addition, in the UK, there are 2.22 million smart homes. Therefore, the increasing implementation of smart home appliances together with a growing number of connected homes across the globe is anticipated to boost the demand for the single-family smart home market over the forecast period.
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The single-family smart homes market covered in this report is segmented –
1) By Product: Home Monitoring And Security, Smart Lighting, Entertainment, Smart Appliances, Combination, Other Products
2) By Software and Service: Proactive, Behavioral
3) By Technology: Wi-Fi, Bluetooth, GSM/GPRS, RFID, Other Technologies
Major companies operating in the single-family smart homes market are focusing on innovative products such as, suite of connected home products, to better meet the needs of their existing consumers. A suite of connected household products is a set of smart appliances and gadgets intended to operate collectively to create a smart home environment. These items are often internet-connected and may be operated remotely via a smartphone or other device. For instance, in February 2021, Lennar Corporation, a US-based smart home construction company, launched Lennar Communities Connected by Ring, a revolutionary range of connected home gadgets in new Lennar residences managed smoothly via the Ring app. Lennar Communities Connected by Ring adds a streamlined user interface to The Connected Home by Lennar, aiming to create an innovative standard for how communities are constructed and enjoyed. The Connected Home by Lennar incorporates desired technological features such as safety and efficiency in a suite of leading smart devices, showcasing Lennar’s unwavering commitment to designing and building homes that fulfill the demands of families for the foreseeable future.
The single-family smart homes market report table of contents includes:
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