The 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 Smart Homes , The smart homes market size has grown exponentially in recent years. It will grow from $107.52 billion in 2023 to $129.57 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to consumer awareness and demand, home automation for energy efficiency, advancements in voice assistants, security and surveillance concerns, interoperability challenges, entertainment and home theater integration..
The smart homes market size is expected to see exponential growth in the next few years. It will grow to $269.11 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. The growth in the forecast period can be attributed to customization and personalization, edge computing for local processing, health and wellness monitoring, enhanced security features, focus on sustainability, multi-modal interfaces.. Major trends in the forecast period include integration of voice assistants, expansion of iot devices and connectivity, smart home security solutions, energy management and sustainability, focus on interoperability and standards, enhanced connectivity with 5g technology, smart home appliances and kitchen gadgets..
The growing adoption of smart devices is expected to propel the growth of the smart home market. Smart devices are defined as the objects used in everyday life, that is made intelligent through advanced computing techniques such as machine learning and artificial intelligence, that are networked to form the internet of things. These smart home devices can be interconnected and accessed through laptops, smartphones, tablets, or others. For instance, according to MediaPost, a US-based integrated publishing and conference company, 15% of households across the world are predicted to have a smart home device installed by 2023. Moreover, 69% of households in the US have at least one smart device. Therefore, the rising adoption of smart devices is driving the smart homes market growth.
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The smart homes market covered in this report is segmented –
1) By Product: Lighting Control, Security And Access Control, Heating, Ventilation, And Air Conditioning (HVAC) Control, Entertainment Control And Other Controls, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, Smart Furniture
2) By Software And Services: Behavioural, Proactive
3) By Sales Channel: Direct, Indirect
4) By Technology: Wireless Technology, Cellular Network Technology
5) By Standards And Protocols: Wireless Protocols, Wired Protocols, Hybrid Protocols
Technological advancements are shaping the smart homes market. Technological advancement is defined as a discovery of knowledge that advances technology and provides enhanced products to the customers. New technologies such as IoT are used to provide comfort and reliability to the users. For instance, in October 2023, Noorio, a Hong Kong-based smart home technology company launched innovative smart home security technology which includes the T110 Indoor PTZ Security Camera and the D110 Video Doorbell. Both the devices are new and uses innovative AI neural engine technology to provide exceptional connectivity and visual clarity. The T110 is an advanced sentinel that is engineered to provide unparalleled surveillance powers. With the use of Dual-Band Wi-Fi 6 technology, homeowners can reliably monitor their property thanks to the T110’s robust and continuous live streaming. With the aid of its sophisticated feature set, the D110 Video Doorbell combines convenience and security. With significantly lower false alarm frequency thanks to its cutting-edge dual detection system that combines Radar and PIR sensors, the D110 provides outstanding alert precision.
Major Players:
- Honeywell International Inc.
- Siemens Aktiengesellschaft
- Johnson Controls International plc
- Schneider Electric SE
- United Technologies Corporation
The smart homes market report table of contents includes:1. Executive Summary
2. Smart Homes Market Characteristics
3. Smart Homes Market Trends And Strategies
4. Smart Homes Market – Macro Economic Scenario
5. Global Smart Homes Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30.Appendix
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