Smart Home Market, by Products (lighting control, security & access controls, entertainment devices, hvac, smart kitchen appliances, home appliances, smart furniture, home healthcare, other devices), By Application (new construction, retrofit), By Protocols (wireless, wired, hybrid), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Smart Home Market Overview
The Smart Home Market size was estimated at USD 96.16 billion in 2023 and is projected to reach USD 342.37 billion in 2030 at a CAGR of 19.89% during the forecast period 2023-2030.
A smart home is one that has several systems and technologies incorporated into it that allow its owners to control various aspects of the property. Smart houses may have features like locks that can be opened by pressing a button, lights that turn on when you enter the room, and thermostats that adjust the temperature based on your preferences. Even home security or energy consumption may be tracked by some smart home devices. The simplicity and security of automating house systems are two of the most obvious advantages of installing a smart home system. A smart house allows for smartphone-based direct management of lights, locks, thermostats, and security systems.
The popularity of virtual assistants like Siri, Google Assistant, and Alexa has made it possible for consumers to automate tasks using voice commands. The demand for smart home gadgets is being driven by newly developed functions of these digital assistants, such Bluetooth speakers and hands-free channel surfing, among others. Modern technologies like the Internet of Things (IoT), blockchain, smart speech recognition, and AI are being adopted quickly, which has a big influence on industry growth. Moreover, the expansion of this market has also been aided by a rise in the usage of IoT in both developed and emerging areas. Demand for the smart home industry has been aided by technology' capacity to provide communication between devices.
On the other hand, it is expensive because of the use of cutting-edge technology, engineering, manufacturing, and the setup or installation costs of smart home appliances. In addition, additional expenditures for regular maintenance and service restrict many people's ability to purchase. Therefore, expensive household appliances operate as a restraint on the market's expansion.
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The COVID-19 pandemic initially had a little impact on the worldwide market for smart homes since production houses ceased operations, new development was halted, and there were not enough workers. The epidemic decreased operational efficiency, which resulted in decreased income. Along with this, the broken supply chain and border restrictions during this crucial period hindered the import and export of raw materials and items linked with smart home devices. The altered consumer behaviour had a negative effect on the sales of smart home devices during the first lockdown period.
Delvens Industry Expert's Standpoint
The Smart Home Market is expected to grow during the forecast period. This growth can be attributed to several factors. The ability to control smart devices using voice commands has been made feasible by the rise of digital assistants like Alexa and Siri. The desire for smart home goods is fuelled by the new functionalities of these digital assistants, such as Bluetooth speaker control. Customers appreciate customized products because they are more practical and provide a superior user experience. The internet of things (IoT), artificial intelligence (AI), and other modern technologies are being adopted quickly, which has a big influence on market growth. The market for smart homes has expanded as a result of a rise in IoT adoption rates in both developed and developing countries. However, it is expensive because of the use of cutting-edge technology, engineering, manufacturing, and the setup or installation costs of smart home appliances. This might hamper the growth of the market during the forecast period.
Key Findings
- Based on product, the market is segmented into lighting control, security & access controls, entertainment devices, hvac, smart kitchen appliances, home appliances, smart furniture, home healthcare, other devices. Security & Access control dominated the market in this segment. The requirement to grant allowed access to safes or rooms containing priceless things and the rising need for intelligent security systems are both cited as reasons for this increase. By utilizing features like live stream playback, personalized PINs, fingerprint scanners, and more, smart locks and security cameras assist in monitoring and authorizing access only for authorized people.
- Based on protocol, the market is segmented into wireless, wired, hybrid. The wireless protocol dominated the market in this segment. This impressive rise is owed to the capabilities and services provided by protocols like ZigBee, Wi-Fi, Bluetooth, Z Wave, and others, such as mobile connection, communication regardless of location, and more. The protocols that allow seamless communication with little to no influence on battery life and range are preferred by manufacturers.
- Based on application, the market is segmented into new construction, retrofit. New construction dominated the market in this segment. This is mostly caused by how convenient and simple it is to install smart home technology at active building sites. Additionally, as smart security and access technologies become more popular, the demand for new residential building projects is anticipated to rise globally.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. The industry has grown recently due to factors such evolving lifestyles, growing reliance on smart gadgets, and increased security concerns. Due to the increasing number of regional vendors in the smart home industry, the market in North America is anticipated to continue growing throughout the projected period.
Smart Home Market Regional Analysis
North America to Dominate the Market
- North America is estimated to account for the largest market share during the forecast period because of the such evolving lifestyles, growing reliance on smart gadgets, and increased security concerns.
- Moreover, increasing number of regional vendors in the smart home industry is expected to drive the growth of the market during the forecast period.
Smart Home Market Competitive Landscape
- ABB Ltd
- ASSA ABLOY
- Axis Communications AB
- Cisco Systems Inc.
- Control4 Corporation
- Emerson Electric Co.
- General Electric Company
- Google Inc.
- Honeywell International Inc.
- IBM Corporation
- Johnson Controls
- Legrand SA
- LG Electronics Inc.
- Lutron Electronics Co. Inc.
- Microsoft Corporation
- Schneider Electric SE
- Shenzhen Zhuohao Intelligent Electronic Development Co. Ltd (ACTOP)
- Siemens AG
- Smarthome Inc.
- United Technologies Corporation
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Smart Home Market Recent Developments
- In January 2023, utilizing compressed sensing, Panasonic Holdings Corporation has created very sensitive hyperspectral imaging technology. This innovation makes it possible to recognize minute color changes, improving picture analysis and recognition precision while keeping the functionality of traditional color cameras. The accomplishment, which was reported in Nature Photonics in partnership with the Belgian research center imec, was the first demonstration of effective compressed sensing for hyperspectral imaging ever made.
- In January 2023, Apple, a major player in technology, announced its entry into the market for smart home applications. Apple is creating a smart display for the house with a magnetic wall attachment that can be used to control the lights and temperature. It will reportedly feature have FaceTime capability.
Reasons to Acquire in the Smart Home Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Smart Home Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Frequently Asked Questions
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