USD 79.31 billion
Global IOT Smart Homes Market Size, Share, Growth Analysis, By Product(Security & Access Controls, Lighting Control), By Protocols(Wireless Protocols, Wired Protocols), By Application(New Construction, and Retrofit) - Industry Forecast 2024-2031
Report ID:
SQMIG45I2065 |
Region:
Global |
Published Date: February, 2024
Pages:
233
|
Tables:
95 |
Figures:
76
Global IOT Smart Homes Market Insights
IOT Smart Homes Market size was valued at USD 79.31 billion in 2019 and is poised to grow from USD 99.38 billion in 2023 to USD 603.79 billion by 2031, growing at a CAGR of 25.3% in the forecast period (2024-2031).
The market potential is anticipated to be driven by the rising number of internet users, rising disposable income of consumers in developing economies, the growing necessity of home monitoring in remote areas, and the rising demand for energy-saving and low-carbon emission solutions. In recent years, the Internet has eased life in a variety of ways and continues to increase in popularity. The use of the Internet has grown in a number of industries, including banking, transportation, education, healthcare, retail, home automation, and the analysis of personal data. The mobile device has a massive effect on this significant rise in Internet use.
The hands-free and more user-friendly deployment of smart devices made possible by digital assistance and AI has a substantial impact on consumer choices. The popularity of digital assistants like Alexa, Google Assistant, Siri, and Bixby has made it possible to operate smart devices using voice commands. The demand for smart home products is being driven by the new features of these digital assistants, such as Bluetooth speaker control and hands-free channel surfing. Customers prefer customised devices as well since they are more convenient and offer a better user experience.
The rapid adoption of modern technologies like the internet of things (IoT), blockchain, smart speech recognition, artificial intelligence (AI), and others has a big impact on market expansion. The technology enables users' voices to be recognised by smart home items so that they can respond to them personally. The market for smart homes has grown as a result of an increase in IoT use in both developing and developed nations. The ability of technology to enable device connectivity has contributed to increasing demand for the market.
US IOT Smart Homes Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Wireless Protocols
Fastest Growth
Wireless Protocols
Growth Rate
25.3% CAGR
Global IOT Smart Homes Market ($ Bn)
Country Share for North America Region (%)
Global IOT Smart Homes Market By Protocols ($ Bn)
Global IOT Smart Homes Market By Protocols (%)
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Global IOT Smart Homes Market Segmental Analysis
Global IOT Smart Homes market is segmented on the basis of Product, Protocols, Application, and region. By Product, the market is segmented into Security & Access Controls, Lighting Control, Entertainment Devices, HVAC, Smart Kitchen Appliances, Home Appliances, Smart Furniture, Home Healthcare, Other Devices. By Protocols, the market is segmented into Wireless Protocols, Wired Protocols, and Hybrid. By Application, the market is segmented into New Construction, and Retrofit. The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America as according to region.
IOT Smart Homes Market Analysis by Protocols
The segment for wireless protocols is anticipated to grow at the highest CAGR. Additionally, in 2021, this market segment had the most market share. The capabilities and features provided by protocols like ZigBee, Wi-Fi, Bluetooth, Z Wave, and others, such as mobile connectivity, connectivity regardless of location, and more, are responsible for this significant expansion. Manufacturers favour protocols with easy communication, little strain on battery life, and a wide range. For instance, the ZigBee protocol offers longer battery life because it uses low-duty cycle operation and lower latency for immediate device-to-device communication. The traditional devices with built-in Ethernet or cable connections are predicted to cause the wired protocols market to expand at a CAGR of over 25%. A central hub of smart home devices is often controlled and linked using wired protocols. The two main trends for wired protocols are the safety of wires installed behind walls and the reduction of connectivity concerns. The region's market is expected to grow as a result of the rising demand for low-latency smart home technologies.
IOT Smart Homes Market Analysis by Application
Due to the convenience and ease of adding smart home devices during construction activities, the new construction category is anticipated to develop at the greatest CAGR throughout the projection period of 2022 to 2030. The demand is brought on by the fact that homeowners prefer not to tear down any walls or tiles, and installation is carried out safely and effectively. Additionally, the demand for smart houses, which follow the trend of smart security and access features, is anticipated to be driven by the rise in new residential buildings around the world. Due to the simplicity of logistics involved in fixing the devices, owners of new construction projects are also more likely to install multiple smart home products.
In 2021, the retrofit market segment had the most market share. Due to the increasing demand for smart homes, this market sector also had the largest revenue in 2021. Depending on the logistics and budget, current homeowners retrofit their homes by installing one or more smart goods. The rise in the trend of smart homes, which fuels the segment's growth, is a result of the market's increased availability of smart devices.
Global IOT Smart Homes Market By Protocols, 2023 (%)
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Global IOT Smart Homes Market Regional Insights
During the duration of a forecast, North America is anticipated to dominate the market. The increasing demand for dependable and affordable home management systems, including cutting-edge safety and security systems, improving device standards, and rising demand for integrated smart devices, such as tablets, voice assistants, and loT-enabled devices, are the main factors driving the regional market. North America has more homes with these systems and appliances than other regions, which is the main factor driving the region's higher revenue for product and software providers.
Over the forecast period, the Asia Pacific region is expected to see a CAGR of much more than 30%. The increasing standard of living and more disposable income in the area are the factors responsible for the market expansion. The region's market is expected to be influenced by the quick uptake of smartphones, the internet, and other technologically advanced devices. Additionally, the use of AI-based digital assistants for daily tasks, like Siri and Alexa, has a significant impact on market growth.
Global IOT Smart Homes Market By Region, 2024-2031
- Largest
- Fastest
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Global IOT Smart Homes Market Dynamics
IOT Smart Homes Market Drivers
Internet of Things (IoT) Solution Adoption to Boost Market Expansion
- One of the most important global economic drivers for the expansion of the smart home business is the loT platform. Home-based loT-based technology offers energy-saving capabilities. By 2025, GSMA Intelligence projects that there will be over 25 billion Internet of Things connections worldwide, up from 10.3 billion in 2018. This indicates that within a few years, there will be vast collections of sensors, gadgets, and other objects communicating via advanced technologies like 5G. The market is probably going to expand faster as a result of the internet of things' increasing prevalence.
- The global market for smart homes is being driven by the increasing demand for energy-saving and low-emission solutions. The economic prosperity of a nation must take energy efficiency into consideration. The need to cut back on energy use and carbon emissions has increased as a result of regulatory requirements and rising global warming. An important portion of the global energy consumption is driven by smart homes. This aspect is anticipated to be the main driver of market expansion in this area.
IOT Smart Homes Market Restraints
High Security Concerns May Restrict Market
- The growing cyberattack in high-end connected technology is the main barrier to market expansion. The security of connected endpoints overall puts smart home technology at risk. Intelligent technology connects to every system and gadget in the house, which makes it vulnerable to hackers if not adequately guarded. A designer, developer, and licenser of chip interface technology, Rambus Incorporated estimates that 80% of loT devices are susceptible to various attacks.
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Global IOT Smart Homes Market Competitive Landscape
The industry dynamics and corporate landscape are highlighted as they impact and shape the global market. Key corporations and new entrants forecast growth initiatives such product launches, mergers and acquisitions, technology improvements, and geographic expansion in both realistic and unrealistic ways. For example, Amazon.com, Inc. announced the release of its sound bot, wall echo, house robot, and other smart home products as part of an annual model refresh in August 2022. The introduction is consistent with the company's goal to improve the product's hardware in order to compete with other businesses.
IOT Smart Homes Market Top Player’s Company Profiles
- Amazon.com, Inc.
- Alphabet Inc. (Google)
- Samsung Electronics Co., Ltd.
- Apple Inc.
- LG Electronics Inc.
- Honeywell International Inc.
- Siemens AG
- Schneider Electric SE
- Robert Bosch GmbH
- Johnson Controls International plc
- Lutron Electronics Co., Inc.
- United Technologies Corporation
- Legrand S.A.
- Ingersoll-Rand plc
- Leviton Manufacturing Co., Inc.
- Control4 Corporation
- Alarm.com Holdings, Inc.
- August Home, Inc.
- Nest Labs, Inc.
- SmartThings Inc.
IOT Smart Homes Market Recent Developments
- In January 2022, in order to promote the growth of smart home technologies, Samsung Electronics Co., Ltd. teamed up with the Home Connectivity Alliance. With this agreement, new and useful features will be added to the product lineup. To promote their use in houses, whether for new construction or retrofit, market participants are also expanding the capabilities of smart home products and features.
- In 2022, New switch line was unveiled by ABB India. Switches from Millenium and Zenit that have received ISI certification offer customers comfort, functionality, and control in smart buildings and spaces that can easily be upgraded with the newest smart home automation systems. With these switches created for both residential and commercial establishments, customers can convert from conventional lighting to an intelligent, eco-friendly substitute.
Global IOT Smart Homes Key Market Trends
- There is a rising demand for electrical cooling systems in the summer and, concurrently, for natural gas, heating oil, wood, and electrical heating systems in the winter due to the variability of climatic changes.
- The utilization of HVAC systems is anticipated to increase with the introduction of new government requirements on efficiency. This has made it possible for the most cutting-edge heating and cooling systems in buildings to use smart HVAC control systems. Thus, in order to adjust the energy efficiency in accordance with government guidelines, the currently installed HVAC equipment would need to be either replaced or adapted. This would increase the need for HVAC retrofitting, positively affecting the market's growth as a whole. Humidity control will also benefit from proper ventilation. The ability of the virus to infect inhabitants will be reduced if the buildings maintain a relative humidity of 40%–60% inside. Makeup air integration into the HVAC system will improve ventilation while also fostering a healthier atmosphere. Filters are measured in MERV in many commercial HVAC systems (minimum efficiency reporting values).
Global IOT Smart Homes Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global IOT smart homes market analysis, The adoption of smart homes has grown globally as a result of increased internet access. The market has gained pace over the past several years in large part because of the rising desire for a lavish lifestyle in developing nations and increased internet access. As a result, market growth will be greatly aided by the ongoing internet penetration during the anticipated period. The deployment of a 5G-based home network by T-Mobile is scheduled for 2024. The goal is to increase coverage in rural parts of the US that were previously underserved. It is now providing a limited number of T-Mobile users with a trial version of the service on its 4G LTE network.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 79.31 billion |
| Market size value in 2031 | USD 603.79 billion |
| Growth Rate | 25.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global IOT Smart Homes Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global IOT Smart Homes Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global IOT Smart Homes Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global IOT Smart Homes Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global IOT Smart Homes Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global IOT Smart Homes Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global IOT Smart Homes Market Report Snapshots
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