USD 79.55 billion
Report ID:
SQMIG45I2100 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
67 |
Figures:
77
Global Smart Home Market size was valued at USD 79.55 billion in 2022 and is poised to grow from USD 101.84 billion in 2023 to USD 734.75 billion by 2031, at a CAGR of 28.02% during the forecast period (2024-2031).
The growing trend of incorporating artificial intelligence (AI) into smart home devices for smart features is anticipated to boost product demand. Additionally, a growing number of people throughout the world are using smartphones and the internet, which is fuelling the need for connected smart home devices.
Artificial intelligence (AI)-enhanced digital assistance is providing customers with a hands-free and more user-friendly smart device deployment, which has a substantial impact on consumer preferences. The demand for smart home appliances is being driven by the new features of these digital assistants, including Bluetooth speakers and hands-free channel surfing, among others. For instance, Google modified its assistant in October 2022 to enable voice-input message typing and support for emojis for the ease of users when texting. Smart speech recognition technology enables smart home items with a mic to identify users' voices and provide them with tailored responses. In a similar vein, this market has expanded as a result of rising IoT usage in both developed and developing countries. Innovating new product designs is something that the firms consistently fund.
An updated smart thermostat, for instance, was just unveiled by Google's Nest smart-home business. The new Nest Thermostat is a less complicated model than the Nest Learning Thermostat or Nest Thermostat E and is available for a lower price of USD 129.99, which is USD 40 less than the Nest E and USD 120 less than the top-tier third-generation Nest Learning Thermostat. Pre-orders for it began to flow in right away.
US Smart Home Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 79.55 billion
Largest Segment
Wireless
Fastest Growth
Wired
Growth Rate
28.02% CAGR
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Global Smart Home Market is segmented on the basis of products, protocols and region. By products, the market is segmented into security & access controls, lighting control, entertainment devices, HVAC, home healthcare, smart furniture, others. By protocols, market is segmented into wireless, wired, hybrid. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Smart Home Market Analysis by Protocols
Over the projected period, the wireless protocols segment is predicted to develop at the greatest CAGR of 27.75%. Additionally, in 2022, this market share was achieved by the segment. The capabilities and features made available by protocols are responsible for this significant increase. These features and capabilities include mobile connectivity, connectivity regardless of location, and more. Protocols with a minimal to no influence on battery life and range are preferred by manufacturers because they allow smooth communication.
The traditional products with integrated Ethernet or cable ports are predicted to drive the wired protocols segment's considerable CAGR growth from 2023 to 2030. For instance, the ZigBee protocol has a lower duty cycle and lower latency than other protocols, allowing for rapid device-to-device communication. This results in longer battery life. A hub of smart home devices is frequently connected and run from a central place via wired protocols. A driving trend for wired protocols is the security of behind-the-wall cables and the lack of connectivity problems. Over the projected period, the segment's growth is anticipated to be fueled by the increased demand for low-latency smart home products.
Smart Home Market Analysis by Products
In 2022, the security and access control market segment held a commanding market share of more than 30.40% of the total revenue. The requirement to provide authorized access to safes or rooms housing priceless items, as well as the increase in the demand for intelligent security systems, are both factors contributing to this expansion. Live stream playback, personalized PINs, fingerprint scanners, and other features are all included in smart locks and security cameras to help monitor and authorize access only for authorized users. For instance, Amazon.com, Inc. introduced the Ring Spotlight Cam Plus, Ring Spotlight Cam Pro, and 2nd Gen Ring Alarm Panic Button in September 2022 for security and access control uses using radar and 3D motion detection technologies.
The market segment for home healthcare is anticipated to expand at the greatest CAGR during the forecast period. Due to rising healthcare and insurance expenses, customers are increasingly choosing smart home healthcare solutions for self-diagnosis, which is a factor in the segment's growth. The rise of fitness and health consciousness among consumers is another factor in the development of this market. Customers can check their vital signs like blood pressure and oxygen levels utilizing home healthcare gadgets, for instance. Before, this was only feasible after visiting a hospital or clinic; however, customers may now do simple tests at home thanks to smart home healthcare equipment.
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During the predicted period, the Asia Pacific region's CAGR will be the fastest, at 32.21%. Improvements in living conditions and an increase in disposable income among local residents are credited with driving regional growth. Market expansion in the area is anticipated to be fueled by the widespread use of cellphones, the internet, and other technologically advanced tools. The use of AI-based digital assistants for everyday chores, like Siri and Alexa, has also become increasingly popular, which has a big impact on market expansion.
From 2023 to 2030, Europe is anticipated to see consistent CAGR growth. In 2022, the area saw a significant market share. The presence of important players in the region is responsible for the region's growth. The development of smart home technologies and devices, which is anticipated to drive the regional market, is also supported by the region's high Gross Domestic Product (GDP), higher standard of living, and population that is technologically savvy.
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Smart Home Market Drivers
Integration with Voice Assistants and Mobile Devices
Increasing Home Connectivity and Internet Penetration
Smart Home Market Restraints
Interoperability and Fragmentation
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The major players utilize techniques to strengthen their market positions, including alliances, purchases, ventures, innovations, R&D, and regional expansions. To maintain their competitiveness, businesses are putting more effort into enhancing the products they offer so that they better meet the evolving needs of people.
Smart Home Market Top Player’s Company Profiles
Smart Home Market Recent Developments
In March 2024, Viomi Technology Co., Ltd. disclosed a decline in net revenues for the entire year of 2023 during their recent earnings call. However, despite the decrease in revenue, the company managed to sustain a relatively steady gross profit and margin.
In February 2024, Ayla Networks, a leader in smart home platforms, and Meari Technology, a global manufacturer of camera and video products, joined forces in a strategic partnership. This collaboration aims to enhance the smart home experience by integrating top-tier video solutions into Ayla's diverse product lineup. The integration of innovative video technology with various smart devices will provide consumers with a seamless and enriched home automation experience.
In December 2023, CEDIA, the association for smart home professionals, published its 2023 Professional Smart Home Market Analysis in collaboration with market research firm Ancrage Consulting LLC. This year, CEDIA enhanced integrator survey responses by incorporating specification data from D-Tools and Portal, along with insights from 14 prominent U.S. manufacturers and distributors, marking the first time such comprehensive data integration has been undertaken.
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 our analyses, the global smart home market has been experiencing significant growth and is poised for further expansion in the coming years. The integration of advanced technologies, increasing consumer awareness, and the demand for convenience and energy efficiency are driving the growth of the smart home market. While the smart home market offers immense opportunities, it also faces challenges. These include interoperability issues, security concerns, cost factors, and the complexity of setup and integration. Overcoming these challenges and addressing consumer needs for seamless experiences, affordability, and data security will be crucial for sustained market growth. The global smart home market is experiencing rapid growth driven by increasing consumer demand, technological advancements, and a focus on energy efficiency and convenience. As smart home technologies continue to evolve, the market is expected to witness significant expansion, presenting opportunities for industry players and shaping the future of modern living.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 79.55 billion |
Market size value in 2031 | USD 734.75 billion |
Growth Rate | 28.02% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Smart Home 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 Smart Home 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Home Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart Home 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.
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Product ID: SQMIG45I2100