Report ID: SQMIG45I2100
Report ID:
SQMIG45I2100 |
Region:
Global |
Published Date: August, 2024
Pages:
197
|
Tables:
67 |
Figures:
77
Smart Home Market 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, growing at a CAGR of 28.02% in the forecast period (2024-2031).
Dishwashers, streaming players, cameras, and lighting are some of the instances of smart home appliances. This rising trend of integration with the artificial intelligence of smart home devices for smart features is expected to increase product demand. Furthermore, the growing rate of the internet and smartphone penetration across the globe is increasing the demand for connected smart home products. The installation of smart devices is now hassle-free for any user, which is AI-powered digital assistance that influences the consumer's decision. In addition to this, a growing portion of the population is using virtual assistants such as Siri, Google Assistant, Alexa, etc., supporting voice commands for its automation in operations. The additional features that these digital assistants are providing, such as Bluetooth speakers and hands-free channel surfing, are driving demand for smart home products.
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Report ID: SQMIG45I2100