Global Smart Home Market Size, Share, Growth Analysis, By Products(Security & Access Controls, Lighting Control), By Protocols(Wireless, Wired) - Industry Forecast 2024-2031

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.