Global Smart Home Market

Smart Home Market Size, Share, Growth Analysis, By Type(Behavioural Software & Services, Proactive Software & Services), Products(Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Home Healthcare, Smart Kitchen, Others), Sales Channel, and Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2100 | Region: Global | Published Date: August, 2024
Pages: 197 | Tables: 67 | Figures: 77

Smart Home Market Insights

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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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). 

Major players use a range of strategies to strengthen their positions in the market, such as partnerships, joint ventures, acquisitions, R&D, and global expansions. Businesses are focusing on improving their product offerings to better match the changing needs of consumers to stay competitive. For instance, in August 2022, Amazon.com, Inc. For instance, in August 2022, Amazon.com, Inc. Launched its wall echo, sound bot, wall echo and house robot as an annual exercise of refreshing models. The launch is anticipated to feature as part of the company's bid on competing with new entrants. Big businesses are investing a lot of money in venture capital, R&D, and modern technologies.   'Apple Inc. ', 'Xiaomi Corporation ', 'LG Electronics Inc. ', 'ADT Inc. ', 'ABB Ltd. ', 'Bosch Security Systems ', 'Legrand SA ', 'Sony Corporation ', 'Schneider Electric SE ', 'Siemens AG ', 'Honeywell International Inc. ', 'Samsung Electronics Co., Ltd. ', 'Amazon.com, Inc. ', 'Google LLC ', 'Ingersoll Rand Inc. '

The Internet of Things (IoT) platform is one of the main factors driving market progress. Homes can now benefit from energy-saving measures due to Internet of Things technology. GSMA Intelligence estimated that by 2025, there would be around 25 billion IoT connections globally, which was 10.3 billion back in 2018. At this rate, in a few years, there could be enormous clusters of sensors, devices, and objects that are going to connect with one another via 5G and other high-speed technologies. Such a large-scale spread of IoT devices is predicted to accelerate the market's development.  

Users of smart home equipment can reduce their carbon footprint, monitor and control their energy use, and save energy. Smart power strips, smart lights, sprinkler systems, composters, smart meters, and thermostats are a few instances of these appliances. The goal of creating a smart ecosystem, a group of networked devices that work together without additional configuration or programming, is becoming more and more prevalent. A few of the communication protocols that are utilized for this are Matter, Wi-Fi, and Zigbee. The energy-efficient and environmentally friendly solutions that smart devices can provide may contribute to the growth of the smart home market. 

Asia Pacific would have the fastest compound annual growth rate (CAGR) throughout the projection period. This expansion is attributed to the region's population's growing standard of living and disposable income. The region's market is expected to grow due to the widespread use of smartphones, the internet, and other high-tech devices. Furthermore, the trend of using AI-powered digital assistants for everyday tasks, such as Siri and Alexa, has a significant effect on industry growth.  

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Global Smart Home Market

Report ID: SQMIG45I2100

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