Global Smart Home Market

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

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

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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 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. 'Google LLC (United States)', 'Amazon.com, Inc. (United States)', 'Apple Inc. (United States)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Xiaomi Corporation (China)', 'Honeywell International Inc. (United States)', 'LG Electronics Inc. (South Korea)', 'Siemens AG (Germany)', 'Schneider Electric SE (France)', 'ADT Inc. (United States)', 'Philips Lighting Holding B.V. (Netherlands)', 'Sony Corporation (Japan)', 'Vivint Smart Home, Inc. (United States)', 'Johnson Controls International plc (Ireland)', 'ABB Ltd. (Switzerland)', 'Legrand SA (France)', 'Ingersoll Rand Inc. (Ireland)', 'Bosch Security Systems (Germany)', 'Control4 Corporation (United States)', 'Lutron Electronics Co., Inc. (United States)', 'Somfy Systems, Inc. (France)', 'Resideo Technologies, Inc. (United States)'

The integration of smart home devices with popular voice assistants, such as Amazon Alexa and Google Assistant, has simplified the control and management of smart home systems. Voice commands enable hands-free operation and enhance the user experience. Additionally, the availability of dedicated mobile apps for smart home control provides convenience and accessibility to homeowners.​

Enhanced User Experience and Personalization : The smart home market is moving towards delivering a more personalized and intuitive user experience. This includes customizable automation routines, voice-controlled interactions, and smart home platforms that adapt to individual preferences. Manufacturers are focusing on user-friendly interfaces, simplified setup processes, and seamless integration across devices and brands to enhance usability and convenience.

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.

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