The global demand for Smart Home Market is presumed to reach the market size of nearly USD 580.15 MN by 2030 from USD 80.16 BN in 2022 with a CAGR of 28.07% under the study period 2023 - 2030.
The smart home is a convenient home or residence that uses internet-connected devices and enable users to monitor or manage the appliances through the remote. The appliances which can be controlled include lighting, heating, air conditioning, TVs, computers, entertainment audio & video systems, security, and camera systems among others. This smart home concept is basically meant for the owners all time comfort, security, energy efficiency or low cost operating, and for convenience.
Market Dynamics
The growing demand for mobility and increasing need for standardization across the globe is driving the market growth. High adoption of access control solutions owing to increasing crime rates globally is also expanding the market presence. In addition to this, the rapidly growing construction industry is further fuelling market growth. However, the high initial cost associated with smart home may limit the market growth. Whereas, incorporation of lighting controllers with in-built data-connectivity technology and favorable government regulations to promote green buildings is expected to create potential opportunity over the forecast period.
The report covers Porter's Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of smart home.
Market Segmentation
The entire smart home market has been sub-categorized into application. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By Products
- Security & Access Controls (Security Cameras, Video Door Phones, Smart Locks, Remote Monitoring Software & Services, Others)
- Lighting Control (Smart Lights, Relays & Switches, Occupancy Sensors, Dimmers, Other Products)
- Entertainment Devices (Smart Displays/Tv, Streaming Devices, Sound Bars & Speakers)
- Hvac (Smart Thermostats, Sensors, Smart Vents, Others)
- Smart Kitchen Appliances (Refrigerators, Dish Washers, Cooktops, Microwave/Ovens)
- Home Appliances (Smart Washing Machines, Smart Water Heaters, Smart Vacuum Cleaners)
- Smart Furniture
- Home Healthcare
- Other Devices
By Protocols
- Wireless Protocols (Zigbee, Wi-Fi, Bluetooth, Z Wave, Others)
- Wired Protocols
- Hybrid
By Application
- New Construction
- Retrofit
Regional Analysis
This section covers regional segmentation which accentuates on current and future demand for smart home market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Smart Home Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the Smart Home market include LG Electronics Inc., Siemens AG, Amazon.com Inc., Google Nest (Google LLC), Samsung Electronics Co. Ltd., Schneider Electric SE, Legrand SA, Robert Bosch GmbH, Assa Abloy AB, Sony Group Corp., ABB Ltd., Philips Lighting B.V., Honeywell International Inc. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.