Smart Home Market Size, Share & Growth – Opportunities & Forecast Report, 2023-2030
Smart Home Market size reached USD 88.4 billion in 2022 and is estimated to reach USD 220.6 billion in 2030 and the market is estimated to grow at a very high CAGR of 12.1% from 2023-2030 attributed to surge in adoption of smart devices and rising internet penetration rates.
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Major Smart Home Industry Trends and Drivers
Global Smart Home Market is majorly driven by growing need for home monitoring in remote locations, increasing per capita incomes of consumers in developing countries and rising concerns related to safety and security. Smart home comes with in-built monitoring systems, which can help in control electrical and security appliances from single interface. Convenience, safety and security, are some of the factors which are driving the growth of Smart Home Devices Market. Smart home solutions are gaining traction amongst consumers as it can save time required for completing specific household tasks and its capability to provide room-by room surveillance and notify users about intrusion, in case if they are in remote locations. In addition, increasing internet and smartphone penetration worldwide, will accelerate for smartphone-home connected devices in the coming years. According to Smart Home Market Analysis, almost 750 million smartphones users were estimated in India in 2021. With increasing internet adoption rates coupled with deployment of 5G technology, this figure will surpass 1 billion in coming few years, which will boost the demand for smartphones-home connected devices in the country.
Integration of Artificial Intelligence with digital assistants such as Siri and Alexa, will offer improved user experience to consumers with smart home devices, as these digital assistants can control and manage smart devices through digital command. In addition, emerging capabilities of digital assistants to provide hands-free channel surfing and control Bluetooth speakers, will propel smart home appliances market. Increasing investments by companies on new product design, rise in the adoption of technologies such as Blockchain and smart speech recognition and incorporation of lighting controllers with in-built data connectivity technology, are supplementing the Smart Home Market growth. Smart home solutions gather personal data of consumers such as medical bills, movement and purchases, which can be critical. However, smart home devices are vulnerable to hacking tools, a hacker may hijack personal data of consumers and use it for fraudulent transactions and identify theft and these hackers are difficult trace, as they do not change functionality of their devices. These security and privacy concerns are restricting the demand for Smart home solutions.
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As per Smart Home Market Forecast, Entertainment Control and Other Controls segment is expected to hold a largest smart home market share globally.
Audio and volume control smart home devices are gaining popularity in the Smart Home Market as it offers consumers more convenience in managing and controlling entertainment systems within house. Additionally, technological upgradations in wireless technologies, has increased the demand for home theatre control systems coupled with and growing popularity of smart locks, and smart hubs, are boosting the segment’s growth. For instance, Amazon developed Amazon Echo, which is a smart speaker, that responds to voice commands using Alexa to control smart home devices and streams music as per consumers preference.
Deployment of HVAC systems has increased due to new regulations enforced governments related to efficiency of HVACs. Moreover, due to rapid changes in climatic conditions, demand for electrical cooling systems in summers and simultaneously, the demand for heating oil, natural gas, wood, and electrical heating systems in winters have increased, which is boosting the demand for HVAC control systems.
Consumers in many countries are preferring to use smart home healthcare products for self-life diagnosis due to increasing healthcare costs. As consumers are getting conscious about their health, they are increasingly using such products to monitor vital parameters such as oxygen and blood sugar levels. Previously consumers had to visit hospital or any clinic to monitor these parameters, due to advent of these solutions have enabled consumers to conduct testing at their homes.
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According to Smart Home Market Report, Asia-Pacific region is expected to grow at the fastest rate
Asia-Pacific Smart Home Market is driven by increasing geriatric population, advancements in smart home products, presence of massive consumer base, rapid urbanization and rising penetration of smartphones and internet. China Smart Home Market is driven by increasing consumers inclination towards adopting healthy lifestyles, rising disposable incomes, government policies promoting the usage of IoT based devices and growing demand for low-carbon emissions solutions.
Smart Home Market Europe is driven by high-living standards of consumers, presence of some of the leading companies such as Legrand, Schneider Electric SE, and Robert Bosch GmbH, and Favourable government policies.
Smart Home Market Leaders
Some of the leading players operating in the market includes Honeywell International Inc., Siemens AG, Johnson Controls, Schneider Electric, United Technologies, Amazon Inc., Apple, Google, ADT and Robert Bosch GmbH among others.
Key Developments:
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- In October 2022, Johnsons Control, a major manufacturer of smart building solutions announced that it has launched new flexible suite for its customers in Asia-Pacific. These services come with enhanced capabilities, which will allow remote monitoring and management of comprehensive range of HVAC controls.
- in August 2021, SmartRent.com, LLC, a leading provider of smart home and smart building automation announced that it acquired Fifth Wall Acquisition Corp. The acquisition is intended to expand the company and go public.
- In January 2020, Sunflower labs launches Sunflower Home Awareness System, which will become world’s first fully autonomous residential security drone. This drone oversees the home via ground-based units called Sunflowers and look like garden lights and use motion and vibration sensors to detect movement in the yard.
- In September 2019, Google launched Google Nest Hub, which can play videos and music from YouTube as per consumers requirement and provides hands-free help from the Google Assistant
- In November 2018, Legrand, a major smart home company, based out of France announced that it completes acquisition of Netatmo. Netatmo’s products will be incorporated into Legrand’s portfolio, which will help the Group to strengthen its presence in this market and accelerate the development of Eliot.
Segments Covered in the Report:
The Global Smart Homes market has been segmented based on Product, Software & Services and Key Regions. Based on Product, the market is segmented into Lighting Control, Security and Access Control, HVAC Control, Entertainment Control and Other Controls, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances and Smart Furniture. Based on Software & Services, the market is segmented into Behavioural and Proactive.
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Report Coverage |
Details |
Market Revenues (2022) |
USD 88.4 billion |
Market Base Year |
2022 |
Market Forecast Period |
2023-2030 |
Base Year & Forecast Units |
Revenue (USD Billion) |
Market Segment | By Product, By Software & Services and By Key Regions |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | Honeywell International Inc., Siemens AG, Johnson Controls, Schneider Electric, United Technologies, Amazon Inc., Apple, Google, ADT and Robert Bosch GmbH |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation:
Global Smart Homes Market by Product
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- Lighting Control
- Relays
- Occupancy Sensors
- Daylight Sensors
- Timers
- Dimmers
- Switches
- Accessories and Other Products
- Security and Access Control
- Video Surveillance
- Hardware
- Software
- Access Control
- Biometric
- Non-Biometric
- Video Surveillance
- HVAC Control
- Smart Thermostats
- Sensors
- Control Valves
- Heating and Cooling Coils
- Dampers
- Actuators Pumps and Fans
- Smart Vents
- Entertainment Control and Other Controls
- Entertainment Control Products
- Audio, Volume, and Multimedia Room Controls
- Home Theatre System Controls
- Touchscreens and Keypads
- Other Control Products
- Smart Meters
- Smart Plugs
- Smart Hubs
- Smart Locks
- Smoke Detectors
- Entertainment Control Products
- Smart Speaker
- Home Healthcare
- Smart Kitchen
- Smart Refrigerator
- Smart Coffee Makers
- Smart Kettles
- Smart Dishwashers
- Smart Ovens
- Smart Cooktops
- Smart Cookers
- Home Appliances
- Smart Washers
- Smart Dryers
- Smart Water Heaters
- Smart Vacuum Clean
- Smart Furniture
- Smart Tables
- Smart Desks
- Smart Stools and Benches
- Smart Sofas
- Smart Chairs
- Lighting Control
Global Smart Homes Market by Software & Services
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- Behavioural
- Proactive
Global Smart Homes Market by Region
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North America Smart Homes Market (Option 1: As a part of the free 25% customization)
- By Product
- By Software & Services
- United States of America (US) Market All-Up
- Canada Market All-Up
-
Europe Smart Homes Market (Option 2: As a part of the free 25% customization)
- By Product
- By Software & Services
- United Kingdom (UK) Market All-Up
- Germany All-Up Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
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Asia-Pacific Smart Homes Market (Option 3: As a part of the free 25% customization)
- By Product
- By Software & Services
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
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ROW Smart Homes Market (Option 4: As a part of the free 25% customization)
- By Product
- By Software & Services
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
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Smart Homes Leading Market Players (Option 5: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- Honeywell International Inc.
- Siemens AG
- Johnson Controls International
- Schneider Electric SE
- United Technologies Corporation
- Amazon Inc.
- Apple
- ADT
- Robert Bosch GmbH
- Samsung Electronics
- Xiaomi
- LG Electronics
Frequently Asked Question About This Report
Smart Home Market – Published Report [ES03A-00-1217]
Global Smart Home Market size reached USD 88.4 billion in 2022.
Entertainment segments hold the largest market share.
Smart Home Market is estimated to grow at a CAGR of 12.1% over the forecast period (2023-2030).
Major players operating in the market includes Johnson Controls, Schneider Electric, United Technologies, Honeywell International Inc., Siemens AG, Amazon Inc., Robert Bosch GmbH, Apple, Google and ADT, among others.
- Published Date: Feb-2023
- Report Format: Excel/PPT
- Report Code: ES03A-00-1217
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Report is shared with unlimited user (employees) of the purchasing corporation only
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Report is shared with unlimited user (employees) of the purchasing corporation only
Smart Home Market Size, Share & Growth – Opportunities & Forecast Report, 2023-2030
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