Global Smart Home Market is segmented By Product Type (Security & safety System, Energy resource management, HVAC Control, Lighting System, Media Entertainment Control, others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
The Global Smart Home Market is expected to grow at a CAGR of 13.52% during the forecast period (2024-2031).
Smart Home constitutes networked devices, and related services enable home automation. Considered are devices that are connected directly or indirectly via a so-called gateway to the Internet. Their main purposes are the control, monitoring and regulation of functions in a household. The smart home, also called home automation, is an automation system that controls the lighting, climate, entertainment, appliances, and home security such as alarm systems of a household.
The report covers all the major trends and drivers playing a key role in the growth of the Smart Home market. Smart Home market segmented by Product and Region.
Market Summary
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Metrics |
Details |
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Market CAGR |
13.52% |
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Segments Covered |
By Product Type and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Market Growth Trends
The global Smart Home Market is primarily driven by a rise in internet penetration coupled with the increase in smart devices worldwide. With increasing internet penetration across the globe. The major factor for the growth of home automation is the sustainability of the resource provided by the connected smart devices that help control and monitor the home systems.
The growing construction of smart cities worldwide is the other reason for the smart home market to impact the coming years positively. Rising smart cities account for the increase in the adoption of technologies like IoT, AI and others. Smart cities are generally made up of smart buildings: homes, industry and office spaces where smart IoT devices can communicate with each other and the users how these spaces are used. There are huge investments in the development of smart cities all around worldwide gives rise o smart homes. For instance, the Government announced the 30 new cities under Smart Cities Mission, taking the total number of proposed smart cities to 90 cities. The government has announced to development of 100 smart cities in India. The government has planned to invest INR 1.91 trillion (US$ 30 billion) for the 89 cities under the mission. As per the proposed investment, 80% of the funds would be spent on area-based development (ABD) and the remaining 20% of the funds on ICT Solutions.
However, the high initial cost and the lack of standardization of the devices are hampering the growth of the Smart Home Market for the forecast period.
Market Segmentation Analysis
By Product, the global Smart Home Market segmented into Security& safety system, Energy resource management, HVAC Control, Lighting Systems, Media entertainment control, and Others. Product for Security & safety systems has the dominant position in the Smart Home Market. It is expected to retain its dominance in the forecasted period due to rising security concerns worldwide due to the rise in energy-efficient systems. The lighting systems will grow at a higher rate in the forecast period. It is expected that Security & safety system will grow at a CAGR of ~XX% during the forecast period.
Market Geographical Share
By geography, the global Smart Home Market segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
North America holds the largest market share for Smart Home Market due to large disposable income coupled witanddaptation of new technologies by the people in the region. The rise in smart devices like smart speakers and fitness devices in the region is the other region for growth, and most people own speakers. For instance, At the close of 2018, U.S. smart speaker adoption rose to 26.2% of the 18+ population or 66.4 million users. The new installed-based data reflects a 40% rise over the previous year and reflects the use of 133 million smart speakers.
Europe is after North America in terms of market share for Smart Home due to the rising popularity of smart security systems. Rising security concerns at less densely populated areas, making it compulsory for the detached and semi-detached houses to have smart security or monitored alarm systems installed. Hence, it has led to more sales of smart security systems in the regions.
Market Companies and Competitive Landscape
Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Smart Home Market is a fragmented market with the presencbal and regional players in the market. The major players include Honeywell International, Siemens AG, Johnson Controls International, Schneider Electric SE, and United Technologies Corporation. Other key players in the market include Amazon Inc., Apple Inc., Google, ADT, Robert Bosch GmbH, Assa Abloy, Legrand SA, ABB Ltd., Ingersoll-Rand PLC, Comcast Corporation, Hubbell Inc., Vivint.
In July 2019, Ikea’s lineup of low-priced Tradfri smart lights and controllers continued to grow. Ikea is launching a few new products while also bringing a few items to the US that were already on sale elsewhere. All the devices are compatible with Apple HomeKit, Amazon Alexa, and Google Home ecosystems through ateway. The smart home enthusiasts first spotted the new products at Homekit Hero (via Dave Zatz).
In June 2019,Smart home appliance maker Wyze is expanding its lineup to include a new connected wall plug that’s up for preorder today in a pack of two for $15. The device is pretty standard: it connects to an outlet, communicates with the Wyze mobile app, and lets you monitor and control power to whatever happens to be plugged in, be it a lamp or a coffee maker. It works with Amazon’s Alexa and Google Assistant, but notably not Apple’s HomeKit, as is the case with a lot of smart plugs out there.
