NEW
YORK, July 3, 2024 /PRNewswire/ -- The global
smart home market size is estimated to grow by USD 188.3 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of almost
21.21% during the forecast period. Growing consumer interest
in home automation is driving market growth, with a trend towards
rising number of strategic partnerships and alliances. However,
increase in issues related to interoperability poses a
challenge. Key market players include ABB Ltd., Allegion Public
Ltd. Co., Alphabet Inc., Amazon.com Inc., Apple Inc., ASSA ABLOY
AB, Comcast Corp., Honeywell International Inc., Hubbell Inc.,
Johnson Controls, Legrand SA, LG Corp., Lutron Electronics Co.
Inc., Panasonic Holdings Corp., RTX Corp., Robert Bosch GmbH,
Samsung Electronics Co. Ltd., Schneider Electric SE, Snap One LLC,
and Vivint Inc..
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segments, customer landscape, and companies- View the
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Smart Home Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
21.21%
|
Market growth
2024-2028
|
USD 188.3
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
17.25
|
Regional
analysis
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 69%
|
Key
countries
|
US, Germany, China, UK,
and Canada
|
Key companies
profiled
|
ABB Ltd., Allegion
Public Ltd. Co., Alphabet Inc., Amazon.com Inc., Apple Inc., ASSA
ABLOY AB, Comcast Corp., Honeywell International Inc., Hubbell
Inc., Johnson Controls, Legrand SA, LG Corp., Lutron Electronics
Co. Inc., Panasonic Holdings Corp., RTX Corp., Robert Bosch GmbH,
Samsung Electronics Co. Ltd., Schneider Electric SE, Snap One LLC,
and Vivint Inc.
|
Market Driver
The global smart home market is witnessing an increase in
strategic partnerships among vendors, with a focus on product
development to capitalize on growth opportunities. Smart home
product and system manufacturers are collaborating with technology
providers, home automation platform providers, and other market
participants to ensure interoperability. Notable partnerships
include Samsung with ABB Group, Google with ADT, and Amazon with
iRobot. These alliances are expected to accelerate growth in
segments such as energy management, light control systems, home
entertainment, HVAC, smart appliances, safety, and security
systems.
The smart home market is experiencing significant growth with
various technologies taking center stage. Speakers, thermostats,
and security systems are popular trends. These devices can be
controlled through apps or voice commands, providing convenience
and efficiency. Smart bulbs and closets are also gaining traction,
offering energy savings and improved organization. The use of voice
assistants like Siri and Alexa is driving innovation, allowing
users to control multiple devices with simple voice commands. The
future of smart homes lies in connectivity and automation, making
daily life easier and more efficient.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The smart home market is expanding, with vendors focusing on
creating dependable home automation solutions for applications like
energy management, lighting, home entertainment, HVAC, smart
appliances, and safety and security systems. However, the market's
growth may be hindered by interoperability issues. These problems
occur when smart home devices cannot work together seamlessly
through various interfaces in real-time. For instance, smart
security cameras may not be compatible with all smart devices and
platforms. To address these challenges, vendors must invest in
research and development and acquire the necessary expertise in
smart home automation solutions. The prevalence of interoperability
issues may negatively impact the growth of the smart home market
during the forecast period.
- The smart home market is experiencing significant growth, with
various technologies and devices in use. However, challenges
persist in ensuring seamless integration and interoperability among
different systems. One major challenge is the fragmentation of the
market, with numerous players and proprietary technologies. Another
issue is security concerns, as the increasing use of IoT devices in
homes raises privacy and data protection risks. Additionally, cost
remains a barrier for many consumers, as the initial investment for
a fully-equipped smart home can be high. To address these
challenges, industry players must focus on developing open
standards and collaborating to create interoperable solutions. They
should also prioritize security features and affordability to make
smart homes accessible to a wider audience.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This smart home market report extensively covers market
segmentation by
- Application
- 1.1 Home entertainment
- 1.2 Smart appliances
- 1.3 Energy management
- 1.4 Lighting control system and HVAC
- 1.5 Safety and security system
- Technology
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Home entertainment- The Smart Home Market is
experiencing significant growth, driven by increasing consumer
demand for convenience and security. Smart home devices, such as
thermostats, lighting systems, and security cameras, are becoming
increasingly popular. Retailers and manufacturers are responding by
expanding their offerings and improving product functionality. This
trend is expected to continue, with the global market size
projected to reach USD151.4 billion
by 2023. Smart home technology is making homes more efficient and
comfortable, providing homeowners with peace of mind and added
value.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Smart Home Market is experiencing significant growth due to
the increasing demand for home monitoring, energy-saving solutions,
and the integration of advanced technologies such as 5G, IoT
platforms, and Machine Learning. The industry caters to the safety
and security needs of Internet users by offering smart home systems
that include intrusion detection, cameras, and AI-powered virtual
assistants. These systems provide convenience through the control
of lighting, temperature, audio/video systems, and smart appliances
like dishwashers, all accessible via smartphones and digital
assistance. However, with the increasing number of IoT connections
and devices, cyberattacks and security threats are becoming a major
concern. AI and Machine Learning are being employed to enhance the
functionality and security of these systems. Smart homes are
transforming into intelligent living spaces, integrating Bluetooth
speakers and other entertainment devices to create a more
comfortable and connected living experience.
Market Research Overview
The Smart Home Market encompasses a range of technologies and
devices designed to enhance convenience, security, and energy
efficiency in residential spaces. These solutions include
voice-activated assistants, thermostats, lighting systems, security
cameras, and appliances, among others. Smart homes utilize various
connectivity protocols such as Wi-Fi, Bluetooth, and Zigbee to
facilitate seamless communication between devices. The market is
driven by factors like increasing consumer awareness, technological
advancements, and the growing preference for energy-efficient
solutions. Smart homes offer numerous benefits, such as remote
monitoring and control, automation, and improved comfort and
safety. The market is expected to witness significant growth in the
coming years due to these factors and the ongoing digital
transformation.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Home Entertainment
- Smart Appliances
- Energy Management
- Lighting Control System And HVAC
- Safety And Security System
- Technology
-
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio