Smart Home Installation Service Market

Global Smart Home Installation Service Market Size (2023 to 2028)

The global smart home installation service market size is expected to be worth USD 4.38 Billion in 2023. It is expected to grow at a CAGR of 25% during the forecast period and reach a value of USD 13.37 Billion by 2028.

Global Smart Home Installation Service Market Drivers:

The factors driving the smart home installation service market include the rising acceptance of IoT, digital technologies, and artificial intelligence and the popularity of connected homes. More access and control can be achieved with the growing smart home technologies. To communicate with an automated system, a smart home system needs a web portal or smartphone application as a user interface.

The growth of the smart home installation service market is also driven by end users using cognitive systems and connectivity technologies at an increasing rate. Sophisticated features such as mobility and the adoption of consumer gadgets with integrated intelligent assistance have expanded dramatically over the last few years. The growing use of personal assistants in smart homes will bring fresh opportunities for companies that provide smart home installation services due to the growing acceptance from people for a variety of high-tech gadgets at home such as gaming consoles, smart TVs, and speakers with built-in artificial intelligence. The key market participants are promoting the ease of installation claims such as do-it-yourself and home renovation kits, so they are using this approach as a vital tool to grow their client base in the smart home installation service market. Furthermore, to strengthen their position in the market, manufacturers and retailers in the sector are providing consultation, product selection, and installation services all under one roof.

Installation of GSM networks throughout the nation as part of the communication infrastructure, which facilitates the quick adoption of IoT technologies, will propel the smart home installation service market. Also, it is anticipated that the market for smart home installation services will attract new opportunities as e-commerce channels gain popularity. Customers are finally starting to accept these goods, with almost 60 percent of consumers owning at least one smart home appliance. This presents an opportunity for e-commerce companies to get into the smart home market to boost device sales. The pandemic has affected how online shopping will develop in the future and compelled companies to evolve to cope with shifting consumer demands. As a result, many consumers have had to modify how they buy clothing, electronics, and necessities.

Global Smart Home Installation Service Market Restraints:

The cost and technical expertise needed for home automation represent one of the main barriers to the adoption of IoT in the smart home installation service market. It is necessary to properly integrate and analyze data that has been created and gathered from various sources, which is a tough task, and it ultimately hinders the growth of the market. Also, today's smart home gadgets and services operate on basic rules like IFTTT (if this, then that), which restrict their versatility and are unable to fulfill the demands of customers who are already overwhelmed with everyday tasks. Furthermore, the usage patterns of smart houses and smart buildings must alert the optimization of energy supply and invoicing.

Inflexibility of installed devices is the major challenge consumers are currently facing. Devices could not have facilities for updates in the case of malfunctions or availability of newer software upgrades once they exit the vendor's shop. Another factor restricting the market growth is the poor management of devices. Protocols for message transmission or formats for data interchange present additional difficulties for vendors. Also, smart home users express concerns about the security of data generated and sent by devices and how to address vulnerabilities once they are established. Additionally, there are problems with network stability that risk service availability.

Impact of COVID-19 on the smart homes installation service market:

COVID-19 had a significant impact on the acceptance of IoT devices and smart home technologies and services around the world. Since it has increased or generated new applications for digital technologies, this pandemic has turned out to be a driving force for digital transformation. Additionally, it has compelled governments, organizations, and people to modify or adapt their operating procedures, priorities, and opinions on social and ethical concerns. Furthermore, wearable technology, such as smart watches, bands, and finger rings, has been around for a while, but COVID-19 has caused a sharp rise in demand for these devices. The short-term damage caused by COVID-19 is anticipated to be overcome in the future with significant revenue growth. This is primarily because adoption will continue to be propelled by changes in consumer behavior and lifestyle that will happen after the pandemic ends. For instance, a lot of companies have declared that they will implement work-from-home policies on a long-term basis.

REPORT COVERAGE:

This research report on the global smart home installation service market has been segmented and sub-segmented into the following categories.

Global Smart Home Installation Service Market - By System:

• Home Monitoring
• Lighting Controls
• Smart Speakers
• Thermostats
• Video Entertainment
• Smart Appliances
• Others

The home monitoring segment has been leading the market and is anticipated to account for the largest share of the worldwide market during the forecast period. Technological advancements are transforming the way we safeguard our homes and loved ones, from smart gates to automated alarm systems, smoke detectors to fire suppression systems, and electric fences to perimeter beam sensors. Also, the introduction of automated alarm systems into a complete security ecosystem has been made possible by smart houses. All these are boosting the expansion of the smart home installation market.

Global Smart Home Installation Service Market - By Channel:

• Original Equipment Manufacturers (OEMs)
• Retailers
• E-Commerce
• Professional Service Providers

The e-commerce segment is anticipated to grow at a higher CAGR during the forecast period. New opportunities are expected to arise in the smart home installation service market because of the increasing popularity of e-commerce platforms. Companies are utilizing e-commerce strategies to expand their customer base and capitalize on the growing adoption of smart home products.

Global Smart Home Installation Service Market - By Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

North America holds a leading position in the global smart home installation service market due to its early embrace of technology and the strong presence of industry players in the region. Another factor driving the growth of the smart home installation services market in North America is the growing popularity of network-connected devices in the region.

Europe's smart home installation service market is projected to grow at a faster growth rate during the forecast period. The entertainment controls have been driven by consumers shifting lifestyles and increasing preference for luxury entertainment systems like home theatres. In addition, rising per capita income in both developed and emerging countries has contributed to this market's expansion. The future will likely see a significant impact of changing lifestyles on entertainment control because of the growing prevalence of stress and anxiety-related problems among people, as well as their propensity for ostentatious goods and hegemonic lifestyles.

Asia Pacific's smart home installation service market is anticipated to expand at a striking rate during the forecast period. Major economies like China, Japan, Australia, and India are driving the regional smart home installation service market. It is expected to witness significant growth due to factors such as increasing urbanization and rising living standards. The need for smart meters has increased due to the growing need to reduce energy consumption, which accelerated the smart home installation service market in the region.

The Latin American smart home installation service market will likely undergo a healthy expansion during the forecast period as a result of factors such as growing urbanization, rising disposable income, and growing consumer interest in home automation. Another factor driving this growth is the increasing popularity of smart appliances like air conditioners, washing machines, and refrigerators that can be controlled and seen remotely by smartphone or tablet. Therefore, it is anticipated that the demand for smart home installation services market will increase due to the integration of machine learning and artificial intelligence technologies in smart appliances for data analysis and energy efficiency.

Middle East and Africa's smart home installation service market is likely to move forward at a steady growth rate in the coming years. Governments in the region are actively encouraging the use of energy-efficient household equipment to lower energy use. The purpose of this is to raise awareness and provide incentives for the use of smart appliances, which is consistent with the government's goals for energy efficiency. Therefore, it is projected that the smart home installation service market will expand favourably as more people choose these energy-saving options.

KEY MARKET PLAYERS:

The major players in the smart home installation service market are Calix Inc., FINITE SOLUTIONS, Handy, HelloTech Inc., Maryland Electrical Services LLC, Meyer Electrical Services, Inc., Miami Electric Masters, and Red River Electric. Rexel, SMARTHOME, Smartify Home Automation Limited, Vivint, Inc