Smart Homes Market

Global Smart Homes Market Size (2024 to 2029)

The global smart home market is predicted to reach USD 114.92 billion in 2024 and USD 221.46 billion by 2029, growing at a CAGR of 14.02% during the forecast period.

Current Scenario of the Global Smart Homes Market

The smart home, often called home automation, embraces Internet-connected devices to control and track several household devices. It is cutting-edge technology that makes cross-device operations more convenient and energy efficient. This technology involves controlling all of the electronic devices that are present in the home using wireless technology. It provides end users comfort, energy efficiency, security, and convenience by allowing them to control all electronic devices via a smart home application on their mobile phones or other networked devices. Growing technological advancements in numerous household devices support the development of the global smart home market. The smart home framework needs a smartphone application or an online portal to communicate with an automated system. The business scope comprises an analysis of controllable devices managed by switches, sensors, timers, remote controls, and others. The growing importance of the home surveillance system, the advancement of the Internet of Things (IoT), and the growing consumer awareness of efficient energy savings have propelled the demand for global smart home business. On the other hand, the high cost of existing smart devices and security and privacy concerns could hamper global growth globally.

MARKET TRENDS

Intelligent HVACR systems (heating, ventilation, air conditioning and refrigeration) are essential for environmental controls in the home. They comprise intelligent termites, sensors, regulating valves, intelligent actuators, air conditioning systems, and intelligent radiators, among other systems. Across the globe, with the rising government regulations in both developed and developing economies, most new buildings are in need of smarter heating and cooling systems, which is anticipated to promote the adoption of these HVAC systems.

Modern customers want unlimited HVAC system products, but they also require the integration of multiple solutions in the same suite, including energy management. This trend implies that market players must implement functions that they previously considered outside their segment or at least offer the possibility of easily connecting other products to the platform/ecosystem. Automatic heating controls mainly address the reason for saving energy. The call for efficient heating devices has resulted in an augmented need for automated heating controls, which made them the most significant contributor to the global HVAC equipment business.

MARKET DRIVERS AND RESTRAINTS

Globally, the growing importance of responding to security concerns is expected to drive growth in demand for smart homes over the forecast period. In addition, launching several novel wireless technologies, such as the HVAC controller, security and access controllers, and entertainment controls, is foreseen to fuel market growth. In addition, recent advances in the Internet of Things (IoT), which have resulted in lower prices for sensors and processors, should encourage manufacturers to promote automation in the home sector. The growth of this system is credited to multiple factors like a large group of Internet users and a surge in the adoption of smart equipment, awareness of fitness and healthy lifestyles in the face of high disposable incomes in developing economies; the great importance of home surveillance from remote locations; a growing need for energy efficient and low carbon solutions; cost reduction measures allowed by the market; rapid proliferation of smartphones and smart devices; the existence of market players focused on expanding their adoption in smart home product portfolios; and widespread concern for the safety, security, and smart home comfort market.

REPORT COVERAGE

REGIONAL ANALYSIS 

The Asia Pacific smart home market is touted to expand at the most considerable rate over the outlook period. Factors that stimulate market growth in this region include strong economic growth, an increase in population, an improvement in the standard of living, and rapid urbanization, which lead to sophisticated infrastructure. China is likely to account for the largest size of the APAC market in 2018. However, with the development of the smart home business and the vast implementation of hardware and software solutions in China and Japan, the market is expected to multiply at a notable rate throughout the prediction period. APAC is considered a great market for smart home systems due to the high implementation rate of various products, such as lighting controls, HVAC controls, security, and access controls, among others, in the smart home market of this region.

KEY PLAYERS IN THE GLOBAL SMART HOMES MARKET

1. Amazon, Inc. (USA),

2. Apple Inc. (USA),

3. Google (USA),

4. ADT (USA),

5. Robert Bosch GmbH (Germany),

6. ASSA ABLOY (Sweden)

7. ABB Ltd. (Switzerland),

8. Ingersoll-Rand PLC (Ireland),

9. ABB (Switzerland),

10. Legrand SA (France),

11. GE (United States),

12. Comcast Corp. (USA),

13. Hubbell Inc. (USA),

14. Samsung Electronics Co., Ltd. (South Korea),

15. LG Electronics (South Korea),

16. Sony (Japan),

17. Control4 Corp. (United States),

18. Lutron Electronics Co. Inc. (United States),

RECENT HAPPENINGS IN THE GLOBAL SMART HOMES MARKET

• In April 2019, Honeywell recently declared a technological collaboration with Intel, which is supposed to allow new AI capabilities on the former’s MAXPRO connected security platform. The advanced security platform is anticipated to support MAXPRO network video recorders (NVR) and video management systems (VMS), which are deemed to employ Intel Vision products that offer deep learning, advanced analytics, and facial recognition.

• In June 2018, United Technologies Corporation (United States) introduced next-generation touch screens for i-Vu building automation systems to help operators better manage their HVAC equipment.

DETAILED SEGMENTATION OF THE GLOBAL SMART HOMES MARKET INCLUDED IN THIS REPORT

This research report on the global smart homes market has been segmented and sub-segmented by product, technology, and region.

By Product

• Lighting Control

• Security & Access Control

• HVAC

• Entertainment

• Smart Speaker

• Home Healthcare

• Smart Kitchen

• Home Appliances

• Smart Furniture

 By Technology

• Wireless Technology

• Cellular Network Technology

By Region

• Asia Pacific

• Europe

• Middle East and Africa

• North America

• Latin America