Global Smart Homes Market Growth Analysis 2024, Forecast To 2033
26 Feb, 2024
The smart homes market has experienced exponential growth, surging from $107.52 billion in 2023 to $129.57 billion in 2024, with a CAGR of 20.5%. Historical growth is linked to consumer awareness, home automation, voice assistant advancements, security concerns, and entertainment integration. Forecasts project exponential growth to $269.11 billion in 2028, with a CAGR of 20.0%, driven by customization, edge computing, health monitoring, security features, sustainability focus, and multi-modal interfaces. Notable trends include voice assistant integration, IoT device expansion, smart home security, energy management, interoperability, 5G connectivity, and smart home appliances.
Global Smart Homes Market Key Driver
The smart home market is set to grow with the increasing adoption of smart devices, defined as everyday objects enhanced through advanced computing like AI and machine learning. These interconnected devices can be accessed through various gadgets. Predictions suggest that 15% of global households will have smart home devices by 2023, with 69% of U.S. households already using at least one smart device, thereby fueling market growth.
Get A Free Sample Of The Global Smart Homes Market ReportGlobal Smart Homes Market Segments
The smart homes market covered in this report is segmented –
1) By Product: Lighting Control, Security And Access Control, Heating, Ventilation, And Air Conditioning (HVAC) Control, Entertainment Control And Other Controls, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, Smart Furniture
2) By Software And Services: Behavioural, Proactive
3) By Sales Channel: Direct, Indirect
4) By Technology: Wireless Technology, Cellular Network Technology
5) By Standards And Protocols: Wireless Protocols, Wired Protocols, Hybrid Protocols
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacificwas the largest region in the smart homes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart homes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Smart Homes Industry Players
Honeywell International Inc.; Siemens Aktiengesellschaft; Johnson Controls International plc; Schneider Electric SE; United Technologies Corporation; Amazon. com Inc.; Apple Inc.; Google LLC; ADT Inc.; Robert Bosch GmbH; Samsung Electronics Co. Ltd.; LG Electronics Inc.; ABB Ltd; Sony Group Corporation; Control4 Corporation; Comcast Corporation; Lutron Electronics Co. Inc.; Legrand SA; Smart home Inc.; General Electric Company; Ingersoll Rand plc; Xiaomi Corporation; Ooma Inc.; Delta Controls Inc.; Axis Communications AB; Crestron Electronics Inc.; SimpliSafe Inc.; Armorax Corporation; Canary Connect Inc.; Leviton Manufacturing Co. Inc.
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Smart Homes Market Overview
Smart homes are defined as a system that connects with the appliances in the house for automating various tasks. Smart homes offer homeowners comfort, security, energy efficiency, and convenience by allowing them to control their smart devices. They are remotely controlled through a smart home app on the smartphone or various other networked devices.
Smart Homes Global Market Report 2023 provides data on the global smart homes market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart homes market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.