Smart homes are characterized as a system that links with household appliances to automate diverse tasks. Providing homeowners with comfort, security, energy efficiency, and convenience, smart homes empower individuals to manage their intelligent devices. These homes can be remotely operated through a dedicated smart home app on a smartphone or other interconnected devices.
The primary categories of smart homes encompass lighting control, security and access control, HVAC control (heating, ventilation, and air conditioning), entertainment control, as well as other controls such as smart speakers, home healthcare, smart kitchens, home appliances, and intelligent furniture. Lighting controls, specifically, pertain to a set of intelligent lighting systems capable of regulating the quantity, quality, and characteristics of light within a defined space. Available through both behavioral and proactive software and services, these systems are distributed via direct and indirect channels. The technologies employed include wireless technology and cellular network technology, featuring various standards and protocols such as wireless protocols, wired protocols, and hybrid protocols.
The smart homes market research report is one of a series of new reports that provides smart homes market statistics, including smart homes industry global market size, regional shares, competitors with a smart homes market share, detailed smart homes market segments, market trends and opportunities, and any further data you may need to thrive in the smart homes industry. This smart homes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The smart homes market size has grown exponentially in recent years. It will grow from $107.52 billion in 2023 to $129.57 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The rise observed in the historical period can be ascribed to factors such as increased consumer awareness and demand, the adoption of home automation to enhance energy efficiency, advancements in voice assistant technologies, concerns related to security and surveillance, challenges in achieving interoperability, and the integration of entertainment and home theater systems.
The smart homes market size is expected to see exponential growth in the next few years. It will grow to $269.11 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. The anticipated growth in the forecast period is linked to factors such as customization and personalization, the implementation of edge computing for local processing, increased emphasis on health and wellness monitoring, the incorporation of enhanced security features, a heightened focus on sustainability, and the utilization of multi-modal interfaces. Key trends expected during this period encompass the integration of voice assistants, the expansion of IoT devices and connectivity, the development of smart home security solutions, a greater emphasis on energy management and sustainability, a focus on interoperability and standards, improved connectivity through 5G technology, and the integration of smart home appliances and kitchen gadgets.
The anticipated surge in the adoption of smart devices is set to drive the expansion of the smart home market. Smart devices, which encompass everyday objects imbued with intelligence through advanced computing technologies like machine learning and artificial intelligence, form a network known as the Internet of Things (IoT). These interconnected smart home devices can be accessed and controlled through various devices such as laptops, smartphones, tablets, and others. According to MediaPost, a US-based integrated publishing and conference company, it is projected that 15% of households worldwide will have a smart home device installed by 2023, with 69% of US households already incorporating at least one smart device. Consequently, the increasing adoption of smart devices is a significant driver for the growth of the smart homes market.
The rise in the aging population is expected to propel the smart homes market further. The aging population, typically individuals aged 65 and older, stands to benefit from smart homes that enhance their quality of life and independence. These homes are equipped with technologies such as fall detection systems, remote health monitoring, voice-activated controls, and automated safety features, providing necessary assistance and healthcare monitoring for seniors to live comfortably in their own homes. According to a United Nations article in 2023, the global population aged 65 years or older is projected to more than double, from 761 million in 2021 to 1.6 billion in 2050. Hence, the increasing aging population is poised to drive the smart homes market.
Technological advancements are shaping the landscape of the smart homes market. Defined as the discovery of knowledge that advances technology and provides enhanced products to customers, technological advancements are instrumental in introducing new features for comfort and reliability. For example, in October 2023, Noorio, a Hong Kong-based smart home technology company, launched innovative smart home security technology, featuring the T110 Indoor PTZ Security Camera and the D110 Video Doorbell. These devices utilize innovative AI neural engine technology for exceptional connectivity and visual clarity, showcasing the continuous evolution of smart home technologies.
Major companies in the smart homes market are launching innovative products to maintain their market position. These innovative products, characterized by advanced, interconnected devices and systems, enhance convenience, efficiency, and automation in smart homes. Examples include voice-controlled assistants, smart thermostats, and security cameras with AI recognition. For instance, in January 2023, SwitchBot US, a US-based smart home technology company, introduced the SwitchBot Hub 2. Serving as a bridge connecting SwitchBot Bluetooth devices to Wi-Fi and making them Matter-compatible, the SwitchBot Hub 2 enables users to add and manage SwitchBot devices from their preferred home automation system, such as Apple HomeKit or Google applications. This innovation underscores the ongoing commitment of major companies to offer cutting-edge products in the smart homes market.
In October 2021, Nice SpA, an Italy-based manufacturer specializing in smart home, home and building, and security automation solutions, acquired Nortek Security And Control LLC for $285 million. This strategic acquisition aims to broaden Nice SpA's portfolio, providing a comprehensive suite of integrated solutions for commercial, residential, government, and industrial customers, encompassing high-security applications and professionally installed specialized products. Nortek Security And Control LLC, a US-based developer of technology for home automation, power, control, security, access control, entertainment, artificial intelligence, and health systems for commercial and residential markets, aligns with Nice SpA's expansion goals in the smart homes sector.
Major companies operating in the in the smart homes market report are 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.
Asia-Pacific was 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
The countries covered in the smart homes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The smart homes market includes revenues earned by entities by providing services such as smart speakers, smart plugs, smart bulbs, smart thermostats, smart cookers, smart refrigerators, smart showers, and smart mattresses. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The primary categories of smart homes encompass lighting control, security and access control, HVAC control (heating, ventilation, and air conditioning), entertainment control, as well as other controls such as smart speakers, home healthcare, smart kitchens, home appliances, and intelligent furniture. Lighting controls, specifically, pertain to a set of intelligent lighting systems capable of regulating the quantity, quality, and characteristics of light within a defined space. Available through both behavioral and proactive software and services, these systems are distributed via direct and indirect channels. The technologies employed include wireless technology and cellular network technology, featuring various standards and protocols such as wireless protocols, wired protocols, and hybrid protocols.
The smart homes market research report is one of a series of new reports that provides smart homes market statistics, including smart homes industry global market size, regional shares, competitors with a smart homes market share, detailed smart homes market segments, market trends and opportunities, and any further data you may need to thrive in the smart homes industry. This smart homes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The smart homes market size has grown exponentially in recent years. It will grow from $107.52 billion in 2023 to $129.57 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The rise observed in the historical period can be ascribed to factors such as increased consumer awareness and demand, the adoption of home automation to enhance energy efficiency, advancements in voice assistant technologies, concerns related to security and surveillance, challenges in achieving interoperability, and the integration of entertainment and home theater systems.
The smart homes market size is expected to see exponential growth in the next few years. It will grow to $269.11 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. The anticipated growth in the forecast period is linked to factors such as customization and personalization, the implementation of edge computing for local processing, increased emphasis on health and wellness monitoring, the incorporation of enhanced security features, a heightened focus on sustainability, and the utilization of multi-modal interfaces. Key trends expected during this period encompass the integration of voice assistants, the expansion of IoT devices and connectivity, the development of smart home security solutions, a greater emphasis on energy management and sustainability, a focus on interoperability and standards, improved connectivity through 5G technology, and the integration of smart home appliances and kitchen gadgets.
The anticipated surge in the adoption of smart devices is set to drive the expansion of the smart home market. Smart devices, which encompass everyday objects imbued with intelligence through advanced computing technologies like machine learning and artificial intelligence, form a network known as the Internet of Things (IoT). These interconnected smart home devices can be accessed and controlled through various devices such as laptops, smartphones, tablets, and others. According to MediaPost, a US-based integrated publishing and conference company, it is projected that 15% of households worldwide will have a smart home device installed by 2023, with 69% of US households already incorporating at least one smart device. Consequently, the increasing adoption of smart devices is a significant driver for the growth of the smart homes market.
The rise in the aging population is expected to propel the smart homes market further. The aging population, typically individuals aged 65 and older, stands to benefit from smart homes that enhance their quality of life and independence. These homes are equipped with technologies such as fall detection systems, remote health monitoring, voice-activated controls, and automated safety features, providing necessary assistance and healthcare monitoring for seniors to live comfortably in their own homes. According to a United Nations article in 2023, the global population aged 65 years or older is projected to more than double, from 761 million in 2021 to 1.6 billion in 2050. Hence, the increasing aging population is poised to drive the smart homes market.
Technological advancements are shaping the landscape of the smart homes market. Defined as the discovery of knowledge that advances technology and provides enhanced products to customers, technological advancements are instrumental in introducing new features for comfort and reliability. For example, in October 2023, Noorio, a Hong Kong-based smart home technology company, launched innovative smart home security technology, featuring the T110 Indoor PTZ Security Camera and the D110 Video Doorbell. These devices utilize innovative AI neural engine technology for exceptional connectivity and visual clarity, showcasing the continuous evolution of smart home technologies.
Major companies in the smart homes market are launching innovative products to maintain their market position. These innovative products, characterized by advanced, interconnected devices and systems, enhance convenience, efficiency, and automation in smart homes. Examples include voice-controlled assistants, smart thermostats, and security cameras with AI recognition. For instance, in January 2023, SwitchBot US, a US-based smart home technology company, introduced the SwitchBot Hub 2. Serving as a bridge connecting SwitchBot Bluetooth devices to Wi-Fi and making them Matter-compatible, the SwitchBot Hub 2 enables users to add and manage SwitchBot devices from their preferred home automation system, such as Apple HomeKit or Google applications. This innovation underscores the ongoing commitment of major companies to offer cutting-edge products in the smart homes market.
In October 2021, Nice SpA, an Italy-based manufacturer specializing in smart home, home and building, and security automation solutions, acquired Nortek Security And Control LLC for $285 million. This strategic acquisition aims to broaden Nice SpA's portfolio, providing a comprehensive suite of integrated solutions for commercial, residential, government, and industrial customers, encompassing high-security applications and professionally installed specialized products. Nortek Security And Control LLC, a US-based developer of technology for home automation, power, control, security, access control, entertainment, artificial intelligence, and health systems for commercial and residential markets, aligns with Nice SpA's expansion goals in the smart homes sector.
Major companies operating in the in the smart homes market report are 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.
Asia-Pacific was 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
The countries covered in the smart homes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The smart homes market includes revenues earned by entities by providing services such as smart speakers, smart plugs, smart bulbs, smart thermostats, smart cookers, smart refrigerators, smart showers, and smart mattresses. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Smart Homes Market Characteristics3. Smart Homes Market Trends And Strategies31. Global Smart Homes Market Competitive Benchmarking32. Global Smart Homes Market Competitive Dashboard33. Key Mergers And Acquisitions In The Smart Homes Market
4. Smart Homes Market - Macro Economic Scenario
5. Global Smart Homes Market Size and Growth
6. Smart Homes Market Segmentation
7. Smart Homes Market Regional And Country Analysis
8. Asia-Pacific Smart Homes Market
9. China Smart Homes Market
10. India Smart Homes Market
11. Japan Smart Homes Market
12. Australia Smart Homes Market
13. Indonesia Smart Homes Market
14. South Korea Smart Homes Market
15. Western Europe Smart Homes Market
16. UK Smart Homes Market
17. Germany Smart Homes Market
18. France Smart Homes Market
19. Italy Smart Homes Market
20. Spain Smart Homes Market
21. Eastern Europe Smart Homes Market
22. Russia Smart Homes Market
23. North America Smart Homes Market
24. USA Smart Homes Market
25. Canada Smart Homes Market
26. South America Smart Homes Market
27. Brazil Smart Homes Market
28. Middle East Smart Homes Market
29. Africa Smart Homes Market
30. Smart Homes Market Competitive Landscape And Company Profiles
34. Smart Homes Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
Smart Homes Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on smart homes market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- All data from the report will also be delivered in an excel dashboard format.
Description:
Where is the largest and fastest growing market for smart homes? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Scope
- Markets Covered: 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: Behavioral; 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
- Companies Mentioned: Honeywell International Inc.; Siemens Aktiengesellschaft; Johnson Controls International plc; Schneider Electric SE; United Technologies Corporation
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- 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.
Methodology
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