The global smart home hardware market is anticipated to reach $213.6 billion by 2032, growing from $72.4 billion in 2022 at a CAGR of 12.0% from 2023 to 2032.
Smart home hardware consists of a number of interconnected systems and technologies that enable homeowners to control several devices at their homes. Thermostats, for example, are examples of smart home equipment that can manage temperature based on personal preferences, assuring comfort and energy economy. Another example is smart lighting systems, which may turn on or alter lighting settings when someone enters a room. Also, energy monitoring and management are important features of smart home gear. Smart plugs, smart meters, and energy monitoring systems enable homeowners to measure and optimize their energy usage. This aids in the reduction of energy use and the promotion of sustainability.
The smart home market is growing due to a number of factors Include Increase in use of the Internet, smartphones, and social networks. The market growth is being driven by Increasing global urbanization and rising Incomes in developing countries, which have resulted in new ways of living. One of the primary smart home technology trends is the Increase in use of home artificial intelligence systems. Artificial intelligence can be used to take AI home automation to the next level. It might be either computer vision or voice-controlled smart devices employing NLP engines to analyze speech that allows a Samsung Family Hub to detect things in the fridge and produce a shopping list. AI is used in such systems to improve the user experience for smart home users. These factors are anticipated to boost the smart home hardware market share.
Smart home devices heavily rely on a stable and reliable Internet connection to function optimally. Any disruption in Internet connectivity can impact the performance and functionality of these devices. Power outages or network outages can temporarily render smart home devices inaccessible or non-functional, affecting the user experience. The rapid pace of technological advancements can lead to the uselessness of smart home hardware devices. As new technologies emerge and become mainstream, older devices may lack compatibility or miss out on new features and functionalities.
The smart home hardware market is expanding into health & wellness applications, such as remote health monitoring, ambient-assisted living, and personalized healthcare. Smart home devices can track vital signs, provide medication reminders, and create ambient environments to support well-being and aging-in-place. The integration of smart home hardware with smart grids and smart city infrastructure presents opportunities for energy management, demand response, and grid optimization. Smart homes can play a vital role in creating more sustainable and efficient energy ecosystems by participating in dynamic pricing programs, load management, and renewable energy integration.
The COVID-19 pandemic led to disruptions in global supply chains, affecting the manufacturing and distribution of smart home hardware. Lockdowns, travel restrictions, and temporary factory closures disrupted the production and delivery of components, leading to delays in product launches and shortages of certain devices. These supply chain challenges affected the availability and accessibility of smart home hardware in the market. During the pandemic, market participants have seen a decrease in smart home system installations. Some smart home products require professional installation and programming on-site. Therefore, buyers have been hesitant to install these devices in order to avoid contact with outside people during the COVID-19 pandemic.
The key players profiled in this report Include Google LLC (Alphabet), Honeywell Corporation, Inc., Amazon.com Inc., Schneider Electric SE., Johnson Controls International plc, ABB Ltd., Legrand SA, Panasonic Corporation, Samsung Electronics Co. Ltd, and General Electric. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Smart home hardware consists of a number of interconnected systems and technologies that enable homeowners to control several devices at their homes. Thermostats, for example, are examples of smart home equipment that can manage temperature based on personal preferences, assuring comfort and energy economy. Another example is smart lighting systems, which may turn on or alter lighting settings when someone enters a room. Also, energy monitoring and management are important features of smart home gear. Smart plugs, smart meters, and energy monitoring systems enable homeowners to measure and optimize their energy usage. This aids in the reduction of energy use and the promotion of sustainability.
The smart home market is growing due to a number of factors Include Increase in use of the Internet, smartphones, and social networks. The market growth is being driven by Increasing global urbanization and rising Incomes in developing countries, which have resulted in new ways of living. One of the primary smart home technology trends is the Increase in use of home artificial intelligence systems. Artificial intelligence can be used to take AI home automation to the next level. It might be either computer vision or voice-controlled smart devices employing NLP engines to analyze speech that allows a Samsung Family Hub to detect things in the fridge and produce a shopping list. AI is used in such systems to improve the user experience for smart home users. These factors are anticipated to boost the smart home hardware market share.
Smart home devices heavily rely on a stable and reliable Internet connection to function optimally. Any disruption in Internet connectivity can impact the performance and functionality of these devices. Power outages or network outages can temporarily render smart home devices inaccessible or non-functional, affecting the user experience. The rapid pace of technological advancements can lead to the uselessness of smart home hardware devices. As new technologies emerge and become mainstream, older devices may lack compatibility or miss out on new features and functionalities.
The smart home hardware market is expanding into health & wellness applications, such as remote health monitoring, ambient-assisted living, and personalized healthcare. Smart home devices can track vital signs, provide medication reminders, and create ambient environments to support well-being and aging-in-place. The integration of smart home hardware with smart grids and smart city infrastructure presents opportunities for energy management, demand response, and grid optimization. Smart homes can play a vital role in creating more sustainable and efficient energy ecosystems by participating in dynamic pricing programs, load management, and renewable energy integration.
The COVID-19 pandemic led to disruptions in global supply chains, affecting the manufacturing and distribution of smart home hardware. Lockdowns, travel restrictions, and temporary factory closures disrupted the production and delivery of components, leading to delays in product launches and shortages of certain devices. These supply chain challenges affected the availability and accessibility of smart home hardware in the market. During the pandemic, market participants have seen a decrease in smart home system installations. Some smart home products require professional installation and programming on-site. Therefore, buyers have been hesitant to install these devices in order to avoid contact with outside people during the COVID-19 pandemic.
The key players profiled in this report Include Google LLC (Alphabet), Honeywell Corporation, Inc., Amazon.com Inc., Schneider Electric SE., Johnson Controls International plc, ABB Ltd., Legrand SA, Panasonic Corporation, Samsung Electronics Co. Ltd, and General Electric. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart home hardware market analysis from 2022 to 2032 to identify the prevailing smart home hardware market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart home hardware market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global smart home hardware market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Security and Surveillance
- Smart Appliances
- Smart Infotainment
- Utility Management
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- ABB Ltd.
- Amazon.com Inc.
- General Electric
- Google LLC (Alphabet)
- HONEYWELL CORPORATION, Inc.
- Johnson Controls International plc
- Legrand SA
- Panasonic Corporation
- Samsung Electronics Co. Ltd
- Schneider Electric SE.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART HOME HARDWARE MARKET, BY PRODUCT TYPE
CHAPTER 5: SMART HOME HARDWARE MARKET, BY REGION
CHAPTER 6: COMPETITIVE LANDSCAPE
CHAPTER 7: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Smart Home Hardware Market,' The smart home hardware market was valued at $72.4 billion in 2022, and is estimated to reach $213.6 billion by 2032, growing at a CAGR of 12% from 2023 to 2032.Smart home hardware is a convenient house setup in which household appliances and devices can be managed remotely using a mobile or other networked device from anywhere with the help of an Internet connection. Smart home hardware in a smart home is networked via Internet, allowing the user to remotely control features such as home security, lighting, heating, and home security. Smart home appliances provide self-learning capabilities, allowing them to understand the homeowner's schedules and make changes as per the requirement of the user. Smart home hardware help homeowners to reduce their consumption of electricity and benefit from energy cost reductions.
The smart home hardware market encompasses a wide range of solutions focused at controlling, monitoring, and automating various functions within residential premises. With rising energy costs and a greater emphasis on sustainability, there is growing demand for energy-saving options that have now become an essential component of everyday life. Intelligent temperature controls, networked lighting, HVAC frameworks, household devices, and other interconnected living arrangements all lead to lower energy usage and, hence, lower energy costs. Therefore, people are increasingly showing interest in these options. Furthermore, the prevalence of remote work even in the post-pandemic period is leading to more people spending extended periods of time at home. This shift in lifestyle creates a greater willingness among individuals to invest in smart home products and services, as they offer enhanced safety, well-being, and convenience.
Despite the rising popularity of smart home technologies, there is still a lack of awareness and knowledge among consumers about the benefits, functionalities, and potential use cases. Limited knowledge about the capabilities and potential of smart home hardware is expected to hinder market growth. The rapid pace of technological advancements can lead to the uselessness of smart home hardware devices. Outdated gadgets might not be compatible with newer features and capabilities when they develop and gain popularity. Consumers may feel reluctant to invest in smart home hardware if they perceive it as quickly becoming outdated.
The Internet of Things includes wide variety of things such as smart speakers, smart lighting systems, and Wi-Fi-enabled refrigerators. IoT is the most recent smart home technological advancement, and it is anticipated to grow fast in the upcoming years. The use of Internet of Things (IoT) technology in smart home devices is rapidly increasing. IoT devices will become considerably more advanced in the future, with many more applications. IoT is the largest and most fascinating among the smart home technologies that promise to bring significant innovation to daily routines. Also, artificial intelligence (AI)-driven voice assistants have gained popularity as control panels for smart homes. It is possible to create new voice assistant-integrated smart home hardware components that offer voice-controlled automation, individualized experiences, and enhanced functionality. Smart home hardware can integrate with AI assistants, which go beyond basic voice commands and offer advanced capabilities. AI assistants can provide personalized recommendations, answer questions, and offer contextual information based on user preferences and historical data. For example, an AI assistant can suggest energy-saving tips based on usage patterns or provide real-time weather updates. This integration adds an intelligence layer to the smart home experience. This seamless integration creates a unified control experience, making it easier for users to manage their smart homes.
The smart home hardware market share is segmented based on product type and region. By product type, it is classified into security & surveillance, smart appliances, smart infotainment, utility management, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the smart home hardware market report include Google LLC (Alphabet), Honeywell Corporation, Inc., Amazon.com Inc., Schneider Electric SE., Johnson Controls International plc, ABB Ltd., Legrand SA, Panasonic Corporation, Samsung Electronics Co Ltd., and General Electric.
The report offers a comprehensive analysis of the global smart home hardware market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global Smart Home Hardware Industry
The COVID-19 pandemic has led at an increase in concerns about health and safety. Smart home devices such as touchless smart locks, video doorbells, and voice-controlled assistants have gained popularity as they reduce physical contact and enhance home security.With stay-at-home orders and remote work becoming prevalent during the pandemic, there has been an increase in demand for smart home devices. Consumers looked for ways to make their homes more comfortable, secure, and convenient, leading to a surge in purchases of smart sensors, security systems, and entertainment devices.
The COVID-19 pandemic impacted manufacturing activities all around the globe. The delay in producing smart systems caused by various government restrictions also impeded smart home hardware industry expansion.
Key Findings of the Study
- Based on product type, the security & surveillance sub-segment emerged as the global leader in 2022 and the smart appliances sub-segment is anticipated to be the fastest-growing during the forecast period.
- Based on region, North America registered the highest market share in 2022 and Asia-Pacific is predicted to be the fastest growing during the forecast period.
Companies Mentioned
- ABB Ltd.
- Amazon.com Inc.
- General Electric
- Google LLC (Alphabet)
- HONEYWELL CORPORATION, INC.
- Johnson Controls International plc
- Legrand SA
- Panasonic Corporation
- Samsung Electronics Co Ltd
- Schneider Electric SE.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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