Summary
Major players in the smart homes market are Honeywell International Inc., Siemens AG, Johnson Controls International, Schneider Electric SE, United Technologies Corporation, Amazon Inc., Apple, Google, Robert Bosch GmbH, Samsung Electronics, LG Electronics, Sony Corporation, Control4 Corporation, Comcast Corporation, Lutron Electronics Co. Inc., Legrand SA, Smart home Inc., General Electric Company, Ingersoll-Rand PLC, Delta Controls, Axis Communications, Crestron Electronics, SimpliSafe, Armorax and Canary.
The global smart homes market grew from $91.03 billion in 2022 to $110.02 billion in 2023 at a compound annual growth rate (CAGR) of 20.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart homes market is expected to grow to $234.86 billion in 2027 at a CAGR of 20.9%.
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.
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.
Asia-Pacific was the largest region in the smart homes market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in smart homes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of smart homes are 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, and smart furniture.Lighting controls refer to a group of smart lighting systems that can control the amount, quality, and characteristics of light in a specific area.
They come in behavioral and proactive software and services and are sold by direct, and indirect channels. The technologies used are wireless technology and cellular network technology that has various standards and protocols such as wireless protocols, wired protocols, and hybrid protocols.
The growing adoption of smart devices is expected to propel the growth of the smart home market.Smart devices are defined as the objects used in everyday life, that is made intelligent through advanced computing techniques such as machine learning and artificial intelligence, that are networked to form the internet of things.
These smart home devices can be interconnected and accessed through laptops, smartphones, tablets, or others.For instance, according to MediaPost, a US-based integrated publishing and conference company, 15% of households across the world are predicted to have a smart home device installed by 2023.
Moreover, 69% of households in the US have at least one smart device. Therefore, the rising adoption of smart devices is driving the growth of the smart homes market.
Technological advancements are shaping the smart homes market.Technological advancement is defined as a discovery of knowledge that advances technology and provides enhanced products to the customers.
New technologies such as IoT are used to provide comfort and reliability to the users.For instance, in September 2020, Sunroof, an India-based provider of solar energy solutions and (Internet of Things) IoT smart energy solutions, launched zunpulse smart devices.
The zunpulse is designed for safeguarding the customers and making their life more comfortable and secure. The new range of devices launched includes a smart energy monitor, smart plug, smart camera, smart security system, smart AC remote, smart energy monitor, smart video doorbell, smart LED bulbs, and, smart TV remote.
In October 2021, Nice SpA, an Italy-based manufacturer of smart home, home and building, and security automation solutions, acquired Nortek Security And Control LLC for $285 million.With this acquisition, Nice SpA aims at expanding its portfolio to provide a full suite of integrated solutions for commercial, residential, government, and industrial customers that offer high-security applications and professionally installed specialized products.
Nortek Security And Control LLC is 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.
The countries covered in the smart homes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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.
