Smart Home Market Overview

The global Smart Home Market is estimated to be worth USD 254.78 Billion by 2030, registering a 12.3% CAGR during the forecast period (2022- 2030).

Smart Home is an integration of technology and services through a network for a better quality of living. The technology helps the user to demote the workload and much more. Smart Home facilitates the users with comfortable living, energy management features, security, and benefits for disabled persons. Smart homes are fitted with the Internet- connected devices for controlling, automating, and optimizing functions, like temperature, lighting, security, and entertainment. These devices can be remotely controlled, monitored, and accessed by a computer, phone, tablet, or a different system. Smart technologies applied for connecting gadgets and accessories have made it practicable to automatically control the conditions in a building.

The growth of the worldwide smart home market is mainly driven by its growing need for energy-saving and low- carbon-emission- oriented solutions. Energy efficiency is a pivotal factor in a nation’s economic growth. Due to the amplifying global warming and government stringency, there has been a growing requirement to reduce energy consumption and carbon pollution. Smart homes esteem for a significant percentage of the world’s total energy consumption.

The boosting importance of deploying security systems to reduce the risk of losses is significantly impacting the smart home industry's growth. The introduction of improved technologies, including security and access regulators, Heating, Ventilation, and Air Conditioning (HVAC) controllers, wireless technology, and entertainment controls, is expected to foster the Smart Home Market growth in the coming years.

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Regional Analysis

The global Smart Home Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Asia Pacific is anticipated to advance at the topmost CAGR of over 32% from 2022 to 2030. The ever-augmenting demand from the residential sector is anticipated to thrust growth in this region. Regional companies are concentrating on innovations and advancements to meet the requirements of potential customers.

North America inscribed the highest revenue share of over 41% in 2021 and is anticipated to mainly contribute to the smart home industry from 2022 to 2030. This is owing to the amplifying presence of an elderly demographic in the region.

In Europe, market growth is being determined normally by the development of small businesses and accelerated investment by chief corporations in nations like Germany, the U.K., France, and numerous others.

Market Segmentation

The global Smart Home Market is segmented into the following types;

By Product:

• Home Monitoring/Security
• Security Cameras
• Smart Door locks
• Others
• Smart Lighting
• Entertainment
• Speakers/Sound bars
• Voice Assistant
• Smart TV/Projectors/Monitors
• Wearable
• Others
• Smart Appliances
• Smart Refrigerators
• Smart Air Conditioners
• Others
• Others

By Application:

• Security & Surveillance
• Lighting
• Entertainment
• Energy Management
• HVAC
• Smart Kitchen
• Home Fitness & Wellness

Key Players

The global Smart Home Market’s prominent key players are Siemens AG (Germany), Johnson Controls Inc (US), Legrand S.A. (France), Samsung Electronics Co. Ltd (South Korea), ABB Ltd. (Switzerland), Honeywell International Inc. (US), United Technologies Corporation (US), Schneider Electric (France) and  General Electric Company (US).

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