The smart apartments market consists of sales of smart apartments and related services. Smart apartments have connectivity to smart amenities such as smart lights, smart locks, integrated services like home cleaning within an apartment. The smart apartment comprises smart devices such as smart locks, smart thermostats, smart lights, smart TVs, blinds, cameras and kitchen appliances.
The global smart apartments market is expected to decline from $2.09 billion in 2019 and to $1.84 billion in 2020 at a compound annual growth rate (CAGR) of -12.26%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $2.47 billion in 2023 at a CAGR of 10.45%.