What Is The Current and Historic Market Size Analysis Of Smart Home Devices Market?
The smart home devices market has seen considerable growth due to a variety of factors.
• The market size for smart home devices has seen a quick expansion over the recent years. The market will increase from $126.22 billion in 2024 to $147.62 billion in 2025, with a compound annual growth rate (CAGR) of 17.0%.
The historic growth is tied to factors such as the need for consumer convenience and automation, security and surveillance, energy efficiency and cost savings, the aging population, accessibility, and integration with mobile devices.
What Can Be Expected from the Smart Home Devices Market in the Coming Years?
The smart home devices market is expected to maintain its strong growth trajectory in upcoming years.
• Accelerated expansion is anticipated in the smart home devices market over the upcoming years. By 2029, the market worth is expected to reach $292.36 billion, recording a compound annual growth rate (CAGR) of 18.6%.
Elements driving growth within this projected period include health and wellness tracking, integration of the smart home ecosystem, promotion of environmental sustainability, voice-controlled devices empowered by AI, affordability and broad market attractiveness. The coming period is likely to see trends like the introduction of customization and personalization options for consumers, innovations in smart home security and surveillance, infusion of augmented reality (AR) and virtual reality (VR), enhanced privacy safeguards, and the emergence of subscription-driven business models.
Which Drivers Are Accelerating Growth In The Smart Home Devices Market?
The surge in urbanization is projected to fuel the expansion of the smart home devices market. Urbanization, the process of an increasing population congregating in city and town locations, prompts various changes in social, economic, and infrastructural aspects. Smart home devices offer numerous advantages for urban dwellers, such as improving convenience, conserving energy, and promoting sustainable urbanization by optimizing the use of resources, minimizing carbon emissions, and fostering adaptable living conditions suitable for high-density areas. For example, data from the United States Department of Commerce, an American executive department, revealed that the US population rose to 332,403,650 in January 2022, an increase of 0.21% from 2021. As such, the increased urbanization is a key driver for the expansion of the smart home devices market.
How Is the Smart Home Devices Market segmented?
The smart home devices market covered in this report is segmented –
1) By Technology: Wi-Fi Technology, Bluetooth Technology
2) By Sales Channel: Online, Offline
3) By Application: Energy Management, Climate Control System, Healthcare System, Home Entertainment System, Lighting Control System, Security & Access Control System
Subsegments:
1) By Wi-Fi Technology: Wi-Fi Smart Cameras, Wi-Fi Smart Lights, Wi-Fi Smart Thermostats, Wi-Fi Smart Plugs, Wi-Fi Smart Security Systems
2) By Bluetooth Technology: Bluetooth Smart Speakers, Bluetooth Smart Locks, Bluetooth Smart Sensors, Bluetooth Smart Appliances, Bluetooth Smart Lighting
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What New Trends Are Influencing the Smart Home Devices Market?
Organizations are focusing on the creation of voice assistants to manage smart home technology. Distinct from conventional keyboard-operated searches, these voice assistants are artificial facilitators that respond to verbal instructions and provide pertinent information. They lay greater emphasis on the conversational tone of content, giving priority to long tail keywords during any search. Take, for instance, Amazon and Google, who have both brought their voice assistants to the market through their respective smart speakers. Amazon's Echo smart speaker now includes the Alexa Voice Assistant, and Google boasts the 'Google Assistant' for its Google Home speaker.
Who Are the Key Players in the Smart Home Devices Market?
Major companies operating in the smart home devices market include:
• Amazon.com Inc.
• Apple Inc.
• Alphabet Inc.
• Google LLC
• Sony Corporation
• Siemens AG
• LG Electronics Inc.
• Panasonic Corporation
• Schneider Electric SE
• Honeywell International Inc.
• ABB Ltd
• Johnson Controls International plc
• Whirlpool Corporation
• Emerson Electric Corporation
• Koninklijke Philips N.V.
• BSH Hausgeräte GmbH
• Delta Electronics Inc.
• Legrand S.A.
• ADT Inc.
• Hubbell Incorporated
• Vivint Smart Home Inc.
• Axis Communications AB
• Crestron Electronics Inc.
• Lutron Electronics Co. Inc.
• Ring LLC
• SnapAV
• Nest Labs Inc.
What Is The Most Dominant Region In The Smart Home Devices Market?
Asia-Pacific was the largest region in the smart home devices market in 2024. The regions covered in the smart home devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
