What Has Been the Growth of the Smart Homes Market So Far?
The smart homes market has seen considerable growth due to a variety of factors.
• The size of the smart homes market has experienced rapid expansion in the past few years. It is projected to increase from $126.93 billion in 2024 to $151.46 billion in 2025, showcasing a compound annual growth rate (CAGR) of 19.3%.
Factors such as increased consumer awareness and demand, integration of home automation for better energy efficiency, developments in voice assistant technology, concerns around security and surveillance, interoperability issues, and incorporation of entertainment and home theatre have contributed to the growth in the historic period.
What Are the Future Growth Projections for the Smart Homes Market?
The smart homes market is expected to maintain its strong growth trajectory in upcoming years.
• Over the next few years, the smart homes market is projected to experience remarkable growth, soaring to $327.75 billion in 2029 with a compound annual growth rate (CAGR) of 21.3%.
This strong growth during the forecast period will be fueled by aspects such as the demand for personalization and customization, local processing via edge computing, health and wellness monitoring capabilities, improved security features, focus on sustainability, and multi-modal interfaces. Current trends spanning the forecast period incorporate elements like incorporation of voice assistants, growth of IoT devices and connectivity, security solutions for smart homes, emphasis on energy management and sustainability, enhanced connectivity via 5g technology, and smart home appliances and kitchen gadgets focusing on harmonization and standards.
What Are The Core Factors Supporting Growth In The Smart Homes Market?
The surge in the use of smart devices is anticipated to boost the expansion of the smart home market. Basically, smart devices refer to everyday objects enhanced with cutting-edge computing techniques like machine learning and artificial intelligence, and linked to form the internet of things. These smart home devices can be interlinked and operated through laptops, smartphones, tablets, or other devices. For instance, as per MediaPost, a US-based integrated publishing and conference company, it is forecasted that 15% of global households will possess a smart home device by 2023. Furthermore, at least one smart device is owned by 69% of American households. Hence, the escalating utilization of smart devices is fueling the growth of the smart homes market.
What Are The Major Segments Within The Global Smart Homes Market?
The smart homes market covered in this report is segmented –
1) By Product: 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, Smart Furniture
2) By Software And Services: Behavioral, Proactive
3) By Sales Channel: Direct, Indirect
4) By Technology: Wireless Technology, Cellular Network Technology
Subsegments:
1) By Lighting Control: Smart Bulbs, Smart Switches, Lighting Sensors, Dimming Systems
2) By Security And Access Control: Smart Locks, Security Cameras, Alarm Systems, Motion Sensors, Video Doorbells
3) By Heating, Ventilation, And Air Conditioning (HVAC) Control: Smart Thermostats, Smart HVAC Systems, Ventilation Systems, Air Quality Sensors
4) By Entertainment Control And Other Controls: Smart TVs, Streaming Devices, Multi-Room Audio Systems, Home Theater Systems
5) By Smart Speaker: Voice-Activated Speakers, Smart Displays, Integrated Sound Systems
6) By Home Healthcare: Wearable Health Monitors, Smart Medication Dispensers, Remote Patient Monitoring Systems
7) By Smart Kitchen: Smart Refrigerators, Smart Ovens, Smart Coffee Makers, Smart Dishwashers
8) By Home Appliances: Smart Washers And Dryers, Smart Vacuum Cleaners, Smart Irrigation Systems
9) By Smart Furniture: Smart Beds, Adjustable Desks, Integrated Charging Stations
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Which Trends Are Expected To Transform The Smart Homes Market?
Technological progress is playing a significant role in the development of the smart home market. This progress pertains to the evolution of knowledge that pushes technology forward and culminates in superior offerings for consumers. Cutting-edge technologies, including the Internet of Things (IoT), are employed to offer comfort and dependability to users. For example, in October 2023, Noorio, a smart home technology firm based in Hong Kong, introduced a novel smart home security technology encompassing the T110 Indoor PTZ Security Camera and the D110 Video Doorbell. Both devices utilize the latest AI neural engine technology to ensure superior connectivity and visual quality. The T110 is a sophisticated sentinel designed to offer unmatched surveillance capabilities. Thanks to the Dual-Band Wi-Fi 6 technology, homeowners can consistently keep track of their property via the T110's powerful and consistent live streaming. On the other hand, the D110 Video Doorbell fuses convenience with security through its complex feature set. With a groundbreaking dual detection system that merges Radar and PIR sensors, the D110 guarantees remarkable alert accuracy with a considerably reduced false alarm rate.
Who Are the Key Players in the Smart Homes Market?
Major companies operating in the smart homes market include:
• Honeywell International Inc.
• Siemens Aktiengesellschaft
• Johnson Controls International plc
• Schneider Electric SE
• United Technologies Corporation
• Amazon. com Inc.
• Apple Inc.
• Google LLC
• ADT Inc.
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd.
• LG Electronics Inc.
• ABB Ltd
• Sony Group Corporation
• Control4 Corporation
• Comcast Corporation
• Lutron Electronics Co. Inc.
• Legrand SA
• Smart home Inc.
• General Electric Company
• Ingersoll Rand plc
• Xiaomi Corporation
• Ooma Inc.
• Delta Controls Inc.
• Axis Communications AB
• Crestron Electronics Inc.
• SimpliSafe Inc.
• Armorax Corporation
• Canary Connect Inc.
• Leviton Manufacturing Co. Inc.
What Is The Most Dominant Region In The Smart Homes Market?
Asia-Pacific was the largest region in the smart homes market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart homes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
