Smart Home Market was valued USD 78.9 billion in 2021 and is expected to reach USD 196.8 billion in 2029, growing at a CAGR of 12.1% till 2029

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Smart Home Market was valued USD 78.9 billion in 2021 and is expected to reach USD 196.8 billion in 2029, growing at a CAGR of 12.1% till 2029 | Size & Analysis Report

iCrowd Newswire
14 Mar 2023, 11:02 GMT+10

Smart Home Market size was estimated at USD 78.9 billion in 2021 and is projected to reach USD 196.8 billion in 2029, expanding at a CAGR of 12.1% over the forecast period 2022-2029 attributed to growing concerns related to safety and security amongst consumers.

Major Smart Home Market Drivers

Smart home market is primarily driven by increasing concerns related to safety and security in homes, rising disposable incomes of consumers and growing importance of home monitoring in remote locations. Smart home devices are gaining popularity amongst consumers as it offers more convenience and safety. Using smart home devices can help consumers in saving time for completing household easily and these devices also notifies users about intrusion, in case if they are not at homes, which are some of its features, increasing its adoption rate. Additionally, increasing penetration rates and growing adoption of smartphones, are supplementing the demand for connected smartphone home devices. India is one of the most populous countries worldwide, as per recent estimates, smartphones users across India will exceed 1 billion in coming years because the 5G services are getting deployed in towns and cities, which will accelerate the adoption of smartphone-home connected devices in coming years.

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Incorporation of virtual assistants like Alexa with smart home devices, has increased adoption of these devices, as consumers can control these devices more efficiently through digital commands. Capabilities of these virtual assistants to provide hand-free surfing and connect smart-home devices with Bluetooth speakers, will create lucrative growth opportunities for smart home alliances market. Furthermore, growing acceptance amongst consumers about technologies like blockchain and smart home recognition systems, is projected to have positive impact on smart home market growth. Smart home devices may store personal data related to consumers weekly purchases and movement. However, these devices are vulnerable to hacking tools, a hacker may use hacking techniques to gather such data from these devices and use such information for his financial gains. Thus, security and privacy concerns about these devices, are hampering the growth of smart home market.

According to Smart Home Market Report, Entertainment Control and Other Controls segment is projected to capture the largest smart home market share.

Audio and volume control smart home devices are becoming popular in the market as it help consumers to manage and control their entertainment systems in their house. In addition, advancements in the field of wireless technologies and surge in the demand for smart locks, are accelerating the segment's growth.

HVAC Control segment is driven by favourable government regulations related to HVAC's efficiency and changing climatic conditions. Demand for electrical cooling systems and electrical heating systems are increasing in summer and winter seasons, which is accelerating the segment's growth.

As per smart home market forecast, Asia-Pacific region is projected to expand at the fastest CAGR.

Asia-Pacific Smart Home Market is propelled by upgradation in the smart home products, presence of huge consumer base in the region, increasing urbanization, increasing penetration of smartphones and growing adoption of Internet of Things (IoT) based devices. Europe smart home market is driven by improved living standards of consumers and government policies boosting the adoption of smart home devices.

Smart Home Market Leaders

Major players operating in the smart home market are Amazon Inc., Apple, Google, ADT, Honeywell International Inc., Siemens AG, Johnson Controls, Robert Bosch GmbH, Schneider Electric, and United Technologies, among others.

Key Developments

In October 2022, Johnsons Control, launched new flexible suite for in the regional markets of Asia-Pacific. These solutions are designed to provide remote monitoring and management of HVAC.

in August 2021, SmartRent.com, LLC, completed the acquisition of Fifth Wall Acquisition Corp, to expand its smart home product portfolio.

Market Segmentation:Segmentation by Product

• Lighting Controlo Relayso Occupancy Sensorso Daylight Sensorso Timerso Dimmerso Switcheso Accessories and Other Products• Security and Access Controlo Video Surveillanceo Hardwareo Softwareo Access Controlo Biometrico Non-Biometric• HVAC Controlo Smart Thermostatso Sensorso Control Valveso Heating and Cooling Coilso Damperso Actuators Pumps and Fanso Smart Vents• Entertainment Control and Other Controlso Entertainment Control Productso Audio, Volume, and Multimedia Room Controlso Home Theatre System Controlso Touchscreens and Keypads• Other Control Productso Smart Meterso Smart Plugso Smart Hubso Smart Lockso Smoke Detectors

• Smart Speaker

• Home Healthcare

• Smart Kitcheno Smart Refrigeratoro Smart Coffee Makerso Smart Kettleso Smart Dishwasherso Smart Ovenso Smart Cooktopso Smart Cookers• Home Applianceso Smart Washerso Smart Dryerso Smart Water Heaterso Smart Vacuum Clean• Smart Furnitureo Smart Tableso Smart Deskso Smart Stools and Bencheso Smart Sofaso Smart Chairs

Segmentation by Software & Serviceso Behaviouralo Proactive

Segmentation by Region

• Asia Pacifico China o Japano Indiao Rest of APAC• North Americao United States of Americao Canada• Europeo United Kingdomo Germanyo France`o Spaino Rest of Europe• RoWo Brazilo South Africao Saudi Arabiao UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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