Press release
Smart Homes Market Set to Grow at 24.6% CAGR to 2023 and Projected to Reach US$ 151 Billions Overview by Smart Speakers, Security and Access Control, Smart Lighting, Thermostats, Smart Home Appliances and Healthcare Assisted Living
Smart Home Market
The global smart home market is expected to reach a value of USD 151 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 24.6% during the 2018-2023 period. The growth of the smart home market is due to the rapid adoption by consumers for convenience, advanced safety and security systems, and the growing need for connectivity.
Smart homes is one such noticeable invention in a series of sustainable products which have been recently unveiled in the global market. Using the Internet of Things technology, smart homes utilize automation, and simplify our home environments to a large extent. Expanding human population is inversely proportional to the amount of natural resources present on earth. The world’s non-renewable energy resources are depleting, while demand for power is increasing.
Global smart home market - overview
1. Global market overview - historical (2015-2017) and forecasted (2018-2023) market size and volume (USD Bn, Mn units), geography-wise market revenue and volume (USD bn, Mn units), and key market challenges
2. Global market drivers
3. Global market trends
4. Value chain analysis
5. Porter's five forces analysis
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The home appliances segment will experience a CAGR of 20.8% through the forecast period (2018-2023), and is expected to have a market share of 42.4% by 2023. The smart speakers segment will witness the highest growth rate, expanding at a CAGR of 31.2% through the forecast period (2018-2023), and will account for a market share of 15.3%. The proliferation of Internet-connected mobile phones has encouraged consumers to use smart devices in their homes.
Although the wireless technology segment held the largest market share of nearly 95.4% in 2018, the cellular network technology segment is expected to witness the highest growth rate (34.7%) through the forecast period. This growth in cellular network technologies is associated with the advent of 5G technology, owing to its high transmission rates, efficiency and speed.
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Smart home market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America has the largest market share. In 2018, this region's share of the market was approximately 48.3%. Major manufacturers operating in this region, combined with the availability of sophisticated technologies, accelerated the growth of the smart home market.
Growing awareness and high acceptance of advanced security solutions across North America have increased the adoption of smart home products. Asia-Pacific will be the fastest-growing region during the forecast period (2018-2023). Given this region's immense potential, global smart home leaders like Honeywell International, Samsung Electronics, LG, Siemens, Emerson, and Amazon are focusing on providing affordable systems and solutions for increasing their market shares.
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