Smart Home Market worth $151.4 billion by 2024 growing with a CAGR 12.02%

A smart home is a home that incorporates advanced automation systems to provide the inhabitants with sophisticated monitoring and control over the building's functions. For example, it is capable of controlling lights, heating, ventilation, and air-conditioning (HVAC); security alarms; and other household devices remotely by a smartphone, tablet, or computer. Smart homes use 'home automation' technologies to provide home owners with 'intelligent' feedback and information by monitoring many aspects of a home.

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The overall smart home market is expected to grow from USD 76.6 billion in 2018 to USD 151.4 billion by 2024, at a CAGR of 12.02%. The growth of the smart home market is driven by several factors, such as a large base of internet users and rapid adoption of smart devices; increased public awareness about fitness and healthy lifestyles owing to the highly disposable income in developing countries; high importance of home monitoring from remote locations; rise in the need for energy saving and low carbon emission solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; existence of various market players focusing on expanding their smart home product portfolios; and widespread concern about safety, security, and convenience.

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The entertainment and other controls segment is likely to account for the largest market share, followed by lighting control, in 2018. Entertainment has become an important part of life as it provides relaxation and rejuvenation. A multi-room entertainment control system allows the user to centralize all connected devices and then listen to, watch, and control that equipment from every room in the house simultaneously or independently. Major control systems used in smart homes are audio, volume, and multimedia room controls. The growth of the market for audio, volume, and multimedia room controls is driven by the convenience offered by these controls for managing as well as controlling the entertainment systems within a house. Advancements in wireless communication technologies is a major factor in boosting the growth of the market for home theater system controls, thereby driving the overall smart home market for entertainment controls.. The large market share of this segment can be attributed to the high penetration rate of products such as smart meters and smoke detectors. The increasing cost of electricity is a major concern that drives household consumers toward energy savings. Moreover, the increasing popularity of smart plugs, smart hubs, and smart locks is also fueling the adoption of control systems.

The growth of the market for lighting control solutions can be attributed to their capability of reducing electricity consumption in homes as sensors deployed in these solutions adjust the intensity of artificial light according to the intensity of natural light. One of the largest electrical loads in a home is that of lighting. However, lighting appliances and devices consume lesser energy that of the other electric appliances in a home, which often leads to the negligence of its energy-saving potential. Over the years, the growing environmental concerns have helped spread awareness regarding the importance of smart homes and home energy management measures. Major lighting control products include relays, occupancy sensors, daylight sensors, timers, dimmers, switches, and accessories. A large number of smart home systems are installed in homes in the US, Canada, the UK, and Germany.

Among other smart home products, the market for smart speakers is likely to grow at the highest rate from 2018 to 2024. The growth of the market for smart speakers is primarily driven by the increased adoption of smart homes, high disposable income, the popular trend of personalization, and the rapid proliferation of multifunctional devices. Factors such as increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to provide opportunities to smart speaker providers.

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The smart home market in APAC is expected to grow at the highest rate, among all regions, from 2018 to 2023. The demand for smart homes in APAC is significantly driven by strong economic growth, increased population, improved standard of living, and rapid urbanization leading to a sophisticated infrastructure. China is likely to account for the largest size of the smart home market in APAC in 2018. However, with the growth of the smart home industry and large-scale implementation of hardware and software solutions in smart home systems in China and Japan, the market in these countries is expected to grow at a higher rate than the market in South Korea (which was leading in 2016) during the forecast period. APAC is considered as a huge market for smart homes because of the considerable rate of implementation of various products, such as lighting controls and HVAC controls, in smart homes in the region. Key players such as Johnson Controls, Inc. (US) and Siemens AG (Germany) are also focusing on strategic partnerships, collaborations, and product launches to grow in the APAC market. They are also attempting to increase their sales and operations in countries such as China and India. Moreover, these players are concentrating on enhancing their product portfolio by actively engaging with customers to design and offer innovative products according to their requirements. All these efforts would help players sustain in the market in the near future.

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