Smart Home Devices Market Revenue Poised for Significant Growth During the Forecast Period of 2022-2030

The global smart home devices market size reached USD 84.52 Billion in 2021 and is expected to register a revenue CAGR of 10.4% during the forecast period, according to latest analysis by Emergen Research. The incorporation of lighting controllers with in-built data-connectivity technology is an important factor driving market revenue growth. Over the past few years, there has been a significant expansion in the lighting control industry. A sizable range of goods, including timers, daylight sensors, dimmer, and occupancy sensors, are available in this market. These items can be used separately or in conjunction with one another. They are compatible with both wireless network and wired network technologies for home automation integration. Lighting controllers need to be externally coupled with communication protocols in order to enable their automated functions. Meanwhile, makers of lighting controls are already producing goods with built-in data connectivity. 

The latest and updated research report on the Global Smart Home Devices Market covers a comprehensive overview of the Smart Home Devices market, future economic condition, competitive landscape mapping, supply and demand trends, and production and consumption analysis. The report also covers the influence of the COVID-19 pandemic on the Smart Home Devices market. The pandemic has dynamically affected all aspects of life on a global scale along with drastic changes in the economy and market conditions. The report covers the currently fluctuating market scenario along with present and future assessment of the COVID-19 impact. The report encompasses the historical data, company overview, financial standing, and necessary information about the new and key players of the market.

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Some Key Highlights From the Report
The entertainment and other controls segment accounted for the largest revenue share in 2021. The ease with which these controls make it possible to manage and regulate entertainment systems within a home is what drives the expansion of the video, multimedia, and audio control business. With the help of intelligent entertainment systems, users eliminate the clutter of remote controls in favor of a more sophisticated approach. Additionally, they may simplify their setup so that users can quickly access the music and movies they desire. Even more than this, smart entertainment devices enable a more seamless, natural way for the user to engage, whether by touch, gesture, or speech. Advantages like this are expected to increase revenue growth of the segment.

Below USD 25 smart home device segment accounted for the largest revenue share in 2021. Anyone can increase their home's intelligence with the most affordable smart home appliances without spending a fortune. There are several reasonably priced devices that can be used to switch on lights, adjust the temperature, play music, and even keep a check on the house while the homeowner is away. For instance, one of the finest inexpensive smart home gadgets and the best smart plug in our opinion is the USD 25 Wemo WiFi Smart Plug. Even when compared to its predecessor, the Wemo Mini, is more compact than alternative solutions. The Wemo WiFi Smart Plug is compatible with all the main smart assistants, despite the fact that it lacks energy monitoring like some other smart plugs.

Online segment accounted for the largest revenue share in 2021 because of the growing population and widespread use of cellphones. Market demand is being driven by technological advancements and the rise of e-Commerce. The rise of e-commerce platforms like Alibaba, Amazon, and eBay, which offer cheaper pricing and deals like Cash-On-Delivery (COD) and simple returns, is driving demand. Many people are drawn to the platform because of the variety of gadgets available. Customers find it handy and simpler to buy things online by comparing prices, types, and brands, which saves them time from having to go to a store driving revenue growth of the segment. 

The report offers a comprehensive overview of the competitive landscape and covers company profiles, production and manufacturing capacity, product portfolio, expansion strategies, and business initiatives such as mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches and brand promotions among others.

Prominent Players Analyzed in the Report:

SAMSUNG, LG Electronics, Honeywell International Inc., Schneider Electric, Koninklijke Philips N.V, Amazon.com, Inc., Robert Bosch GmbH, Apple Inc, Panasonic Holdings Corporation, and Sony Corporation.

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Furthermore, the report divides the Smart Home Devices market into key segments and sub-segments to offer an analysis of the product type and application spectrum of the industry. It also offers predictions about the segments expected to show significant growth during the projected timeline.

Emergen Research has segmented the global smart home devices market on the basis of product, price range, sales channel, and region:

Product Outlook (Revenue, USD Billion; 2019-2030)
Fire Suppression

Lighting Control

Relays

Occupancy Sensors

Daylight Sensors

Timers

Dimmers

Switches

Accessories and Other Products

Security and Access Control

Video Surveillance

Hardware

Software/Video Analytics

Price Ranges

Access Control

Biometric Access Control

Non-Biometric Access Control

HVAC Control

Smart Thermostats

Sensors

Control Valves

Heating & Cooling Coils

Dampers

Actuators

Pumps & Fans

Smart Vents

Entertainment and Other Controls

Entertainment Control

Other Controls

Smart Speaker

Home Healthcare

Health Status Monitors

Physical Activity Monitors

Smart Kitchen

Smart Refrigerators 

Smart Coffee Makers

Smart Kettles

Smart Dish Washers

Smart Ovens

Smart Cooktops

Smart Cookers

Home Appliances

Smart Washers

Smart Dryers

Smart Water Heaters

Smart Vacuum Cleaners

Smart Furniture

Smart Tables

Smart Desks

Smart Stools & Benches

Smart Sofas

Smart Chairs

Price Range Outlook (Revenue, USD Billion; 2019-2030)
Below USD 25 Smart Home Device

USD 25-50 Smart Home Device

Above USD 50 Smart Home Device

Sales Channel Outlook (Revenue, USD Billion; 2019-2030)
Online

Offline

The report offers a comprehensive breakdown of the regional analysis of the market and subsequent country-wise analysis. The regional analysis of the market comprises of production volume information, consumption volume and patterns, revenue, and growth rate for the forecast period of 2020-2027. According to the regional analysis, the market is primarily spread over key geographical regions as follows:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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The report covers key points of the market, including the standards, regulations, and policy changes applied by the government on the industry for the coming years. The report encompasses thorough research carried out by the application of advanced analytical tools such as SWOT analysis and Porter's Five Forces analysis to pinpoint the growth trends and patterns. Factors likely to influence the growth of the market, current trends, opportunities, restraining factors, and business landscape are discussed in-depth in the market study.

Overview of the Smart Home Devices Market Report:

Introduction, Product Scope, Market Overview, and Opportunities

Analysis of the Manufacturers with sales, revenue, and price analysis

Comprehensive analysis of the competitive landscape

Extensive profiling of the key competitors along with their business strategies and market size

Regional analysis of the market along with sales, revenue, market share, and global position

Country-wise analysis of the market along with types, applications, and manufacturing

Strategic recommendations to established players as well as new entrants

In-depth analysis of the risks, restraints, and limitations in the Smart Home Devices industry

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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