Smart Home Market to reach USD 307 Billion - Risk-adjusted numbers with COVID-19 analysis change scenario

The global smart home market is anticipated to expand at a stable CAGR around 17.8% during the forecast period 2022 to 2030.

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Smart homes are automated homes with various smart functions such as control lighting, entertainment systems, appliances and climate. It also consists of home security such as alarm systems and access control. Home devices are main element of the Internet of Things (IoT), when connected with the Internet. A smart home generally connects controlled devices to a gateway or central hub. According to the report titled "Smart home Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2026", increasing advancements in internet of things (IoT), rising proliferation of Smartphone and smart gadgets, growing adoption by consumers, increase in the awareness towards healthy lifestyles and mounting demand for energy-efficient solutions and initiatives taken by favourable governments are some of the primary factors that are driving the smart home market growth globally. North America is anticipated to witness the significant growth rate over the forecast period owing to the escalating demand for home health care and ongoing technological advancements in the region. Presence of large number of market players in the region are also expected to increase the growth of the regional market.

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Growing Inclination towards Modern Lifestyle and Technological Advancements to Drive the Global Smart home Market Growth

Smart homes are a huge step on the development of private spaces, and their essential aim to make living more convenient, comfortable, entertaining and secure. Hence, people are increasingly adopting modern lifestyle, thereby boosting the growth of the global smart home market. The smart assistant is now a practical control center for the connected home due to the various technological advancements in artificial intelligence and voice control. Growing advancements in the Internet of Things and emergence of high-speed Internet services are some of the major factors expected to fuel the growth of the smart home market across the globe over the forecast period. The rapid development of wireless Internet, the supply of mobile entities, superiority of low energy technologies, introduction of cloud services and other factors have opened a new era for smart home technology. IoT based smart home aims to assemble interaction of human and machine, then analyze, foresee and make use of information in solving life problems. Based on this, smart home is shifting towards the smart space, a concept that helps to solve various societal and personal problems. These factors are further boosting the growth of overall market.

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North America to Grow at Highest Rate in Smart home Market

Geographically, the global smart home market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is anticipated to be the topmost revenue generating region and grow at significant CAGR during the forecast period owing to the escalating demand for home health care and ongoing technological advancements in the region. Presence of large number of market players in the region are also expected to increase the growth of the regional market. Growing investments toward the smart devices, early adoption of various intelligent technologies and growing technological advancements in the region are some of the factors responsible for the growth of the regional market. Asia Pacific is anticipated to witness the highest growth rate over the forecast period owing to the changing lifestyle and growing adoption of energy-efficient devices. Strong economic growth, enhanced standard of living, huge population and rapid urbanization are some of the factors that are anticipated to propel the regional market growth throughout the forecast period.

Market Players

The smart home market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Honeywell International Inc., Samsung Electronics Co., Schneider Electric SE, Siemens AG, Emerson Electric Company, ABB Ltd., Ltd., United Technologies Corporation, LG Electronics Inc., Johnson Controls Inc., and Crestron Electronics, Inc.

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