Press release
Smart Homes Market Size Cross to Revenue US$ 363.5 Billion by 2028 | CAGR of 20.9%
Smart homes refer to a home setup wherein appliances and devices can be controlled remotely with an internet connection and a mobile or networked device. They comprise various devices, such as door locks, televisions (TVs), lights, cameras, refrigerators, air conditioners (ACs), ovens, fans, and home monitors. They rely on wireless and hardwired systems for enabling individuals to control various functions, such as temperature, lighting, home theater, and security access of the home. As they are cost-effective, environment-friendly and energy-efficient; offer convenience and real-time alerts; and reduce carbon emissions, the demand for smart homes is increasing worldwide.
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Smart Homes Market Trends and Drivers:
At present, the rising demand for smartphone-connected smart homes due to accessible internet facilities represents one of the key factors contributing to the market growth around the world. Besides this, the growing demand for smart homes, as they offer convenience, safety, security, and better user experience, is offering a positive market outlook. Apart from this, the increasing digital assistance integrated with artificial intelligence (AI) provide users with a hands-free and user-friendly experience, which is positively influencing the market. Moreover, the integration of 5G technology in smart homes to make reliable connections is bolstering the growth of the market. Furthermore, the increasing demand for low-carbon emission and energy-efficient solutions in the residential sector, along with inflating income levels of individuals, is strengthening the growth of the market across the globe.
Smart Homes Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ABB Ltd
Amazon.com Inc
Emerson Electric Co
Honeywell International Inc
LG Electronics Inc
Lutron Electronics Co. Inc
Microsoft Corporation
Robert Bosch GmbH
Schneider Electric SE
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The report has segmented the market on the basis on region, platform, tools, deployment model, enterprise size, end user.
Breakup by Component:
Hardware
Security
Home Automation
Home Entertainment
Home Healthcare
Smart Appliances
AI Speaker
Services
Energy Consumption and Management Services
Security Services
Healthcare Services
Entertainment Services
Breakup by Application:
Security and Surveillance
Lighting
Entertainment
Energy Management
HVAC
Smart Kitchen
Home Fitness and Wellness
Breakup by Region:
North America:( United States, Canada)
Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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