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Smart Home Devices Market Demands, Sales, Growth Rate, Price, Key Players Analysis And Forecasts 2023-2032
Smart Home Devices Global Market
The Business Research Company's Smart Home Devices Global Market Report 2023 identifies rise in the need to save energy and decrease carbon emissions as the major driver for the Smart Home Devices market's growth in the forecast period. This increase in the need for sustainable solutions has been initiated by strict government regulations that introduced a cap on maximum carbon emissions allowed for each company. Conventional devices continuously use electricity until someone turns them off. However, in the case of smart home devices, they are equipped with motion sensors that can detect the absence of people in the room for a given time and automatically turn it off, thus saving money and electricity. Saving unnecessary usage of electric devices and decreasing the power demand on the power plants help reduce carbon emissions.
The global smart home devices market will grow from $92.48 billion in 2022 to $108.83 billion in 2023 at a compound annual growth rate (CAGR) of 17.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global smart home devices market is expected to grow to $209.25 billion in 2027 at a CAGR of 17.8%.
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Major competitors in the Smart Home Devices market are ABB Ltd., General Electric Company, Johnson ControlsInc., Siemens AG, Schneider Electric SE, Honeywell International, LG Electronics, Emerson Electric Corporation, BSH Hausgerate GmbH, and Amazon Inc.
A key trend in the Smart Home Devices market includes Companies are developing voice assistants. Voice assistants are digital assistants that react to voice commands and reply with relevant information. They are different from traditional keyboard-based searches. They put more focus on the conversational phrasing of any content and prioritize the long tail keywords for any search. For example, Amazon and Google have launched their voice assistants in their respective smart speakers. Amazon has launched Alexa Voice Assistant in its Echo smart speaker while Google has launched 'Google Assistant voice assistant for its Google Home smart speaker.
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The Smart Home Devices market is segmented -
1) By Technology: Wi-Fi Technology, Bluetooth Technology
2) By Application: Energy Management, Climate Control System, Healthcare System, Home Entertainment System, Lighting Control System, Security & Access Control System
3) By Sales Channel: Online, Offline
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Smart Home Devices market.
The Business Research Company's "Global Smart Home Devices Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Smart Home Devices Market Include:
1. Executive Summary
2. Smart Home Devices Market Characteristics
3. Smart Home Devices Market Trends And Strategies
4. Smart Home Devices Market - Macro Economic Scenario
5. Smart Home Devices Market Size And Growth
……
27. Smart Home Devices Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Home Devices Market
29. Smart Home Devices Market Future Outlook and Potential Analysis
30. Appendix
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