Press release
Smart Home Market To Experience Unprecedented Expansion From 2023 to 2030
The global smart home market is expected to reach a value of USD 151 Billion by 2023, expanding at a compound annual growth rate (CAGR) of 24.6% during the 2018-2023 period.
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Smart homes are residences with internet-connected devices that monitor and control lighting, heating and cooling systems, and security cameras, among others. Home automation technology enables homeowners to control smart appliances using their smartphones or other networking devices. Smart home devices are also beneficial for the elderly monitoring and assisting them without the need for 24/7 home care.
The growth of the smart home market is due to the rapid adoption by consumers for convenience, advanced safety and security systems, and the growing need for connectivity.
The smart home market is segmented based on products and technology. These segments are further categorized for each region. Based on product type, the smart home market is categorized into smart speakers, security and access control, smart lighting, thermostats, smart home appliances, healthcare and assisted living, and others. Based on technology, the smart home market is categorized into wireless technology and cellular network technology.
Product segment insights
Based on products, the home appliances segment will experience a CAGR of 20.8% through the forecast period (2018-2023), and is expected to have a market share of 42.4% by 2023. The smart speakers segment will witness the highest growth rate, expanding at a CAGR of 31.2% through the forecast period (2018-2023), and will account for a market share of 15.3%. The proliferation of Internet-connected mobile phones has encouraged consumers to use smart devices in their homes. Thus, smart speakers like Amazon Echo and Google Home Mini will be the highest growing segment in the smart home market.
Technology Segment Insights
Although the wireless technology segment held the largest market share of nearly 95.4% in 2018, the cellular network technology segment is expected to witness the highest growth rate (34.7%) through the forecast period. This growth in cellular network technologies is associated with the advent of 5G technology, owing to its high transmission rates, efficiency and speed. Proactive telecom equipment manufacturers are making significant investments in 5G research and patent development-related projects, which will help shape a self-sustained 5G environment across the globe. Moreover, rising income, an increasing aging population, and government initiatives for smart cities have positively impacted the growth of the smart home market.
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Regional segment insights
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America has the largest market share. In 2018, this regions share of the market was approximately 48.3%. Major manufacturers operating in this region, combined with the availability of sophisticated technologies, accelerated the growth of the smart home market. Also, growing awareness and high acceptance of advanced security solutions across North America have increased the adoption of smart home products. Asia-Pacific will be the fastest-growing region during the forecast period (2018-2023). Given this regions immense potential, global smart home leaders like Honeywell International, Samsung Electronics, LG, Siemens, Emerson, and Amazon are focusing on providing affordable systems and solutions for increasing their market shares.
Companies covered
1. Samsung Electronics Co., Ltd.
2. Whirlpool Corporation
3. Haier Corporation
4. Amazon.com Inc.
5. Google Inc.
6. ADT Inc.
7. Honeywell International Inc.
8. Osram Licht Group
9. Philips
10. LG Electronics Inc.
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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Some Questions Answered in the Global Smart Home Market Report:
What is the projected size of the global Smart Home market in 2030, and what growth rate is expected?
What are the primary drivers of growth in the global Smart Home industry?
What are the major market trends that are affecting the expansion of the Smart Home market?
What obstacles must be overcome in order to achieve sustained growth in the Smart Home market?
What opportunities and threats do vendors in the global Smart Home market face?
What are the raw materials and manufacturing equipment used in the production of Smart Home Market, and what is the manufacturing process?
What are the different types and applications of Smart Home Market, and what is the market share of each type and application?
What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the Smart Home market?
What factors are driving the growth of the Smart Home market in the top regions worldwide?
Who are the major players in the global Smart Home market, and what strategies are they employing to succeed?
What industrial trends, drivers, and challenges are influencing the expansion of the Smart Home market?
What are the main findings of a five forces analysis of the global Smart Home market?
Here are the key highlights of the report:
Comprehensive assessments of the market share for Invisible Braces, conducted at both country and regional levels.
In-depth analysis of the competitive landscape, identifying key trends within the industry.
Thorough examination of market trends, encompassing product and technology advancements, drivers and barriers, and an analysis based on PORTER's five forces.
Strategic recommendations tailored for crucial business segments, leveraging market forecasts.
Guidance provided for new market entrants, assisting them in navigating the industry landscape.
Market forecasts encompassing all pertinent segments, sub-segments, and regional markets.
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