Press release
Smart Home Devices Market: Estimated Growth Curve, Share, and Demand Insights for 2024-2033 - Analyzing Market Forces
Smart Home Devices Market
The Business Research Company presents an extensive market research report on the Smart Home Devices Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The smart home devices market size has grown rapidly in recent years. It will grow from $108.85 billion in 2023 to $128.19 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to consumer convenience and automation, security and surveillance needs, energy efficiency and cost savings, aging population and accessibility, integration with mobile devices.
The smart home devices market size is expected to see rapid growth in the next few years. It will grow to $251.16 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to health and wellness monitoring, smart home ecosystem integration, environmental sustainability, voice-activated and ai-powered devices, affordability and mass market appeal. Major trends in the forecast period include customization and personalization features for users, smart home security and surveillance innovation, integration of augmented reality (ar) and virtual reality (vr), enhanced privacy measures, rise of subscription-based business models.
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Key Market Players:
Major companies operating in the smart home devices market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Google LLC, Contral4, Hitachi Ltd., Sony Corporation, Siemens AG, General Electric Company, LG Electronics Inc., Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd, Johnson Controls International plc, Whirlpool Corporation, Emerson Electric Corporation, Koninklijke Philips N.V., BSH Hausgeräte GmbH, Delta Electronics Inc., Legrand S.A., ADT Inc., Hubbell Incorporated, Vivint Smart Home Inc., Axis Communications AB, Crestron Electronics Inc., Lutron Electronics Co. Inc., Ring LLC, SnapAV, Nest Labs Inc.
Market Drivers:
The rise in the need to save energy and decrease carbon emissions drives the smart home devices market. 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. For example, according to a study in Europe in 2021, smart building technology can save up to 23% of the energy used in office buildings.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/smart-home-devices-global-market-report
The smart home devices market covered in this report is segmented -
1) By Technology: Wi-Fi Technology, Bluetooth Technology
2) By Sales Channel: Online, Offline
3) By Application: Energy Management, Climate Control System, Healthcare System, Home Entertainment System, Lighting Control System, Security & Access Control System
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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