Press release
Smart Home Devices Market to Witness Exponential Growth by 2032 - Amazon.com Apple Inc. Google LLC, ADT
Smart Home Devices Market
The smart home devices market was valued at $101.6 billion in 2022, and is estimated to reach $707.2 billion by 2032, growing at a CAGR of 21.5% from 2023 to 2032.
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Smart home devices are appliances that can be controlled remotely from any place with an internet connection through a mobile or other networked device. Since every device in a smart home is connected to the internet, the user is able regulate features such as lighting, temperature, security access, and home entertainment. Globally, there has been a surge in the popularity of smart homes due to increased internet usage. The market has gained momentum in recent years, which is due to rise in internet penetration and growing desire for opulent lifestyles in developing nations. As a result, the market has developed significantly with the ongoing internet penetration. Moreover, the 'new normal' created by the social distancing practice forced real estate corporations and the architect community to rethink residential real estate products by incorporating cutting-edge efficiency, creativity, and design. The requirement for a whole new set of amenities has resurfaced as the renovation takes place. Residential homes have undergone a paradigm shift as a result of the COVID-19 pandemic's revolutionary impact on customer needs in the 'new normal'.
Furthermore, surge rising demand for convenience, rise in awareness of energy conservation and enhancements in communication technology are primarily driving the growth of the intelligent home devices market. However, high initial cost hamper market growth to some extent. Moreover, integration with new technologies is expected to provide lucrative opportunities for intelligent home devices market growth during the forecast period.
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Competitive Analysis:
The competitive environment of Smart Home Devices Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Smart Home Devices Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Johnson Controls International PLC
Schneider Electric
Honeywell International, Inc.
Siemens AG
Amazon.com
Apple Inc.
Google LLC
Robert Bosch GmbH
ADT
Raytheon Technologies Corporation and Many More
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Region-wise, the smart home devices market size was dominated by North America in 2022 and is expected to retain its position during the smart home devices market forecast period, to the increasing adoption of smart security systems, providing homeowners with real-time monitoring and alerts through connected devices aiding the growth of the smart home devices market. However, Asia-Pacific is expected to witness significant growth during the forecast period, Owing to the fast-paced urban lifestyle in the region, maintaining homes needs to be convenient and efficient, which is expected to fuel the market growth in this region.
The adoption and use of smart home gadgets is significantly impacted by the COVID-19 epidemic, among other parts of our lives. Lockdowns and other social distancing tactics have made people spend more time at home, which boosted demand for smart home appliances. The increased emphasis on health and safety is one of the noteworthy effects of COVID-19 on smart home technology. Due to its ability to provide remote monitoring and contactless access control, smart home appliances including security cameras, video doorbells, and locks have grown in popularity. By limiting physical touch with surfaces and enabling remote home monitoring, these technologies improve security and lower the chance of virus transmission. Furthermore, the pandemic has accelerated considerably the process of integrating smart home appliances with wellness and healthcare software. For example, as more individuals seek ways to monitor their health at home, smart thermometers and health monitoring gadgets are becoming more popular.
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