Press release
Smart Homes Market Report: Latest Insights, Growth Rate And Forecast To 2033
Smart Homes Market Report
Smart Homes Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $269.11 billion In 2028 At A CAGR Of 20.0% :
The smart homes market size has grown exponentially in recent years. It will grow from $107.52 billion in 2023 to $129.57 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to consumer awareness and demand, home automation for energy efficiency, advancements in voice assistants, security and surveillance concerns, interoperability challenges, entertainment and home theater integration..
The smart homes market size is expected to see exponential growth in the next few years. It will grow to $269.11 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. The growth in the forecast period can be attributed to customization and personalization, edge computing for local processing, health and wellness monitoring, enhanced security features, focus on sustainability, multi-modal interfaces.. Major trends in the forecast period include integration of voice assistants, expansion of iot devices and connectivity, smart home security solutions, energy management and sustainability, focus on interoperability and standards, enhanced connectivity with 5g technology, smart home appliances and kitchen gadgets..
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Smart Homes Market Major Segments
The smart homes market covered in this report is segmented -
1) By Product: Lighting Control, Security And Access Control, Heating, Ventilation, And Air Conditioning (HVAC) Control, Entertainment Control And Other Controls, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, Smart Furniture
2) By Software And Services: Behavioural, Proactive
3) By Sales Channel: Direct, Indirect
4) By Technology: Wireless Technology, Cellular Network Technology
5) By Standards And Protocols: Wireless Protocols, Wired Protocols, Hybrid Protocols
Key Driver - The Surging Adoption Of Smart Devices Fuels The Growth Of The Smart Home Market
The growing adoption of smart devices is expected to propel the growth of the smart home market. Smart devices are defined as the objects used in everyday life, that is made intelligent through advanced computing techniques such as machine learning and artificial intelligence, that are networked to form the internet of things. These smart home devices can be interconnected and accessed through laptops, smartphones, tablets, or others. For instance, according to MediaPost, a US-based integrated publishing and conference company, 15% of households across the world are predicted to have a smart home device installed by 2023. Moreover, 69% of households in the US have at least one smart device. Therefore, the rising adoption of smart devices is driving the smart homes market growth.
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Prominent Trend - Technological Advancements And Innovations In Smart Homes
Technological advancements are shaping the smart homes market. Technological advancement is defined as a discovery of knowledge that advances technology and provides enhanced products to the customers. New technologies such as IoT are used to provide comfort and reliability to the users. For instance, in October 2023, Noorio, a Hong Kong-based smart home technology company launched innovative smart home security technology which includes the T110 Indoor PTZ Security Camera and the D110 Video Doorbell. Both the devices are new and uses innovative AI neural engine technology to provide exceptional connectivity and visual clarity. The T110 is an advanced sentinel that is engineered to provide unparalleled surveillance powers. With the use of Dual-Band Wi-Fi 6 technology, homeowners can reliably monitor their property thanks to the T110's robust and continuous live streaming. With the aid of its sophisticated feature set, the D110 Video Doorbell combines convenience and security. With significantly lower false alarm frequency thanks to its cutting-edge dual detection system that combines Radar and PIR sensors, the D110 provides outstanding alert precision.
Smart Homes Market Players
Major companies operating in the smart homes market report are Honeywell International Inc., Siemens Aktiengesellschaft, Johnson Controls International plc, Schneider Electric SE, United Technologies Corporation, Amazon. com Inc., Apple Inc., Google LLC, ADT Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., LG Electronics Inc., ABB Ltd, Sony Group Corporation, Control4 Corporation, Comcast Corporation, Lutron Electronics Co. Inc., Legrand SA, Smart home Inc., General Electric Company, Ingersoll Rand plc, Xiaomi Corporation, Ooma Inc., Delta Controls Inc., Axis Communications AB, Crestron Electronics Inc., SimpliSafe Inc., Armorax Corporation, Canary Connect Inc., Leviton Manufacturing Co. Inc.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the smart homes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart homes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Homes Market Report Structure
3. Smart Homes Market Trends And Strategies
4. Smart Homes Market - Macro Economic Scenario
5. Smart Homes Market Size And Growth
…..
27. Smart Homes Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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