Press release
Smart Home Market Report: Size, Share, Forecasts, and Emerging Trends
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According to this detailed report, the global smart home market is poised to reach an impressive $354.9 billion by 2031, with a robust compound annual growth rate (CAGR) of 13.5% from 2024 to 2031. The growth trajectory of the smart home sector is primarily driven by an increasing demand for enhanced home safety and security, the rapid expansion of the Internet of Things (IoT), and a growing emphasis on energy efficiency. Nevertheless, challenges such as consumer reluctance toward technology adoption and high procurement costs are expected to temper market growth.
The report highlights significant growth opportunities in the Asia-Pacific and Middle East & Africa regions, driven by the demand for flexible and customizable solutions. These regions present ample prospects for market stakeholders. However, the smart home market faces critical challenges, including concerns over data privacy, security, and compatibility issues with existing infrastructure.
The global smart home market is segmented into various product types, including:
• Smart Lighting Systems
• Smart Speakers
• Smart HVAC Control (e.g., smart thermostats, smart vents, smart air conditioning)
• Smart Security & Monitoring Systems (e.g., security cameras, smart locks & access control)
• Smart Entertainment Systems
• Smart Home Appliances (e.g., smart washing machines, smart water heaters, robotic vacuum cleaners)
• Smart Kitchen Appliances (e.g., smart refrigerators, smart coffee makers, smart dishwashers)
• Smart Home Healthcare Systems
• Smart Furniture (e.g., smart sofas, smart tables & desks)
Additionally, the market is segmented by protocol & standard into:
• Wireless Protocols (e.g., ZigBee, Wi-Fi, Bluetooth, Z-Wave)
• Wired Protocols (e.g., KNX, UPB, X10, BACNET)
• Hybrid Protocols (e.g., Insteon, C-Bus)
The report also provides an in-depth analysis of industry competitors and regional market dynamics.
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Key Insights by Product Type:
• Smart Security & Monitoring Systems: Expected to hold the largest market share of over 23% in 2024. This segment's growth is fueled by increasing consumer concerns for home safety and advancements in security technology. Noteworthy developments include the March 2023 launch of a smart home security system by Google LLC and ADT, integrating advanced connectivity features into their existing ecosystems.
• Smart Speakers: Projected to experience the highest CAGR during the forecast period. The segment's expansion is driven by rising consumer preference for advanced technology, the demand for display-based smart speakers, and increasing interest in voice-activated devices.
Insights by Protocol & Standard:
• Wired Protocols: Anticipated to capture the largest share of over 47% in 2024, owing to the growing need for energy efficiency and consumer preference for reliable wired standards. Wired protocols, including Ethernet, offer high-speed data transmission and stable connectivity, essential for smart home systems.
• Hybrid Protocols: Expected to achieve the highest CAGR during the forecast period. Hybrid protocols combine the advantages of both wired and wireless protocols, offering flexibility and reliability. These protocols, such as C-Bus, do not interfere with existing Wi-Fi networks and provide substantial connectivity options.
Geographic Insights:
• North America: Predicted to dominate the market with over 36% share in 2024, driven by advanced technology adoption, innovation in IoT devices, and a strong presence of key market players. For instance, Masimo (U.S.) launched the Stork home baby monitoring system in May 2023, enhancing parental insights into baby health.
• Asia-Pacific: Set to register the highest CAGR of over 16.9% during the forecast period. Growth in this region is supported by a young, tech-savvy population, rising disposable incomes, government initiatives promoting smart devices, and significant opportunities in emerging markets.
Key Players
The key players operating in the global smart home market are Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc. (U.S.), Siemens AG (Germany), United Technologies Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Johnson Controls International plc (Ireland), Schneider Electric SE (France), LG Electronics, Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY AB (Sweden), General Electric Company (U.S.), Legrand SA (France), and Sony Corporation (Japan).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/smart-home-market-5029
Key Questions Answered in the Report:
• What are the high-growth market segments in terms of the product type and protocol & standard?
• What is the historical market size for the global smart home market?
• What are the market forecasts and estimates for 2024-2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global smart home market?
• Who are the major players in the global smart home market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global smart home market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the local emerging players in the global smart home market, and how do they compete with other players?
Related Reports:
Smart Mirrors Market: https://www.meticulousresearch.com/product/smart-mirrors-market-5747
Wi-Fi 6 Market: https://www.meticulousresearch.com/product/wifi-6-market-5238
Article Links:
Robotic Process Automation Market : https://www.linkedin.com/pulse/robotic-process-automation-market-size-share-trends-2030-divya-jagtap-lkxqf/?trackingId=kmT2KSmfTAq0dkidAkkG3Q%3D%3D
Waste Management Market: https://www.linkedin.com/pulse/waste-management-market-projected-reach-7039-billion-2030-jagtap-3s37f/
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
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