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Smart home Machine-to-Machine (M2M) Global Market At a 13.7% CAGR Projected Expansion to $22.73 Billion Market Value by 2028
Smart home Machine-to-Machine (M2M) Global Market
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According to The Business Research Company's, The smart home m2m market size has grown rapidly in recent years. It will grow from $12 billion in 2023 to $13.62 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to growth in consumer awareness, security and surveillance needs, energy efficiency and cost savings, integration with smart home ecosystems, consumer demand for convenience.
The smart home m2m market size is expected to see rapid growth in the next few years. It will grow to $22.73 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to ai and machine learning integration, health and wellness applications, expanded connectivity standards, enhanced home automation experiences, smart city integration. Major trends in the forecast period include home automation hubs, advanced home health monitoring, ai and machine learning integration, interoperability standards, subscription-based services.
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Market Drivers and Trends:
The rise in popularity of smart appliances is expected to propel the growth of the smart home M2M market going forward. Smart appliances have wireless connectivity and sensors that allow remote control or autonomous operation via human input, scheduling, or artificial intelligence and machine learning (AI/ML). Smart appliances utilize machine-to-machine communication in the smart home to offer users seamless integration and automation of data to coordinate tasks to enhance efficiency and facilitate communication among the devices that enable centralized control and coordination of multiple devices that aid in day-to-day activities with human intervention. For instance, in September 2022, according to DATACONOMY, a Germany-based press organization specializing in data-driven technology, globally, there is a 10% increase in the average number of connected devices and smart home appliances per home, from 15.5 in 2021 to 17.1 in 2022. Therefore, the rise in popularity of smart appliances drives the growth of the smart home M2M market.
Technological advancement is a key trend gaining popularity in the smart home M2M market. Major companies in the smart home M2M are focused on integrating wireless technology and artificial intelligence into their products to strengthen and sustain their position in the market. For instance, in June 2021, D-Link, a Taiwan-based networking equipment corporation, introduced a smart home ecosystem to support remote workforces. D-Link's smart home ecosystem integrates 5G, AI, and Wi-Fi 6 technologies to turn homes into intelligent, automated office extensions, offering the ecosystem needed to maintain a smooth connection for work and play. It has a durable design and various deployment choices, making it easy to put anywhere for the best reference to deliver modern 5G connectivity into the home.
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Major Key Players of the Market:
China Mobile Ltd., AT&T Inc., Deutsche Telekom AG, Robert Bosch GmbH, Siemens AG, Panasonic Corporation, Intel Corporation, Cisco Systems Inc., LG Electronics Inc., Qualcomm Technologies Inc.,ABB Ltd., Schneider Electric SA, Legrand SA, Ingersoll-Rand PLC, Crestron Electronics Inc., PTC Inc., Vivint Smart Home Inc, Lutron Electronics Co. Inc., Control4 Corporation, Zoho Corporation, Sierra Wireless Inc., KORE Wireless Group, Telit Communications PLC, Rachio Inc., ThroughTek Co. Ltd.
Smart home Machine-to-Machine (M2M) Market 2024 Key Insights:
• The smart home m2m market size is expected to see rapid growth in the next few years. It will grow to $22.73 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%.
• Surge In Smart Appliances Drives Growth Of Smart Home M2M Market
• Smart Home Ecosystem Integrating 5G, Ai, And Wi-Fi 6 For Seamless Remote Work And Intelligent Living
• North America was the largest region in the smart home M2M market in 2023
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