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Smart Homes Global Market Report 2024 To 2033 | Honeywell International Inc., Siemens Aktiengesellschaft, Johnson Controls International plc, Schneider Electric SE
Smart Homes Market Share
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Smart Homes Market 2024 Key Insights:
• 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 Surging Adoption Of Smart Devices Fuels The Growth Of The Smart Home Market
• Technological Advancements And Innovations In Smart Homes
• Asia-Pacific was the largest region in the smart homes market in 2023
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