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Smart Home Devices Global Market Size, Share Report, Growth Prospects, Developments Plans, Future Insights and Trends Analysis Till 2033
Smart Home Devices Global Market
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According to The Business Research Company's, The smart home devices market size has grown rapidly in recent years. It will grow from $108.85 billion in 2023 to $128.19 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to consumer convenience and automation, security and surveillance needs, energy efficiency and cost savings, aging population and accessibility, integration with mobile devices.
The smart home devices market size is expected to see rapid growth in the next few years. It will grow to $251.16 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to health and wellness monitoring, smart home ecosystem integration, environmental sustainability, voice-activated and ai-powered devices, affordability and mass market appeal. Major trends in the forecast period include customization and personalization features for users, smart home security and surveillance innovation, integration of augmented reality (ar) and virtual reality (vr), enhanced privacy measures, rise of subscription-based business models.
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Market Drivers and Trends:
The rise in the need to save energy and decrease carbon emissions drives the smart home devices market. This increase in the need for sustainable solutions has been initiated by strict government regulations that introduced a cap on maximum carbon emissions allowed for each company. Conventional devices continuously use electricity until someone turns them off. However, in the case of smart home devices, they are equipped with motion sensors that can detect the absence of people in the room for a given time and automatically turn it off, thus saving money and electricity. Saving unnecessary usage of electric devices and decreasing the power demand on the power plants help reduce carbon emissions. For example, according to a study in Europe in 2021, smart building technology can save up to 23% of the energy used in office buildings.
Companies are developing voice assistants to control smart home devices. Voice assistants are digital assistants that react to voice commands and reply with relevant information. They are different from traditional keyboard-based searches. They put more focus on the conversational phrasing of any content and prioritize the long tail keywords for any search. For example, Amazon and Google have launched their voice assistants in their respective smart speakers. Amazon has launched Alexa Voice Assistant in its Echo smart speaker while Google has launched 'Google Assistant voice assistant for its Google Home smart speaker.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Amazon.com Inc., Apple Inc., Alphabet Inc., Google LLC, Contral4, Hitachi Ltd., Sony Corporation, Siemens AG, General Electric Company, LG Electronics Inc., Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd, Johnson Controls International plc, Whirlpool Corporation, Emerson Electric Corporation, Koninklijke Philips N.V., BSH Hausgeräte GmbH, Delta Electronics Inc., Legrand S.A., ADT Inc., Hubbell Incorporated, Vivint Smart Home Inc., Axis Communications AB, Crestron Electronics Inc., Lutron Electronics Co. Inc., Ring LLC, SnapAV, Nest Labs Inc.
Smart Home Devices Market 2024 Key Insights:
• The smart home devices market size is expected to see rapid growth in the next few years. It will grow to $251.16 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%.
• Growing Demand For Energy Efficiency Drives The Smart Home Devices Market
• Voice Assistants Revolutionize Smart Home Device Control And Interaction
• Asia-Pacific was the largest region in the smart home devices market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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