AI in Smart Home Technology Market Latest Trends and Growth Factors Analysis 2024 to 2031

AI in Smart Home Technology Market Worth $57.3 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Smart Home Technology Market- (By Type (Smart Speakers with AI Integration, AI-Enabled Smart Thermostats, AI-Powered Smart Lighting Systems, AI-Integrated Security Cameras and Systems, AI-Enhanced Smart Appliances, AI-Driven Home Assistants and Virtual Companions), By Application; By Connectivity; By End-User, By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global AI in Smart Home Technology Market is valued at US$ 12.7 Bn in 2023, and it is expected to reach US$ 57.3 Bn by 2031, with a CAGR of 21.3% during the forecast period of 2024-2031.

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The market for artificial intelligence in smart homes has grown significantly in recent years due to developments in these technologies and rising customer demand for smart home appliances. These gadgets employ artificial intelligence (AI) to learn from human behavior and enhance home surroundings for comfort and efficiency. They include everything from automated security systems to intelligent thermostats. AI integration improves home automation systems' performance by increasing responsiveness and adaptability. The proliferation of IoT devices and advancements in communication technology serve as further drivers of this expansion. However, the business faces obstacles like worries about data security and privacy and the expensive cost of implementing robust AI systems.

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List of Prominent Players in the AI in Smart Home Technology Market:
• Apple Inc.
• Amazon.com, Inc.
• Google LLC
• SAMSUNG
• Koninklijke Philips N.V.
• Xiaomi
• Honeywell International Inc.
• LG Electronics
• TP-LINK CORPORATION PTE. LTD
• Sony
• Logitech
• Belkin
• Ecobee
• August Home
• Arlo
• iRobot Corporation
• Vivint, Inc.
• Snap One, LLC
• Sonos, Inc.
• Netatmo
• Anker
• Ecovacs Robotics
• LIFX

Market Dynamics:
Drivers:
Smart home technology is growing due to the widespread use of Internet of Things (IoT) devices in houses. By allowing them to communicate and make decisions based on data, AI improves the functionality of these gadgets. In addition, as environmental concerns gain more attention, people and companies are searching for ways to reduce energy use. Energy use can be optimized by AI-powered smart home systems, helping to meet sustainability and cost-saving objectives. Moreover, considerable R&D expenditures from startups and tech corporations spur innovation in AI-powered smart home solutions, resulting in increasingly sophisticated and feature-rich devices.

Challenges:
The combination of AI and IoT devices raises data security and privacy concerns. Customers are concerned about the possibility of identity theft, illegal access, and hacking using the sensitive data that smart home gadgets gather. Furthermore, due to their complexity, some users may need help setting up and maintaining AI-driven smart home systems. Widespread adoption of the technology may be hampered by its high learning curve or the need for technical know-how. Moreover, a lot of smart home systems and gadgets are only partially interoperable with one another. A lack of standardization can make integrating various systems and products difficult, which can result in discontinuous user experiences.

Regional Trends:
The North America AI in smart home technology market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. The growth of the AI in smart home technology industry in the region is attributed to the presence of major players, technological advancements, innovative product launches, rising energy efficiency awareness, increasing government support, growing trend for smart home automation. Besides, Europe had a substantial share of the market due to the growing emphasis on environmental sustainability and increasing investment in advanced technology. Furthermore, the strict regulation on energy efficiency in the region drives the market growth.

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Recent Developments:
• In December 2023, at CES 2024, LG Electronics (LG) debuted its cutting-edge Artificial Intelligence (AI) agent for smart homes. With the use of robotic, artificial intelligence, and multimodal technologies, LG's smart home AI agent can move, learn, comprehend, and carry on sophisticated conversations. LG's smart living solution, a companion and all-around home manager combined, improves consumers' everyday lives and demonstrates the company's dedication to achieving its "Zero Labor Home" objective. LG's smart home AI assistant has a sophisticated "two-legged" wheel design that allows it to move around the house on its own. The movable leg joints of the intelligent device enable it to verbalize emotions and engage in verbal communication with users.

Segmentation of AI in Smart Home Technology Market

AI in Smart Home Technology Market- By Type
• Smart Speakers with AI Integration
• AI-Enabled Smart Thermostats
• AI-Powered Smart Lighting Systems
• AI-Integrated Security Cameras and Systems
• AI-Enhanced Smart Appliances
• AI-Driven Home Assistants and Virtual Companions

AI in Smart Home Technology Market- By Application
• Voice Assistance and Command Recognition
• Energy Management and Optimization
• Home Security and Surveillance
• Ambient Intelligence and Context Awareness
• Predictive Maintenance and Fault Detection
• Personalized Home Automation and Behavior Analysis

AI in Smart Home Technology Market- By Connectivity
• Wi-Fi Enabled AI Devices
• Bluetooth-Connected AI Gadgets
• Zigbee/Z-Wave Supported AI Devices
• AI Devices with Cellular Connectivity
• Ethernet/Wired Network-Connected AI Appliances

AI in Smart Home Technology Market- By End-user
• Residential AI Smart Home Systems
• Commercial AI Smart Home Solutions
• Industrial AI Applications in Smart Buildings
• AI-Integrated Healthcare Facilities and Assisted Living

AI in Smart Home Technology Market- By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.