Press release
Smart Apartments Global Market Expansion: Insights into Market Size, 16.1% CAGR, Key Growth Drivers, and Trends
Smart Apartments Market Overview
What Is The Projected Market Size Of The Global Smart Apartments Market and Its Growth Rate?
• The smart apartments market size has grown rapidly, from $3.61 billion in 2024, projected to reach $4.19 billion in 2025, marking a compound annual growth rate (CAGR) of 16.1%.
• Factors driving growth during this period include urbanization and housing trends, energy efficiency and sustainability, rising consumer expectations, and safety concerns.
• The market is expected to further grow to $6.81 billion in 2029 at a compound annual growth rate (CAGR) of 12.9%.
• Attributes to this projected growth include aging population and accessibility, integration with smart cities, health and wellness technologies, remote work and home automation, as well as Smart Home as a Service (SHAAS).
What Is Driving The Growth In The Smart Apartments Market?
Increased use of IoT (Internet Of Things) devices by individuals in their daily activities is significantly driving the growth of the smart apartment market. There is a growing use of IoT-enabled sensors and devices to enhance the efficiency of appliances in smart apartments, thereby increasing sustainability and safety. For instance, IoT sensors can be used to automatically turn on the lights when it senses presence in a room, a feature that adds distinction to smart apartments. The increased adoption of IoT technology and a 21.5% growth in enterprise IoT spending in 2022 to $201 billion, are contributing towards the growth of the smart apartments market.
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Who Are the Key Players Driving Smart Apartments Market Growth?
• Amazon.com Inc.
• Leviton Manufacturing Co. Inc.
• Apple Inc.
• Google LLC
• Samsung Electronics Co. Ltd
• Honeywell International Inc.
• Lennar Corporation
• Schneider Electric SE
• August Home
• Asea Brown Boveri Ltd Ltd.,
• Pulte Group Inc.
• Rachio Inc.
• Meritage Homes Corporation
• Logitech International S.A.
• Yale
• Crestron Electronics Inc.
• Vivint Smart Home Inc.
• Somfy Group
• Metricon Homes LLC
• Netatmo
• Savant Systems LLC
• Ecobee Inc.
• Lutron Electronics Co. Inc.
• Porter Davis Homes
• Shea Homes
• Henley Properties
• Tado GmbH
• Philips Hue
• Control4 Corporation
What Are The Key Trends In The Smart Apartments Market?
• Rapid growth in the Internet of Things (IoT) connectivity and interoperability.
• Development of smart parking solutions.
• Increased focus on data security and privacy.
• Efficient waste management systems.
• The rise of community engagement platforms.
What Are The Segments Of The Global Smart Apartments Market?
1) By Product: Building Management System (BMS), Heating, Ventilating, and Air Conditioning (HVAC), Lighting Control, Security and Access Control, Emergency Alarm and Evacuation System, Audio and Visual Effects.
2) By Technology: Wi-Fi, Bluetooth, GSM/GPRS, RFID, Other Technologies.
3) By Application: Residential, Hotel, Other Applications.
Which Region Leads The Smart Apartments Market?
Asia-Pacific was the largest region in the smart apartments market in 2024, with Africa expected to witness the fastest growth during the forecast period. In addition to these regions, the report also covers market dynamics in Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Smart Apartments Global Market Report?
• Market Size Analysis: Analyze the Smart Apartments Market size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the Smart Apartments Market for effective categorization.
• Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall Smart Apartments Market growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the Smart Apartments Market.
• Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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