Press release
Key Trends Shaping the Future Smart Homes Market From 2025-2034: Technological Advancements And Innovations In Smart Homes
Smart Homes Market Forecast
The spike in the use of smart devices is anticipated to stimulate the expansion of the smart home market. Smart devices, typically recognized as objects that are utilized in everyday life, are rendered intelligent by incorporating advanced computing methods such as machine learning and artificial intelligence, ultimately creating the internet of things network. These smart home gadgets can be integrated and accessed via laptops, smartphones, tablets, among others. For example, MediaPost, an integrated publishing and conference company based in the US, states that by 2023, it's predicted that 15% of worldwide households will have installed a smart home device. Furthermore, at least one smart gadget is owned by 69% of US households. Therefore, the surging usage of smart devices is propelling the growth of the smart homes market.
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What is the future CAGR of the smart homes market, and how will it impact industry expansion?
The size of the smart homes market has seen a quick expansion in the last few years. The market, valued at $126.93 billion in 2024, is expected to reach $151.46 billion in 2025, reflecting a compound annual growth rate (CAGR) of 19.3%. Factors leading to this growth during the historical period include heightened consumer awareness and demand, the adoption of home automation for energy conservation, progress in voice assistant technology, concerns about security and surveillance, challenges with interoperability, and the incorporation of entertainment and home theatre systems.
We can anticipate a rapid expansion in the smart homes market size over the forthcoming years. The market is projected to reach $327.75 billion in 2029, with a compound annual growth rate (CAGR) of 21.3%. Factors contributing to this growth during the prediction period include customization and personalization, edge computing for localized processing, monitoring of health and wellness, improved security features, emphasis on sustainability, and multi-modal interfaces. Prominent trends anticipated during the forecast period comprise the incorporation of voice assistants, proliferation of IoT devices and connectivity, smart home security solutions, energy management and sustainability, focus on interoperability and standards, heightened connectivity via 5G technology, along with smart home devices and kitchen gadgets.
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What are the most significant trends transforming the smart homes market today?
The smart homes market is currently being influenced by technological evolutions. The term "technological evolution" is concerned with the progression of expertise that promotes technology and supplies improved products to consumers. Emerging technologies like IoT are being used to ensure user comfort and reliability. In October 2023, an example of this was seen when Hong Kong-based smart home technology firm, Noorio, introduced new smart home security technology, including the T110 Indoor PTZ Security Camera and the D110 Video Doorbell. Both gadgets have been innovatively designed using AI neural engine technology, offering exceptional connection stability and detailed visuals. The T110, a sophisticated guard, is designed to provide second-to-none surveillance capabilities. Using Dual-Band Wi-Fi 6 technology, the T110 assures homeowners can consistently monitor their homes through strong and uninterrupted live streaming. The D110 Video Doorbell, with its advanced features, offers a blend of convenience and security. Its state-of-the-art dual detection system that combines Radar and PIR sensors significantly reduces the frequency of false alarms, thereby ensuring remarkable alert accuracy.
Which key market segments comprise the smart homes market and drive its revenue growth?
The smart homes market covered in this report is segmented -
1) By Product: Lighting Control, Security And Access Control, Heating, Ventilation, And Air Conditioning (HVAC) Control, Entertainment Control And Other Controls, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, Smart Furniture
2) By Software And Services: Behavioral, Proactive
3) By Sales Channel: Direct, Indirect
4) By Technology: Wireless Technology, Cellular Network Technology
Subsegments:
1) By Lighting Control: Smart Bulbs, Smart Switches, Lighting Sensors, Dimming Systems
2) By Security And Access Control: Smart Locks, Security Cameras, Alarm Systems, Motion Sensors, Video Doorbells
3) By Heating, Ventilation, And Air Conditioning (HVAC) Control: Smart Thermostats, Smart HVAC Systems, Ventilation Systems, Air Quality Sensors
4) By Entertainment Control And Other Controls: Smart TVs, Streaming Devices, Multi-Room Audio Systems, Home Theater Systems
5) By Smart Speaker: Voice-Activated Speakers, Smart Displays, Integrated Sound Systems
6) By Home Healthcare: Wearable Health Monitors, Smart Medication Dispensers, Remote Patient Monitoring Systems
7) By Smart Kitchen: Smart Refrigerators, Smart Ovens, Smart Coffee Makers, Smart Dishwashers
8) By Home Appliances: Smart Washers And Dryers, Smart Vacuum Cleaners, Smart Irrigation Systems
9) By Smart Furniture: Smart Beds, Adjustable Desks, Integrated Charging Stations
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What regions are at the forefront of smart homes market expansion?
Asia-Pacific was the largest region in the smart homes market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart homes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the smart homes market?
Major companies operating in the smart homes market include 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.
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What Is Covered In The Smart Homes Global Market Report?
•Market Size Forecast: Examine the smart homes market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart homes market for a structured understanding.
•Key Players Overview: Analyze major players in the smart homes market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart homes market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart homes market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart homes market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart homes market.
•Competitive Landscape: Review strategic developments in the smart homes market, including expansions, agreements, and new product launches.
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