Press release
Smart Home Devices Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Smart Home Devices
The rise in urbanization is anticipated to fuel the expansion of the smart home devices market in the future. Urbanization is characterized by a growing population density in urban regions, marked by the expansion of towns and cities along with infrastructural, social, and economic alterations. These smart home devices not only boost convenience and energy efficiency for urban dwellers but also contribute to sustainable urbanization by maximizing resource utilization, cutting down carbon footprints, and fostering smart living environments that can accommodate the needs of highly populated spaces. For example, the United States Department of Commerce, a US executive department, reported in January 2022 that the population in the US stood at 332,403,650 in 2022, marking a 0.21% increase from 2021. As such, the escalating urbanization is propelling the expansion of the smart home devices market.
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How will the growth rate of the smart home devices market shape industry trends by 2034?
The market size for smart home devices has seen a swift increase lately. The evaluation predicts an expansion from $126.22 billion in 2024 to $147.62 billion in 2025, with a compound annual growth rate (CAGR) of 17.0%. Factors such as consumer convenience and automation, security and surveillance necessities, energy efficiency and cost-effectiveness, accessibility for the aging population, and compatibility with mobile devices have been instrumental in the market's historical growth.
The market size of smart home devices is projected to undergo rapid expansion in the coming years, expected to increase to $292.36 billion in 2029, with a compound annual growth rate (CAGR) of 18.6%. The growth observed during the predicted period can be linked to health and wellness monitoring, integration within the smart home ecosystem, commitment to environmental sustainability, voice-activated and artificial intelligence-driven devices, affordability, and appeal to the general public. Over the forecast period, one can expect major trends like user customization and personalization features, innovations in smart home security and surveillance, the incorporation of augmented reality (AR) and virtual reality (VR), improvements in privacy protection, and a surge in subscription-based business models.
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What trends are poised to drive the future success of the smart home devices market?
Firms are advancing the development of voice assistants for the management of smart home gadgets. These voice assistants are virtual aides that respond to vocal instructions and provide corresponding data. They contrast from standard keyboard-aided searches, placing more emphasis on discussion-based phrasing of content, and giving precedence to elongated tail keywords during any search. Consider the instance of Amazon and Google who have introduced voice aids on their respective smart devices. Amazon has incorporated the Alexa Voice Assistant into its Echo smart speaker, whereas Google has integrated the 'Google Assistant' voice assistant into its Google Home smart speaker.
Which primary segments of the smart home devices market are driving growth and industry transformations?
The smart home devices market covered in this report is segmented -
1) By Technology: Wi-Fi Technology, Bluetooth Technology
2) By Sales Channel: Online, Offline
3) By Application: Energy Management, Climate Control System, Healthcare System, Home Entertainment System, Lighting Control System, Security & Access Control System
Subsegments:
1) By Wi-Fi Technology: Wi-Fi Smart Cameras, Wi-Fi Smart Lights, Wi-Fi Smart Thermostats, Wi-Fi Smart Plugs, Wi-Fi Smart Security Systems
2) By Bluetooth Technology: Bluetooth Smart Speakers, Bluetooth Smart Locks, Bluetooth Smart Sensors, Bluetooth Smart Appliances, Bluetooth Smart Lighting
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Which geographical regions are pioneering growth in the smart home devices market?
Asia-Pacific was the largest region in the smart home devices market in 2024. The regions covered in the smart home devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the smart home devices market landscape?
Major companies operating in the smart home devices market include Amazon.com Inc., Apple Inc., Alphabet Inc., Google LLC, Sony Corporation, Siemens AG, 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.
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What Is Covered In The Smart Home Devices Global Market Report?
•Market Size Forecast: Examine the smart home devices market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart home devices market for a structured understanding.
•Key Players Overview: Analyze major players in the smart home devices market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart home devices market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart home devices market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart home devices market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart home devices market.
•Competitive Landscape: Review strategic developments in the smart home devices market, including expansions, agreements, and new product launches.
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