Press release
Leading Element Driving Change in the Smart Apartments Market in 2025: Iot Technology Fueling The Smart Apartment Market Driver
Smart Apartments
The growth in the smart apartment market is fueled by the surging usage of IoT (Internet of Things) gadgets by individuals in every aspect of their daily activities. IoT encompasses the transmission and reception of data via a network of sensors, appliances, meters, and other devices. In a smart apartment, these IoT-enabled sensors and appliances are utilized to heighten the efficiency of other appliances, making them more sustainable, effective and secure. For instance, certain IoT-enabled sensors have the ability to automatically switch on the lights upon detecting the presence in a room, thereby bringing a unique characteristic to smart apartments. Hence, the growing adoption of IoT technology propels the expansion of the smart apartment market. For instance, in 2022, enterprise-wide spending on IoT increased by 21.5% to $201 billion. Therefore, the growing demand for IoT devices to facilitate a comfortable lifestyle fuels the development of the smart apartments market.
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What Is the projected market size and growth rate for the smart apartments market?
The market size for smart apartments has seen considerable expansion in the past few years. The market which was valued at $3.61 billion in 2024 is predicted to increase to $4.19 billion in 2025, bolstered by a compound annual growth rate (CAGR) of 16.1%. The historical growth has been fueled by factors such as urbanization and evolving housing trends, focus on energy efficiency and sustainability, escalating consumer expectations, as well as concerns regarding security, safety and the enhancement of property value.
The market size of smart apartments is predicted to experience a swift expansion in the upcoming years, escalating to a value of $6.81 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 12.9%. Factors contributing to the anticipated growth during this forecast period include the increase in an aging population and enhanced accessibility, integration of smart cities, advancements in health and wellness technology, the rise of remote work, and home automation, as well as smart home as a service (SHAAS). Essential trends identified for the forecast period encompass IoT connectivity and interoperability, intelligent parking solutions, emphasis on data security and privacy, effective waste management systems, and community involvement platforms.
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What new trends are reshaping the smart apartments market and its opportunities?
The idea of adopting the apartment as a service (AaaS) model is the current trend propelling the smart apartment market. It involves renting out fully-furnished, high-tech apartments for varying lengths of time, providing a cost-effective solution for those who want to enjoy living in a smart apartment. By employing the AaaS model, landlords can optimize their operations and expenses, improving the tenant's experience and finding new methods to increase profits. For example, Entrata, a property management software provider from the USA, reported that almost 57% of US apartment residents are willing to pay an additional $20 a month if their apartment is equipped with smart technology.
What major market segments define the scope and growth of the smart apartments market?
The smart apartments market covered in this report is segmented -
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
Subsegments:
1) By Building Management System (BMS): Energy Management, Water Management, Fire Safety Management, Security Management
2) By Heating, Ventilating, and Air Conditioning (HVAC): Smart Thermostats, Smart Vents, Zoning Systems
3) By Lighting Control: Smart Bulbs, Dimming Systems, Motion Sensors
4) By Security and Access Control: Smart Locks, Surveillance Cameras, Alarm Systems
5) By Emergency Alarm and Evacuation System: Fire Alarms, Emergency Lighting, Evacuation Management Systems
6) By Audio And Visual Effects: Home Theater Systems, Multi-Room Audio Systems, Smart TVs
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Which region dominates the smart apartments market?
Asia-Pacific was the largest region in the smart apartments market in 2024. Africa is expected to be the fastest-growing region in the global smart apartments market during the forecast period. The regions covered in the smart apartments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the smart apartments industry growth?
Major companies operating in the smart apartments market include 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
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What Is Covered In The Smart Apartments Global Market Report?
•Market Size Forecast: Examine the smart apartments market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart apartments market for a structured understanding.
•Key Players Overview: Analyze major players in the smart apartments market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart apartments market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart apartments market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart apartments market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart apartments market.
•Competitive Landscape: Review strategic developments in the smart apartments market, including expansions, agreements, and new product launches.
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