Press release
Global Smart Homes Market To Reach $327.74 Billion By 2029 With A Growth Rate Of 20.89%
The smart homes report describes and explains the smart homes market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.The global smart homes market reached a value of nearly $126.92 billion in 2024, having grown at a compound annual growth rate (CAGR) of 14.37% since 2019. The market is expected to grow from $126.92 billion in 2024 to $327.74 billion in 2029 at a rate of 20.89%. The market is then expected to grow at a CAGR of 19.86% from 2029 and reach $810.77 billion in 2034.
What strategies are being adopted by key players in the smart homes market?
The key players in the market are adopting extensive strategies in the smart homes market such as:
• Launch new product solutions to drive business expansion.
• Pursue strategic acquisitions to enhance expertise.
• Strengthen operations with innovative product launches.
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To take advantage of opportunities, The Business Research Company suggests that smart homes companies enhance offerings:
• AI-powered smart refrigeration for energy efficiency and freshness.
• Advanced surveillance technology for enhanced smart home security.
• AI integration to improve connectivity and visual clarity in security systems.
• Laser navigation advancements in smart cleaning technology.
• Launch of next-gen smart lighting solutions.
• Strategic partnerships driving innovation in smart home tech.
• Introduction of Smart Home as a Service (SHaaS) platforms for better connectivity.
• Focus on Matter-compatible technologies for centralized smart home control.
What Is Smart Homes: Market Overview?
A smart home is a residence equipped with devices that are connected through a network (often the Internet) to allow remote management and monitoring. These devices, also known as smart devices or home automation devices, can include smart speakers, thermostats, lights, security cameras, door locks and appliances. The primary goal of a smart home is to improve convenience, security, energy efficiency and comfort by allowing users to control various aspects of their home environment through a smartphone app, voice commands or automated settings.
Smart homes often utilize wireless fidelity (Wi-Fi), Bluetooth, Zigbee and Z-Wave technologies to enable communication between devices and with central hubs or controllers. Advanced smart homes may also integrate artificial intelligence (AI) and machine learning to learn user preferences and behaviors, providing more personalized and efficient automation.
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Who Are The Major Companies Operating In The Global Smart Homes Market?
The top ten competitors in the market made up to 18.16% of the total market in 2023. Xiaomi Corp. was the largest competitor with a 8.46% share of the market, followed by:
• NRG Energy, Inc.
• Honeywell International, Inc;
• ADT Inc.
• ABB Ltd.
• Siemens AG;
• Johnson Controls International Inc.
• ASSA ABLOY AB.
• Legrand Group.
• Schneider Electric SE.
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