Press release
The Surging Adoption Of Smart Devices Fuels The Growth Of The Smart Home Market: A Key Driver Powering Smart Homes Market Growth In 2025
Smart Homes Market Share
What Is the Current Smart Homes Market Size and Its Estimated Growth Rate?
The size of the smart homes market has seen a swift expansion in the past few years. It is projected to balloon from a considerable $126.93 billion in 2024 to a mammoth $151.46 billion by 2025, with a compound annual growth rate (CAGR) of 19.3%. Factors contributing to this rise during the historical phase include increased consumer consciousness and demand, the implementation of home automation for better energy efficiency, advancements in the field of voice assistants, concerns surrounding security and surveillance, compatibility issues, and the integration of home theatre and entertainment.
The size of the smart homes market is anticipated to witness a significant increase over the next few years, projected to reach $327.75 billion by 2029 with a compound annual growth rate (CAGR) of 21.3%. This surge during the forecast period can be credited to aspects like tailored customization and personalization, health and wellness monitoring, localized processing through edge computing, bolstered security measures, emphasis on sustainability, and multi-modal interfaces. Key trends observed for the forecast period encompass the integration of voice-activated assistants, the proliferation of IoT devices along with connectivity, smart home security solutions, enhanced focus on interoperability and standards, heightened connectivity due to 5g technology, sustainability through energy management, and technologically advanced home appliances and kitchen devices.
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How Are Emerging Segments Shaping the Smart Homes Market Landscape?
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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Which Growth Factors Are Influencing Smart Homes Market Expansion?
The increasing uptake of intelligent gadgets is anticipated to fuel the expansion of the smart home market. Smart devices, which are everyday items enhanced with advanced computing techniques like machine learning and artificial intelligence to create the internet of things, can be networked and accessed via laptops, smartphones, tablets, etc. For example, as per MediaPost, an integrated publishing and conference firm based in the US, it is forecasted that by 2023, 15% of households globally will have installed a smart home device. Furthermore, at least one smart device is present in 69% of US households. Hence, the escalating popularity of intelligent appliances is stimulating the growth of the smart home sector.
Who Are the Dominant Players Across Different Smart Homes Market Segments?
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.
What Are the Latest Developing Trends in the Smart Homes Market?
The smart homes market is being transfigured by technological breakthroughs. Such advancements entail the exploration of knowledge that bolsters technology and offers consumers improved products. Pioneering technologies like IoT deliver convenience and dependability to the users. For example, in October 2023, Noorio, a firm specializing in smart home technology based in Hong Kong, introduced a novel smart home security technology. This included the T110 Indoor PTZ Security Camera and the D110 Video Doorbell, both of which employ cutting-edge AI neural engine technology for superior connectivity and visual clarity. The T110, a high-tech sentinel, is designed to offer unrivaled surveillance capabilities. The use of Dual-Band Wi-Fi 6 technology allows homeowners to consistently monitor their property through the T110's powerful and continuous live streaming. Meanwhile, the D110 Video Doorbell merges convenience with security through its intricate features. Its state-of-the-art dual detection system, which merges Radar and PIR sensors, results in a remarkable alert accuracy with a significantly lower frequency of false alarms.
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Which Geographic Regions Are Expected to Dominate the Smart Homes Market in the Coming Years?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Homes Market?
2. What is the CAGR expected in the Smart Homes Market?
3. What Are the Key Innovations Transforming the Smart Homes Industry?
4. Which Region Is Leading the Smart Homes Market?
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