Press release
Smart Apartments Market Anticipated To Witness Robust Growth, Surpassing $6.81 Billion By 2029
Smart Apartments
What Is the Projected Growth of the Smart Apartments Market?
In recent times, the market size of smart apartments has seen a swift expansion. The market value is expected to rise from $3.61 billion in 2024 and reach $4.19 billion in 2025 with a compound annual growth rate (CAGR) of 16.1%. The notable growth through the preceding period can be credited to factors such as urbanization and various housing trends, the demand for energy efficiency and sustainability, evolving consumer expectations, concerns about security and safety, as well as the enhancement of property value.
Predictions indicate a significant expansion in the size of the smart apartments market in the upcoming years. The market is projected to expand to $6.81 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.9%. The anticipated growth during this period is due to factors such as an increase in the aging population, the ease of accessibility, alignment with smart cities, advancements in health and wellness technology, the prevalence of remote work along with home automation, and the concept of smart home as a service (SHAAS). Key trends during this forecast period are expected to include Internet of Things (IoT) connectivity and interoperability, smart parking solutions, prioritization of data security and privacy, efficient waste management systems, and community engagement platforms.
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What Are the Different Smart Apartments Market Segments?
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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What Are the Primary Drivers Shaping the Smart Apartments Market?
The growth of the smart apartment market is fueled by the heightened usage of IoT (Internet of Things) devices in all areas of people's daily lives. IoT technology involves the transmission and receipt of data through an interconnected system of sensors, appliances, meters, and additional devices. For instance, some of these IoT-enabled sensors can automatically switch on lights upon detecting movement in a room, providing a unique aspect to smart apartments. The rise in adoption of the IoT technology stimulates the expansion of the smart apartment market. For instance, we saw enterprise IoT expenditure rise by 21.5% in 2022, hitting $201 billion. Thus, the swelling demand for IoT devices that simplify everyday life drives the growth of the smart apartment industry.
Which Companies Are Leading in the Smart Apartments Market?
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
What Trends Are Expected to Dominate the Smart Apartments Market in the Next 5 Years?
The recent shift towards utilizing apartments as a service (AaaS) is significantly contributing to the evolution of the smart apartment market. In the AaaS model, already furnished smart apartments are leased for different lengths of time, ranging from a few days to several years, proving to be a cost-effective answer for those seeking smart living arrangements. This approach also allows rental managers to optimize their operations and reduce expenses, thereby improving the living experience of the residents and unearthing additional revenue opportunities for the property owners. An example can be seen in Entrata's report, a property management software company based in the USA, which stated that about 57% of American apartment dwellers are willing to pay an extra $20 a month if their apartment is equipped with smart technology.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Apartments Market?
2. What is the CAGR expected in the Smart Apartments Market?
3. What Are the Key Innovations Transforming the Smart Apartments Industry?
4. Which Region Is Leading the Smart Apartments Market?
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