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Smart Apartments: A Leading Driver Behind Iot Technology Fueling The Smart Apartment Market Market Expansion in 2025
Smart Apartments
What Will the Smart Apartments Industry Market Size Be by 2025?
In recent years, the market size of smart apartments has seen a substantial increase. The market, which is projected to expand from $3.61 billion in 2024 to $4.19 billion in 2025, is set to achieve a compound annual growth rate (CAGR) of 16.1%. The historical growth has been fuelled by factors such as urbanization and housing trends, a focus on energy efficiency and sustainability, elevated consumer expectations, concerns about security and safety, and the desire to enhance property value.
What's the Long-Term Growth Forecast for the Smart Apartments Market Size Through 2029?
In the coming years, the size of the smart apartments market is predicted to experience accelerated growth. The market is poised to expand to a value of $6.81 billion by 2023, registering a compound annual growth rate (CAGR) of 12.9%. This future growth is mainly driven by factors such as an aging demographic, integration with smart cities, advancements in health and wellness technologies, the rise in remote work and home automation, as well as the concept of smart home as a service (SHAAS). Key trends that are likely to shape the market during the forecast period are IoT connectivity and interoperability, innovative smart parking solutions, a heightened emphasis on data security and privacy, efficient waste management systems, and the development of community engagement platforms.
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What Are the Key Growth Drivers Fueling the Smart Apartments Market Expansion?
People's heightened application of IoT (Internet of Things) technology in all aspects of their ordinary routines fuels the smart apartment market. IoT encompasses data transmission and reception via a network that combines sensors, appliances, meters, and other gadgets. These IoT-integrated sensors and gadgets enhance the performance of smart apartment equipment, promoting efficacy, safety, and sustainability. For instance, some sensors powered by IoT can autonomously switch the lights on when they detect human presence in a room, contributing a unique feature to the smart apartments. Therefore, the smart apartment market benefits from this growing preference for IoT technologies. For instance, in 2022, overall industrial IoT expenditure witnessed a 21.5% growth, reaching $201 billion. Consequently, the rising demand for IoT devices, which simplify everyday life, propels the expansion of the smart apartments market.
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What Are the Key Trends Driving Smart Apartments Market Growth?
The latest trend propelling the smart apartment market is the notion of leveraging an apartment as a service (AaaS). The AaaS model involves letting out fully-equipped smart apartments for a wide range of durations. This provides a budget-friendly solution for those wishing to reside in a smart apartment. The AaaS also allows rental operators to optimize their operations and expenses, which in turn boosts the inhabitant's experience and exposes fresh income avenues for the property owner. For example, according to Entrata, a property management software business based in the USA, about 57% of apartment occupants in the USA are willing to pay an additional $20 per month for smart technology to be incorporated into their apartments.
How Is the Smart Apartments Market Segmented?
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 Companies Are Leading the Charge in Smart Apartments Market Innovation?
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
Which Regions Are Leading the Global Smart Apartments Market in Revenue?
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.
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