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Urbanization A Catalyst For Smart Home Device Market Growth: Strengthening the Growth Trajectory of the Smart Home Devices Market
Smart Home Devices
What Is the Expected CAGR for the Smart Home Devices Market Through 2025?
The market size for smart home devices has seen a swift expansion in the past few years. The market size is projected to escalate from $126.22 billion in 2024 to $147.62 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 17.0%. The precedent growth can be linked to factors like user convenience and automation, need for safety and surveillance, demand for energy efficiency and cost-effectiveness, the aging populace and their accessibility needs, along with integration with handheld devices.
What's the Projected Size of the Global Smart Home Devices Market by 2029?
In the coming years, the smart home devices market is projected to experience swift expansion. The market size is anticipated to reach $292.36 billion by 2029, propelling at a compound annual growth rate (CAGR) of 18.6%. Factors contributing to this anticipated growth during the forecast period include health and wellness monitoring, the integration of the smart home ecosystem, environmental sustainability, voice-activated and AI-infused devices, affordability, and appeal to a wide consumer base. Notable trends for the forecast period comprise user-oriented customization and personalization features, advancements in smart home security and surveillance, the incorporation of augmented reality (AR) and virtual reality (VR), amplified privacy protocols, and the upsurge of subscription-based business models.
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Top Growth Drivers in the Smart Home Devices Industry: What's Accelerating the Market?
The smart home devices market is projected to grow, propelled by rising urbanization. This refers to the escalating populace concentration in city locales, marked by city and town expansion along with accompanying socio-economic and infrastructural shifts. Not only do smart home devices boost the convenience and energy efficiency of city dwellers, but they also contribute to sustainable urbanization, optimizing resource use, diminishing carbon footprints, and fostering intelligent living environments that can meet the escalating demands of heavily populated regions. For example, the United States Department of Commerce, reported in January 2022, that the US population was 332,403,650 in 2022, showing an increase of 0.21% from 2021. Consequently, the surge in urbanization is fuelling growth in the smart home devices market.
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What Trends Will Shape the Smart Home Devices Market Through 2029 and Beyond?
Firms are in the process of creating voice assistants to manage smart home gadgets. These voice assistants are essentially digital aides that respond to vocal commands and provide pertinent details. Unlike conventional keyboard-based searches, these voice assistants emphasize the conversational aspects of content and prioritize long tail keywords during searches. A case in point would be Amazon and Google introducing their own voice assistants in their specific smart speakers. Alexa Voice Assistant in Amazon's Echo smart speaker and 'Google Assistant voice assistant for Google Home smart speaker are examples of such technology by Amazon and Google respectively.
What Are the Main Segments in the Smart Home Devices Market?
The smart home devices market covered in this report is segmented -
1) By Technology: Wi-Fi Technology, Bluetooth Technology
2) By Sales Channel: Online, Offline
3) By Application: Energy Management, Climate Control System, Healthcare System, Home Entertainment System, Lighting Control System, Security & Access Control System
Subsegments:
1) By Wi-Fi Technology: Wi-Fi Smart Cameras, Wi-Fi Smart Lights, Wi-Fi Smart Thermostats, Wi-Fi Smart Plugs, Wi-Fi Smart Security Systems
2) By Bluetooth Technology: Bluetooth Smart Speakers, Bluetooth Smart Locks, Bluetooth Smart Sensors, Bluetooth Smart Appliances, Bluetooth Smart Lighting
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Which Top Companies are Driving Growth in the Smart Home Devices Market?
Major companies operating in the smart home devices market include Amazon.com Inc., Apple Inc., Alphabet Inc., Google LLC, Sony Corporation, Siemens AG, LG Electronics Inc., Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd, Johnson Controls International plc, Whirlpool Corporation, Emerson Electric Corporation, Koninklijke Philips N.V., BSH Hausgeräte GmbH, Delta Electronics Inc., Legrand S.A., ADT Inc., Hubbell Incorporated, Vivint Smart Home Inc., Axis Communications AB, Crestron Electronics Inc., Lutron Electronics Co. Inc., Ring LLC, SnapAV, Nest Labs Inc.
Which Regions Will Dominate the Smart Home Devices Market Through 2029?
Asia-Pacific was the largest region in the smart home devices market in 2024. The regions covered in the smart home devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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