Press release
Global Smart Homes Market Projected to Grow at 20.9% CAGR, Reaching $321.08 Billion by 2029
Smart Homes Market
What Will the Smart Homes Industry Market Size Be by 2025?
The size of the smart homes market has experienced notable growth in the past few years. The market is projected to rise from $126.93 billion in 2024 to $150.26 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 18.4%. Factors contributing to this growth during the historical period include an increase in consumer awareness and demand, improvements in home automation for energy efficiency, advancements in voice-assistant technology, security and surveillance issues, interoperability hurdles, and the integration of entertainment and home theatre.
What's the Long-Term Growth Forecast for the Smart Homes Market Size Through 2029?
In the coming years, the market size for smart homes is projected to experience significant growth, reaching $321.08 billion by 2029, guided by a compound annual growth rate (CAGR) of 20.9%. The anticipated growth during this forecast period can be credited to elements such as the focus on personalization and customization, edge computing for local data processing, health and wellness tracking, improved security features and the emphasis on sustainability, and multi-modal interfaces. Some major trends for this period include the integration of voice assistants, proliferation of IoT devices and connectivity, smart home security solutions, energy administration and sustainability, focus on harmonization and standards, heightened connectivity due to 5g technology, as well as smart home appliances and kitchen gadgets.
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What Are the Key Growth Drivers Fueling the Smart Homes Market Expansion?
The adoption of smart home devices is trending upwards, which is likely to boost the smart home market. Smart devices, which are everyday items equipped with advanced computer technology like machine learning and artificial intelligence to form an internet of things network, can be connected and operated through laptops, smartphones, tablets, and other devices. For example, MediaPost, an American integrated publishing and conference company, projects that 15% of households worldwide will have a smart home device by 2023. In addition, at least one smart device is found in 69% of households in the US. Consequently, the increasing use of smart devices is fueling the expansion of the smart home market.
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What Are the Key Trends Driving Smart Homes Market Growth?
The smart homes market is being molded by technological evolution. This progression is typified by the expansion of knowledge that enhances technology, consequently ensuring superior products for consumers. Cutting-edge technologies such as the Internet of Things offer peace of mind and dependability to end-users. A case in point is Noorio, a smart home technology firm based in Hong Kong that unveiled a novel smart home security technology in October 2023. This novelty includes the T110 Indoor PTZ Security Camera and the D110 Video Doorbell, which both utilize the ground-breaking AI Neural Engine technology for improved connection and optic clarity. The T110, an advanced watchdog, is designed to afford phenomenal surveillance capabilities. Thanks to the Dual-Band Wi-Fi 6 technology, homeowners can keep a dependable watch over their property using the T110's robust live streaming feature. On the other hand, the D110 Video Doorbell merges both convenience and security with the aid of its multifaceted features. Owing to its state-of-the-art dual detection system that amalgamates Radar and PIR sensors, the D110 emits fewer false alarms, thus delivering superior alert accuracy.
How Is the Smart Homes Market Segmented?
The smart homesmarket 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 Companies Are Leading the Charge in Smart Homes Market Innovation?
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.
Which Regions Are Leading the Global Smart Homes Market in Revenue?
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
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