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Soaring Demand Set to Propel Smart Home Devices Market to $282.4 Billion by 2029
Smart Home Devices
What Is the Expected CAGR for the Smart Home Devices Market Through 2025?
The market for smart home devices has seen substantial growth in the case of size in recent years. The market, which is projected to swell from $126.22 billion in 2024, is expected to further expand to $145.44 billion in 2025, boasting a compound annual growth rate (CAGR) of 15.2%. Factors contributing to this historic growth period include consumer convenience with automation, increasing demands for security and surveillance, need for energy efficiency and cost-effectiveness, the aging population's requirement for accessibility, and seamless integration with mobile devices.
What's the Projected Size of the Global Smart Home Devices Market by 2029?
The market for smart home devices is set to experience a significant increase in size over the next several years, expanding to a marked $282.4 billion in 2023 with an estimated compound annual growth rate (CAGR) of 18.0%. Factors driving the growth during this forecast period include the incorporation of health and wellness tracking, the inclusion of these devices into the wider smart home platform, initiatives for environmental sustainability, the rise of voice-controlled and AI-enabled devices, as well as their affordability and broad market appeal. The major trends for this forecast period are expected to be the ability to customize and personalize the devices to the users' liking, advancements in smart home security and surveillance systems, the integration with augmented reality (AR) and virtual reality (VR), improvements in privacy safeguards, and the emergence 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 poised for expansion due to the rise in urbanization. When we talk about urbanization, we refer to the surge in population density in urban settings, involving the expansion of cities and towns and the associated changes in society, economy, and infrastructure. Smart home devices offer not just enhanced comfort and energy efficiency for urban dwellers, but they also contribute to sustainable urbanization by maximizing resource usage, minimizing carbon emissions, and fostering intelligent living environments that can accommodate the escalating demands of highly populated areas. For example, statistics from the United States Department of Commerce, a US-based executive department, showed that the US population stood at 332,403,650 in January 2022 - a 0.21% growth from 2021. Consequently, the accelerated pace of urbanization fuels the expansion of the smart home devices market.
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What Trends Will Shape the Smart Home Devices Market Through 2029 and Beyond?
Organizations are working on the advancement of voice assistants to operate smart home appliances. These voice assistants are electronic aids that respond to spoken commands and provide the necessary data in return. Unlike conventional keyboard searches, they emphasize the conversational structuring of any material and give prominence to the long tail keywords for any search. To illustrate this, Amazon and Google have introduced their respective voice assistants into their smart speakers. Amazon Echo is equipped with Alexa Voice Assistant, while Google Home is powered by 'Google Assistant voice assistant.
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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