Global Smart Home Market Analysis By Product Type (Smart speakers, Smart thermostats, Smart lighting, Smart security systems, Smart appliances, Others), By Application (Home security, Home automation, Energy Management, Entertainment, Health and wellness, Others) & Forecast
- PUBLISHED ON
- 4/24/2023
- NO OF PAGES
- 278
- CATEGORY
- Information Communication & Technology
The global smart home market was valued at approximately USD 80.67 billion in 2022 and is projected to reach over USD 200.34 billion by 2032, growing at a CAGR of around 13% during the forecast period.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 80,670 Million |
Market Forecast in 2033 | USD 200,340 Million |
CAGR % 2023-2033 | 13% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2033 |
Report USP | Country and regional estimates, companies market share by countrues, heat map analysis, consumer surveys |
Segments Covered | Product Type and application |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Google LLC, Amazon.com, Inc., Apple Inc., Samsung Electronics Co., Ltd., Philips Lighting Holding B.V., Honeywell International Inc., Schneider Electric SE, Legrand S.A., Sony Corporation, LG Electronics Inc., Xiaomi Corporation, ADT Inc., August Home Inc., Nest Labs, Inc. (a subsidiary of Google LLC), Arlo Technologies, Inc, |
The global smart home market is experiencing significant growth due to advancements in Internet of Things (IoT) technology, increasing adoption of smart home devices and systems, growing consumer awareness about energy conservation and home automation, and the need for convenient and connected living. Smart homes are equipped with various devices and systems that enable remote monitoring, control, and automation of household functions, such as lighting, security, heating, ventilation, air conditioning (HVAC), entertainment, and appliances.
• Google LLC
• Amazon.com, Inc.
• Apple Inc.
• Samsung Electronics Co., Ltd.
• Philips Lighting Holding B.V.
• Honeywell International Inc.
• Schneider Electric SE
• Legrand S.A.
• Sony Corporation
• LG Electronics Inc.
• Xiaomi Corporation
• ADT Inc.
• August Home Inc.
• Nest Labs, Inc. (a subsidiary of Google LLC)
• Arlo Technologies, Inc
• smart speakers
• smart thermostats
• smart lighting
• smart security systems
• smart appliances
• others
By Application
• home security
• home automation
• energy management
• entertainment
• health and wellness
• others
Regions
North America
• U.S.
• Canada
• Mexico
Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• Korea
• Rest of Asia pacific
South America
• Brazil
• Argentina
• Colombia
• Rest of South America
Middle East & Africa
• UAE
• Saudi Arabia
• Egypt
• Oman
• Kuwait
• South Africa
• Rest of MEA
• Increasing Adoption of Voice Assistant-enabled Devices: Voice assistants, such as Amazon Alexa, Google Assistant, and Apple Siri, have become an integral part of many smart home systems. These voice assistant-enabled devices allow users to control their smart home devices and systems through voice commands, offering convenience and ease of use.
• Growing Demand for Energy-efficient Solutions: With increasing environmental concerns and rising energy costs, there is a growing demand for smart home solutions that offer energy-efficient features. Smart thermostats, smart lighting systems, and smart appliances are gaining popularity as they offer energy-saving capabilities, allowing users to monitor and control their energy consumption, thereby reducing their carbon footprint and energy bills.
• Integration of Artificial Intelligence (AI) and Machine Learning (ML): The integration of AI and ML technologies in smart home devices and systems enables personalized and adaptive automation, learning user preferences and behaviors over time. This helps in optimizing energy usage, enhancing security features, and providing a more intuitive and convenient smart home experience for users.
• Expansion of Home Security and Surveillance Solutions: Smart home security and surveillance systems are witnessing significant growth, driven by increasing concerns about home safety and security. These systems include smart door locks, video doorbells, smart cameras, and sensors that offer remote monitoring, real-time alerts, and video recording, providing users with enhanced security and peace of mind.
• Growing Popularity of DIY (Do-It-Yourself) Smart Home Solutions: DIY smart home solutions are gaining popularity among consumers due to their affordability, ease of installation, and flexibility. DIY smart home devices and systems are designed to be user-friendly and do not require professional installation, allowing users to customize and expand their smart home setup as per their requirements.
Driver: Growing adoption of voice assistant-enabled devices is propelling Smart Home Market growth.
One significant market driving factor in the smart home market is the increasing adoption of voice assistant-enabled devices. Voice assistants, such as Amazon Alexa, Google Assistant, and Apple Siri, have become an integral part of many smart home systems, offering a convenient and hands-free way for users to control their smart home devices and systems through voice commands. Voice commands offer a simple and intuitive way for users to control their smart home devices without needing to use physical interfaces or mobile apps. Users can control various aspects of their smart home, such as adjusting lights, setting thermostats, playing music, or even ordering groceries, simply by speaking to their voice assistant-enabled device. Voice assistants can integrate and control a wide range of smart home devices from different manufacturers, offering interoperability and a unified control experience. This allows users to control multiple smart devices in their home through a single voice assistant-enabled device, eliminating the need for separate apps or controls for each device.
North America: North America is one of the largest markets for smart home devices, driven by high consumer adoption, advanced infrastructure, and increasing awareness about smart home technologies. The region has a strong demand for smart speakers, smart thermostats, smart security systems, and smart lighting. Companies like Amazon, Google, and Apple have a significant presence in the North American smart home market, offering popular smart home devices such as Amazon Echo, Google Nest, and Apple HomeKit.
Europe: Europe is another significant market for smart home devices, with increasing adoption of smart home technologies in countries like the UK, Germany, and France. The region has a growing demand for energy-efficient smart home solutions, smart appliances, and home automation systems. Companies like Philips, Bosch, and Siemens are active players in the European smart home market, offering a wide range of smart home devices and solutions.
Asia-Pacific: Asia-Pacific is a fast-growing market for smart home devices, fueled by rising disposable incomes, urbanization, and increasing awareness about smart home technologies. The region has a high demand for smart home devices such as smart lighting, smart security systems, and smart appliances. Companies like Xiaomi, Haier, and Samsung are prominent players in the Asia-Pacific smart home market, offering innovative smart home products tailored to the preferences and needs of the local market.
Latin America: Latin America is an emerging market for smart home devices, with increasing adoption of smart home technologies in countries like Brazil, Mexico, and Argentina. The region has a growing demand for home security and surveillance solutions, smart entertainment systems, and smart lighting. Companies like Positivo, Intelbras, and Samsung are actively expanding their presence in the Latin American smart home market, offering a range of smart home products suited to the regional market.
Middle East & Africa: The Middle East & Africa region is also witnessing growing interest in smart home technologies, driven by increasing urbanization, rising disposable incomes, and growing awareness about energy conservation. The region has a demand for smart home solutions for home security, energy management, and home automation. Companies like Schneider Electric, Honeywell, and Nestlé are actively targeting the Middle East & Africa smart home market, offering their expertise in smart home technologies and solutions.
Recent Development: Global Smart Home Market
• Amazon's acquisition of Ring: In 2018, Amazon acquired Ring, a popular brand for video doorbells and home security systems. This acquisition enabled Amazon to expand its presence in the smart home market and integrate Ring's products with its existing ecosystem of smart home devices and services.
• ADT's acquisition of LifeShield: In 2019, ADT, a leading provider of home security systems, acquired LifeShield, a company that offers DIY smart home security solutions. This acquisition allowed ADT to broaden its offerings to cater to the growing demand for DIY smart home security solutions.
• Legrand's acquisition of Netatmo: In 2018, Legrand, a global leader in electrical and digital building infrastructure, acquired Netatmo, a company that offers smart home devices such as smart thermostats, cameras, and weather stations. This acquisition helped Legrand expand its smart home offerings and enhance its capabilities in IoT-based home automation.
Why to buy this Report?
• Market research: The report provides valuable insights into market trends, growth opportunities, and competitive landscapes. By reading a technology report, businesses and investors can gain a better understanding of Smart Home Market they are operating in or considering entering, and make more informed decisions based on data and analysis.
• Competitive analysis: The report reports provide detailed information on competitors' strengths, weaknesses, and strategies, which can help businesses identify potential threats and opportunities in Smart Home Market.
• Innovation: The report provides insights into emerging technologies and trends, which can help businesses stay up-to-date with the latest developments and make informed decisions about where to invest their resources.
• Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company's financials, technology, market position, and other key factors.
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
}})
Select a license type that suits your business needs
US $4250
Only Four Thousand Two Hundred Fifty US dollar
- 1 User access
- 15% Additional Free Customization
- Free Unlimited post-sale support
- 100% Service Guarantee until achievement of ROI
US $5250
Only Five Thousand Two Hundred Fifty US dollar
- 5 Users access
- 25% Additional Free Customization
- Access Report summaries for Free
- Guaranteed service
- Dedicated Account Manager
- Discount of 20% on next purchase
- Get personalized market brief from Lead Author
- Printing of Report permitted
- Discount of 20% on next purchase
- 100% Service Guarantee until achievement of ROI
US $6250
Only Six Thousand Two Hundred Fifty US dollar
- Unlimited User Access
- 30% Additional Free Customization
- Exclusive Previews to latest or upcoming reports
- Discount of 30% on next purchase
- 100% Service Guarantee until achievement of ROI