Smart Home Market

Increasing investment in IoT infrastructure, focused research & development activities in smart technology enablement and increased adoption of smart home control devices are the key forces governing the growth of the global smart home market. Smart homes are technology enabled homes that facilitates control and monitoring of home appliances and devices connected over internet and controlled remotely through connected devices such as smartphones, tablets and so on, for seamless experience. Home automation has been widely accepted for a better part of past five decades across the developed countries and has witness continuous technology development for performance optimization.

Introduced as a basic parameter control mechanism such as temperature controllers or thermostats, home automation has come a long way to enable control of essential and luxury components of homes. The smart home devices enable the homeowner or operators to remotely access and control several devices such as lighting, security systems, thermostat, home theaters and other appliances.

Smart home technology helps in enhancing the security of assets and improves efficiency by strictly monitoring and controlling energy consumption. The manufacturers of smart home devices are focusing on product innovation and development, which is anticipated to fuel the growth of smart home market during the forecast period. Declining prices of smart home devices and availability of wide product range is expected to increase the adoption of smart home technology across emerging economies.

North America contributed a dominating share to the global smart home market in 2019 owing to increased adoption of connected devices and presence of leading product manufacturers and technology providers across the region. Growth of smart home as a service is anticipated to contribute towards the growth of North America smart home market during the forecast period.

Asia Pacific is anticipated to be the most lucrative market during the forecast period with increased investment in indigenous product manufacturing and adoption of smart home devices across the leading countries. Development of IoT infrastructure across the leading countries is anticipated to facilitate the adoption smart home technology and devices in coming years.

Smart Home Market Share Analysis, by Geography (2022)

The report titled “Smart Home Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032” wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global smart home market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.

The global smart home market is segmented based on component and geography. Based on component, the global smart home market is segmented into solutions and services. The solutions segment is further segmented into security, lighting, entertainment, energy management, HVAC, smart appliances, others. The security segment is sub-segmented into video surveillance systems and access control systems. The lighting segment in segmented into light sensors, occupancy sensors, switches, dimmers, and others. The HVAC segment in sub-segmented into smart thermostats, smart vents, dampers and actuators, and others. The smart appliances segment is sub-segmented into smart refrigerator, smart ovens, smart coffee makers, smart dishwashers, and others. Based on geography, the global smart home market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on smart home. Further, market share of prominent companies in the global smart home market would also be estimated. the study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the smart home companies.

The global smart home market study would take into consideration the participants engaged throughout the ecosystem of the market, along with their contribution. Product portfolio would focus on all the products under the smart home business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global smart home market.

Major players active in the global smart home market include ABB, Amazon.com, Inc., AMX LLC, Apple Inc., Axis Communication AB, Control4 Corporation, Crestron Electronics, Inc., Emerson Electric Co., Google LLC, Honeywell International Inc., Ingersoll-Rand PLC, Legrand S.A., Legrand S.A., Legrand, LG Electronics, Lutron Electronics, Inc., Robert Bosch GmbH, Samsung, Schneider Electric, Siemens AG, Sony Corporation, and Tyco International plc. 

The Global Smart Home Market is Segmented as Below:

By Component

• Solutions 
• Services