Expert Market Research’s new report titled ‘Global Smart Home Market Report and Forecast 2022-2027’, gives an in-depth analysis of the smart home market, assessing the market based on its segments such as product , software and services, and regional markets among others. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
- Historical market size (2021): USD 34.2 billion
- Forecast CAGR (2022-2027): 15%
Consumer desire for video-assisted technologies, video doorbells, and surveillance systems is growing as internet penetration increases and the Internet of Things (IoT) becomes more widely used in automated devices. Moreover, the growing number of urban smartphone users with busy lives is driving up the demand for home comforts, which is fueling the development of the market. Thanks to this, smart homes are becoming more economical and easier to operate, and people are increasingly choosing them to improve their home security. Plus, smart detectors and smart water leaks allow users to react proactively, preventing costly property damage. The demand for smart homes is also fueled by the emergence of customized products based on unique consumer demands. Improvements in technology that enable wireless connection are driving the demand for controlling home theater systems and smart home theaters to enhance the entertainment experience, resulting in tremendous market growth. Additionally, the growing popularity of smart refrigerators that can adjust the temperature based on content and Wi-Fi-enabled coffee machines that allow for a hassle-free coffee-making experience are increasing the demand for smart kitchens. This fuels the overall expansion of the market.
Industry definition and major segments
A smart home is defined as a residence with automated devices and equipment that can be managed via the Internet. A smart home allows the user to remotely manage and monitor features such as security, temperature, and lighting, among others. It can be configured using a wireless or wired network. Smart homes are capable of performing sophisticated activities such as automatic lighting of escape routes in the event of a fire alarm, in addition to basic operations such as turning off lights, dimming lights and closing curtains. Connectivity is expected to become a more widespread trend over the next few years, to the point of becoming an integrated standard in virtually all household gadgets and equipment.
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By Product, the smart home market is segmented into:
The smart home market can be broadly classified on the basis of its software and services into:
The major regional markets of the smart home market are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa Regions
The globe has undergone a digital transformation as a result of the coronavirus outbreak. The majority of those who stay at home are struggling to rearrange their living spaces to accommodate work and other activities at home. Due to the increasing modernization of homes by adopting the latest technological advancements to help in numerous applications, the market is growing. Additionally, the growing ownership and use of smart speakers, especially among young people, to make living spaces more enjoyable, relaxing and versatile during home quarantine, is boosting the smart home sector. The independent lives of millennials and Gen Z, along with their busy lives, are driving up the demand for smart home goods, further driving the market growth. Additionally, smart home technology saves energy while being convenient, and people are increasingly turning to it to reduce their carbon footprint. Additionally, smart homes are simple to set up and interface with other devices, while increasing security, driving the industry forward. Further, the market is expected to rise owing to the use of developing technologies such as artificial intelligence (AI) and machine learning to recognize user behaviors and preferences and improve their user experience.
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Main market players
The major market players are Honeywell International, Inc, Johnson Controls International, Schneider Electric, Siemens AG, United Technologies Corporation, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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