Smart home market is expected to grow from USD 82.3 billion in 2020 to USD 173.2 billion by 2028, at a CAGR of 10.0% during the forecast period 2021-2028: Greyviews

Pune, India, April 21, 2022 (GLOBE NEWSWIRE) — smart home market is expected to grow at a steady growth rate over the forecast period, owing to the high penetration of internet globally, increasing adoption of smart devices and proliferation of internet of things. The smart home is a residence that involves home automation and uses internet-connected devices to enable remote management and monitoring of devices and systems, such as heating and lighting. It provides homeowners with security, convenience, comfort and energy efficiency by allowing them to control smart devices.

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The smart home mainly includes smart lighting systems, smart speakers, smart thermostats, home security cameras, multi-room audio systems, smart smoke and carbon monoxide detectors, and smart irrigation .

Key information and conclusions:

  • The lighting control segment was leading the smart home market and valued at $29.79 billion in 2020. This is mainly due to the growing demand for energy efficient lighting systems. However, the smart kitchen segment is expected to witness the highest growth rate over the forecast period.
  • The behavioral segment dominated the smart home market and was valued at USD 48.47 billion in 2020. This is mainly due to the need for easy-to-use solutions with real-time and enhanced services. However, the proactive segment is expected to experience the highest growth rate over the forecast period.
  • The direct sales segment accounted for the largest market share and was valued at USD 52.75 billion in 2020. The growth of this segment is primarily driven by the convenience and service offered by direct sales, including personal explanations and product demonstration.
  • Regions analyzed for the market include North America, Europe, South America, Asia-Pacific, Middle East & Africa. The North America region has emerged as the largest market for the smart home market and valued at USD 28.97 billion in 2020. A number of factors such as government initiatives to help energy efficient buildings which provide benefits such as Reduced lifetime costs, increased energy savings, and reduced greenhouse gas emissions are driving the demand for smart home in North America.

Major players operating in the global smart home market are ADT, ABB, Robert Bosch, Sony, Samsung Electronics, Axis Communications, Ooma, Delta Controls, Control4, Comcast, Smarthome, Crestron Electronics, SimpliSafe, Armorax, Canary, LG Electronics , Lutron, and Legrand among others. To enhance their market share in the global smart home market, the major vendors are now focusing on adopting leading strategies such as recent developments, product innovation, mergers and acquisitions, joint ventures, collaborations and partnerships.

  • For example, in September 2020, Blue by ADT, the provider of a wide range of smart home-enabled devices, introduced ADT’s DIY smart home security brand. This launch expanded its product line by offering fully customizable DIY smart home security solutions.
  • In July 2020, ABB, one of the major players in the market, launched a set of new upgrades for its [email protected] system. This launch expands smart home capabilities to meet the growing demand for Internet of Things (IoT) technology in smart homes.

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Global smart home market by component:

  • Lighting control
  • Security and access control
  • Access control
  • HVAC control
  • Entertainment and other commands
  • smart speaker
  • Home care
  • Smart kitchen
  • Household appliances
  • Smart furniture

Global Smart Home Market by Software and Services:

Global Smart Home Market by Sales Channel:

Global Smart Home Market by Region:

  • North America
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • Japan
    • China
    • India
    • Korea
    • South East Asia
  • South America
  • Middle East and Africa
    • United Arab Emirates
    • South Africa
    • Saudi Arabia

About the report:
This research report provides detailed data on the major factors influencing the growth of the Smart Home market at country and local levels, market size forecast, in terms of value, market share by region and segment; regional market positions; growth opportunities by segment and by country; Key company profiles, SWOT, product portfolio and growth strategies. It studies essential aspects of the market such as major participants, expansion strategies, business models, and other market characteristics to enhance understanding of the market.

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