Pune, India, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The global Smart Home Market size was valued at USD 86.48 billion in 2020. The market is projected to grow from USD 99.89 Billion in 2021 to USD 380.52 Billion in 2028, exhibiting a CAGR of 21.1% during the forecast period. Smart Home Market Size in Asia Pacific was USD 25.10 Billion in 2020. Fortune Business Insights™ presents this information in its report titled “Smart Home Market Forecast, 2023-2028.”
Key Industry Development
D-Link Corporation unveiled mydlink smart home solutions, accentuating the security offered to maintain the safety of safe the family throughout the pandemic. For people who want to stay at home, it comprises characteristics such as AI-enabled protection, mydlink cloud, and safeguarding amplified safety and manageability.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 21.1% |
| 2028 Value Projection | USD 380.52 Billion |
| Base Year | 2020 |
| Smart Home Market Size in 2020 | USD 86.48 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 120 |
| Segments covered | Product and Geography |
| Smart Home Market Growth Drivers | Implementation of Internet of Things Platforms to Impel Market Growth |
Key Takeaways
- The increasing number of internet users, surging disposable income of consumers within emerging economies,
- The growing significance of home monitoring in remote areas.
- By Product Analysis: Rising Wireless Communication and Cellular Technology Adoption to Support Market Growth
- The increasing demand for low-carbon emission and energy-saving-oriented solutions are anticipated to drive the smart home market competencies.
- Asia Pacific is predicted to grow with the highest CAGR during the projection period.
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Drivers and Restraints
- Implementation of Internet of Things Platforms to Impel Market Growth
- The Internet of Things (IoT) platform is a crucial factor driving the growth of the smart home market.
- By incorporating energy-efficient features, IoT-enabled devices provide enhanced performance in residential settings.
- Companies are investing in the development of IoT platforms, as well as integrating Artificial Intelligence (AI) and Machine Learning (ML) technologies, to improve the effectiveness of smart home products.
- This is anticipated to contribute to the growth of the market during the forecast period.
Segmentation
The smart home market is segmented into home monitoring/security, smart lighting, entertainment, smart appliances, and others (including thermostats, smart plugs, smart power strips, smart meters, etc.). Among these, entertainment is expected to have the largest market share during the forecast period. The market is further divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
Regional Insights
North America is expected to dominate the smart home market during the forecast period, due to the presence of leading players in the region.
Asia Pacific is projected to experience the highest growth rate with a significant CAGR 25.10 Billion due to the increasing demand for automation solutions in residential applications.
In Europe, the growth of the market is driven by the growth of small businesses and increased investment by major corporations in countries such as Germany, the U.K., France, and others.
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Companies Profiled in this Market Report
- ABB Ltd.
- Centrica Connected Home Limited
- Control4 Corporation
- Emerson Electric Co.
- General Electric Company
- Honeywell International
- Johnson Controls, Inc.
- Samsung Group
- Schneider Electric SE
- Sony Corporation
Table of Content:
- Global Smart Home Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Recent Developments
- Annexure / Appendix
- Global Smart Home Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Product (USD)
- Smart Appliances
- Others
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Product (USD)
- North America Smart Home Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Product (USD)
- Home Monitoring/Security
- Smart Lighting
- Entertainment
- Smart Appliances
- Others
- By Product (USD)
- Global Smart Home Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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FAQ’s
How big is the smart home market?
Smart Home Market size to reach USD 380.52 Billion by 2028.
How fast is the smart home market growing?
The smart home market will exhibit a CAGR of 21.1% during the forecast period, 2021-2028
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