Smart Home Market Size to Worth Around USD 581.85 Bn by 2032

Ottawa, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The smart home market size was estimated at USD 80.45 billion in 2022. Growing customer need for simplicity and a tailored experience, rising consumer awareness of safety and security, and expanding use of cloud-based technologies are key market drivers.

Key highlights

• The home healthcare segment is growing at the highest CAGR of over 31% during the forecast period.
• The wired protocols segment is growing at a CAGR of over 26%.
• The Asia Pacific region is poised to grow at a CAGR of over 31% over the forecast period from 2022 to 2030.
• The Europe smart home industry is growing at a CAGR of around 24% over the forecast period from 2022 to 2030.

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Market overview:        

A smart house is a practical home design where electronics and appliances may be remotely controlled via the internet from any location using a smartphone or other networked device. The internet connects devices in a smart home, enabling users to remotely control features like temperature, lighting, security access, and home entertainment systems. Hardwired or wireless systems can be used to set up smart houses. Homeowners can save money and enjoy convenience thanks to smart home technologies. Digital assistants or home hubs make up a significant portion of smart homes.

Smart home system works for every part of the house including living room, bedroom, balcony, bathroom and kitchen. These products can take commands, answer questions, manage your calendar, schedule conference calls, and generate notifications. They are frequently used in voice-activated interactions. These digital assistants offer a wide variety of regulating smart assets, schedules, and statuses.

Regional snapshot:

North America leads the global smart home market and is expected to grow at a CAGR of 9.4% over the projected period of 2023-2032. The rising sale of smart appliances in the U. S and Canada is considered a major driver for the market’s growth. The main Smart Appliances in the area are connected small appliances like coffee makers, microwaves, vacuum and mowing robots, and large appliances like refrigerators, washing machines, and dishwashers. Increasing demand for energy-efficient home appliances is another market driving factor. Moreover, product invention and the presence of major key players in the region are supporting the growth of the smart home market in North America. In the North American market, significant participants include Control4 Corporation, Emerson Electric Co., General Electric Co., Honeywell International, and Apple.

Asia Pacific is estimated to observe the fastest expansion during the forecast period. In fact, the most populous region of the planet offers significant potential. The voice control front-end, smart lights, smart locks, smart plugs, and garage door sensors are just a few of the typical smart home devices that will experience significant growth in Asia in the future. Asia Pacific is home to a number of well-known vital players in the global smart home industry, including Sony Corporation, Samsung Group, Xiaomi, and Panasonic. As a result, the region's revenue share has significantly increased. China creates the absolute conditions for Asia-Pacific smart home market dominance.

Europe is projected to grow significantly over the estimated period. A sizable number of components, devices, and systems manufacturers from different parts of the region are included in the value chain of the smart home business. Several governments in the region and businesses have launched a number of energy-saving measures which will accelerate the adoption of smart home goods and services. The government and corporations have launched several energy-saving measures to accelerate the adoption of smart home goods and services. For instance, the "Smart Energy Showcases - Digital Agenda for the Energy Transition" award project was established by the German Federal Ministry of Economic Affairs and Energy in February 2022. This effort aims to develop energy solutions while also involving market operators from all points. The European market has expanded due to businesses like ABB Ltd., Centrica Connected Home Limited, Johnson Controls Inc., and Schnieder Electric SE.

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Scope of the Report

Report Highlights:

• By application, the new construction segment is expected to achieve a significant growth rate during the projected period. Making a home smarter and more energy-efficient when it is being built is an excellent approach to preparing it for the future; this factor is boosting the growth rate of the new construction segment.
• By product, the security and access control segment is the dominating one in the global smart home market. Being the most significant part of the smart home system, security and access control products permit and monitor the entry and enhance the security level of a home.
• By sales channel, the indirect sales channel segment is expected to witness a significant increase in upcoming years. Due to intense competition and the enduring nature of internet sales, indirect sales channels are being put under strain across the global smart home market. The rising need to reach more customers in order to grow brand recognition has fueled the growth of the indirect sales channel segment.
• By protocol, the wireless segment is expected to dominate the market owing to the rising need for smooth communication. Wireless smart home devices or systems do not require a bunch of wires or cables; this factor offers enhanced accessibility for users. The development of portable wireless smart home devices is considered to boost the growth of the wireless segment. Moreover, wireless smart home system cost reduction is likely to boost purchasing capability.

Market dynamics:

Driver:

Advancement in smart home technology in recent years

The market has the potential to expand owing to recent developments in smart home device technology. Modernizations include the use of integrated devices for improved control access, artificial intelligence, touchless technology, Bluetooth speaker control, smart health assistants, and smart health-at-home technologies have increased customer interest in the gadgets by functioning as a key market driver. Moreover, the work-from-home culture during the Covid-19 pandemic has offered lucrative market growth opportunities. The broad shift to working from home has drawn attention to smart home developments, particularly for home offices, which are still developing as businesses close more offices and even adopt hybrid or permanent work-from-home policies. The potential for expansion in this industry can be seen in technology ranging from noise-cancelling windows to block out external distractions to scheduling meetings.

Restraint:

Vulnerability of smart home devices or system

Smart home security systems make it easy to safeguard houses from burglary, damage, and accidents, but they also run the danger of compromising the security of personal data. Most data assaults can be carried out on conventional smart homes. Hackers have remotely turned on and streamed video from smart cameras, unlocked IoT-enabled doors, and controlled smart lights and smart TVs through smart homes. Such risks are believed to be caused chiefly by weak IoT connections and disrupted local internet connections. The potential dangers of cyberattacks prevent the market from expanding by decreasing consumer interest.

Opportunity:

Rising deployment of smart lock system

With the help of a smart lock system, without using a typical key, a homeowner can gain access to their home or grant access to others. The rising deployment of smart lock systems in urban areas to limit access due to rising concerns about home security will provide profit-making opportunities for key players. During the anticipated period, businesses that are focused on the development or distribution of smart lock accessories, such as battery holders, Printed Circuit Board (PCB) motherboards for smart locks, square shafts, smart lock motor modules, smart lock cards, replacement fingerprint modules, key covers, and WIFI gateways, will undoubtedly experience growth.

Challenge:

Lack of skilled professionals

Professionals with the necessary skill set are required to install and upkeep smart home systems. The market's expansion is hampered by a lack of experts with sophisticated abilities who can handle both installation and maintenance. This gap might be closed by hiring additional IoT technicians and making user support services available through partnerships or vendors. Technical IoT practitioners can exchange knowledge and advance technology. Architects and civil engineers should make arrangements to install automated solutions when designing and constructing homes.

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Recent developments in the global smart home market:

• In January 2023, SwitchBot launched the Matter interoperability standard supported by Hub2, which will make SwitchBot devices with Bluetooth compatible with Matter. The Hub 2 is a stylish smart home device with a display for integrated thermo-hygrometer capability. Users can now check the room temperature directly in the Apple Home app or on any other chosen platform.
• In January 2023, At CES, TP-Link, the leading producer of networking and smart home goods worldwide, revealed ‘Tapo C325WB’, its array of robot vacuums, video doorbells, smart door locks, and Matter-compatible items. The Tapo C325WB is Tapo's next-generation outdoor security Wi-Fi camera with ultra-low light color vision.
• In January 2023, Alarm.com launched the Water Dragon Whole-Home Smart Leak Detection System at CES 2023. This revolutionary system for whole-home water protection is constantly on the lookout for leaks and unforeseen water use.
• In September 2022, Amazon launched the Echo Auto, Echo Studio, Echo Dot, and Echo Dot with Clock, four new or updated smart speakers to support the smart home system.

Market Segmentation

By Application

• New Construction
• Retrofit

By Product

• Light Control
• Security And Access Control
• HVAC Control
• Entertainment Control
• Smart Speaker
• Home Healthcare
• Smart Kitchen
• Home Appliances 
• Home Furniture
  
  

By Sales Channel

• Direct
• Indirect 

By Protocol

• Wired 
• Wireless
• Hybrid
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa
  
  

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