New York, April 05, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Global Smart Homes Market was valued at USD 113.5 Billion in 2022 and is predicted to reach USD 503.1 Billion between 2023 and 2032. It is estimated that this market will register the highest Compound Annual Growth Rate (CAGR) of 16.8% during the same period.
Smart homes are an important part of information and communication technology for home appliances. In smart homes, all the appliances like lights, fans, television, refrigerator, AC, home PCs, and cameras can perform all the functions and control by smartphones using smart homes technology. All controlling and monitoring systems are installed on owners' smartphones or tablets that offer wireless networking to the user. A smart home allows one to control appliances remotely from any distance with the help of the internet and smartphone. The advancing smart infrastructure and the adoption of smart homes are boosting the growth of the smart homes market.
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Key Takeaway:
- By Technology, wireless smart homes dominate over wired smart homes.
- By Product, the security & access segment leads the market with a share of 24%.
- By Application, the new construction segment is anticipated to grow at the highest CAGR during the forecast period.
- Asia-Pacific held a major revenue share of approximately 32.8% in 2022.
The rising trend of advanced technology integration in smart home appliances is anticipated to increase the demand for smart home appliances in the upcoming period. Additionally, the use of the internet of things and smartphones worldwide has fueled the growth of the smart homes market.
Factors affecting the growth of the Smart Homes Market
Several factors can affect the growth of the Smart Homes Market. Some of these factors include:
- The rising popularity of digital assistants: The rising popularity of digital assistants like Siri, Cortana, and Alexa for controlling home appliances has boosted the growth of the smart home market.
- Integration of Advanced Technology: Developing innovations and technologies like the internet of things and artificial intelligence are upgrading the features of smart home appliances. To prevail these features, many customers are moving towards smart homes.
- Changing lifestyles: Fast forward and continuously changing lifestyle has forced individuals to adopt smart homes. This is propelling the growth of the smart homes market.
- Increasing Disposable Incomes: The increasing disposable income across the world has inclined the preference of individuals toward comfort and a luxurious lifestyle. Many individuals are adopting high-end smartphones for luxury and comfort.
- Safety Concerns: Smart home appliances help to increase the safety and security of the house by monitoring, informing, and alarming the house owner of any security breach. Many individuals are inclined towards smart homes to improve the safety precautions for the house
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Top Trends in the Smart Homes Market
The introduction of advanced technology and connectivity in smart home appliances has given remote access to the users for monitoring and controlling the home appliances in smart homes. An ongoing trend of integrating artificial intelligence and automation offers assistance uniquely and innovatively. These technological advancements and innovations offer safety and security to smart homes. Many users have installed smart security options in smart homes, like modern burglar alarms, video door alarms, facial recognition, and remote-controlled locks to protect the house. These trends are expected to boost the growth of the smart homes market during the forecast period.
Market Growth
The developing innovations and technologies like the internet of things and artificial intelligence are upgrading the features of smart home appliances. To prevail these features, many customers are moving towards smart homes. The rising popularity of digital assistants like Siri, Cortana, and Alexa for controlling home appliances has boosted the growth of the smart homes market.
Smart home appliances help to increase the safety and security of the house by monitoring, informing, and alarming the house owner of any security breach. Many individuals are inclined towards smart homes to improve the safety precautions for the house. The increasing disposable income across the world has inclined the preference of individuals toward comfort and a luxurious lifestyle. Many individuals are adopting high-end smartphones for luxury and comfort. All these factors are boosting the growth of the smart home market.
Regional Analysis
Asia Pacific region leads the global smart homes market by covering the major revenue share of 32.8%. Also, it is anticipated to grow at a significant CAGR during the forecast period. The growth of this region is attributed to the increasing population with high disposable income within the region. Individuals in this region are adopting smart home appliances to reduce energy consumption and increase energy efficiency. These key factors are expected to drive the growth of the smart homes market in the Asia Pacific region over the forecast period. The rising adoption of security and access control appliances in the region has helped to prohibit access to an unauthorized individual in the smart home by using the products like security cameras, smart locks, video door phones, remote monitoring software and services, and other appliances.
Competitive Landscape
Major key companies in the smart homes market are adopting the strategies like mergers, acquisitions, partnerships, and collaborations for business expansion in the global market. The competitive landscape of the market has also been examined in this report. Some of the major players include Samsung Electronics Co. Ltd., LG Electronics. Inc, Amazon.com. Inc, Sony Corporation, Google Nest, Philips Lighting B.V., Robert Bosch GmbH, Siemens AG, Schneider Electric SE, ABB. Ltd, Honeywell International. Inc, and other key players.
Recent Development of the Smart Homes Market
- In January 2021, Samsung launched their new air conditioning system named Variable Refrigerant Flow (VRF) in India. This air conditioning system can be installed in a small area as compared to the others, and it can be controlled by smartphones.
- In March 2021, Amreen Missouri partnered with Emerson to offer Emerson's Sensi smart thermostats to the customers of Amreen Missouri. Ameren Missouri customers had given Emerson's Sensi smart thermostats under instant discounts and participation in the program-like schemes.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 113.5 billion |
| Market Size (2032) | USD 503.1 Billion |
| CAGR (from 2023 to 2032) | 16.8% |
| Asia Pacific Revenue Share | 32.8% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Increasing market demand for energy-saving and eco-friendly solutions is boosting the smart homes industry. Energy-efficient solutions play an important role in the overall development of countries. The growing environmental concerns, regulations, and global warming are forcing companies to reduce the usage of energy and carbon emissions. The government of many countries is taking various initiatives to save energy for the upcoming or future generations. And to support this, many individuals are opting for smart homes to avoid the wastage of electricity. These factors are expected to drive the growth of the smart homes market in the upcoming years.
Market Restraints
Smart homes are connected to the network systems through wired or wireless mode. This makes smart homes vulnerable to hackers and thieves. Many smart home appliances are connected to the network systems, which store confidential information related to the user like banking details, personal details, healthcare detail, and other confidential information. By hacking into the network system of smart homes, hackers get access to every connected home smart home appliance and the confidential information on the network. Hackers can use this information to blackmail the user. These factors are restricting the growth of the smart home market.
Market Opportunities
The lighting control industry has grown significantly in the past few years. The lighting control industry has products like timers, daylight sensors, dimmers, relays, and occupancy sensors. These wide ranges of smart products are used in smart home appliances for performing various functions through any preferable technology like wireless or wired. This is anticipated to create lucrative market opportunities in the smart homes market. The integration of the internet of things in smart homes has made seamless communication and data sharing between smart devices. The use of these advanced technologies in smart homes has lowered the energy usage of the overall house. Therefore, the smart home market is expected to create lucrative opportunities in the upcoming years.
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Report Segmentation of the Smart Homes Market
Technology Insight
Smart homes are divided into wireless and wired based on Technology. From these technologies, the wireless segment is expected to grow at the highest CAGR than the wired segment over the forecast period in the smart homes market. The growth of the wireless segment is owing to the advanced features the wireless segment provides, like Wi-Fi, Z wave, Bluetooth, and other network-connecting devices. These features allow individuals to access connected smart home appliances from anywhere remotely. These factors are driving the growth of the wireless segment in the smart homes market.
Behind the wireless segment, wired Technology in smart homes is also preferred by many individuals. The growth of the wired segment is due to the secure and latency-free control of home appliances in smart homes. By excluding the connectivity, it also secures the user's confidential information. Therefore, many people also go for wired technology in smart homes.
Product Insight
In the product segment of the smart homes market, the security access control segment dominates the market by accounting for the major revenue share. The increasing awareness about the importance of safety and security in smart homes is driving the growth of the security and access segment in the smart homes market. These security measures deny an unauthorized person entry into the secured area. On breaching the security measures, it informs the house owner and activates the alarm. These features attract more customers to smart homes for security and access control.
Application Insight
Individuals prefer to install smart homes in new construction sites than retrofit. Therefore, the new construction site segment is expected to grow at a high CAGR during the forecast period. The growth of this segment is due to the convenient and easy installation of smart home appliances in the new construction site than retrofit. It also avoids the demolishing of the walls while installing smart devices. That's why many users are inclined towards the new construction segment rather than the retrofit segment.
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Market Segmentation
By Technology
- Wireless
- Wired
By Products
- Security and Access Control
- Smart Locks
- Security Cameras
- Video Door Phones
- Remote Monitoring Software & Services
- Others
- Lighting Control
- Relays & Switches
- Smart Lights
- Dimmers
- Occupancy Sensors
- Others
- Entertainment Devices
- Streaming Devices
- Soundbars and Speakers
- Smart Displays/TV
- HVAC
- Smart Vents
- Smart Thermostats
- Sensors
- Others
- Home Appliances
- Smart Water Heaters
- Smart Vacuum Cleaners
- Smart Washing Machines
- Smart Kitchen Appliances
- Cooktops
- Dish Washers
- Microwave/ovens
- Refrigerators
- Other Products
By Application
- New Construction
- Retrofit
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Philips Lighting B.V.
- Robert Bosch GmbH
- Siemens AG
- ABB Ltd
- Google Nest
- Schneider Electric SE
- Honeywell International Inc.
- Samsung Electronics Co.Ltd.
- LG Electronics Inc.
- Sony Corporation
- Amazon.com Inc.
- Other Key Players
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