Pune, India, June 28, 2022 (GLOBE NEWSWIRE) -- The global Smart Home Market size was USD 86.48 billion in 2020. The market is expected to grow from USD 99.89 billion in 2021 to USD 380.52 billion in 2028 at a CAGR of 21.1% during the 2022-2028 period. This crucial information is published by Fortune Business Insights™ in its report titled, “Smart Home Market, 2022-2028.”
According to our researchers, the increasing number of internet users, surging disposable income of consumers within emerging economies, the growing significance of home monitoring in remote areas, and the increasing demand for low-carbon emission and energy-saving-oriented solutions are anticipated to drive the smart home market competencies.
Key Industry Development
January 2021: 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 2022 to 2028 CAGR | 21.1% |
| 2028 Value Projection | USD 380.52 billion in 2028 |
| 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, Geography |
| Smart Home Market Growth Drivers | Increased Adoption of Internet of Things (IoT) Solutions to Boost Market Expansion |
| High Security Threats to Hamper Market Growth |
Rising Digitization Amid Pandemic to Propel Growth
The COVID-19 pandemic has positively impacted the Everything as a Service (XaaS) market growth due to rising digitization in several industries. Also, leading companies from various sectors have adopted recent technologies to simplify their business operations and ease the work process. Furthermore, the companies implemented recent technologies to adopt work from home/remote work culture. These factors bolstered the market growth and expansion during the pandemic.
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Drivers and Restraints
Implementation of Internet of Things Platforms to Impel Market Growth
The Internet of Things (IoT) platform is one of the utmost essential smart home market growth drivers. IoT-equipped appliances assist in offering energy-proficient abilities at residences. Several companies are targeting to develop their IoT platforms and other connected technologies, specifically Artificial Intelligence (AI) and Machine Learning (ML), so that they can be executed in smart home products resourcefully. This is expected to bolster this market’s growth during the forecast period.
Report Coverage
We provide our reports conducted with an all-inclusive examination approach that majorly emphasizes delivering precise material. Our scholars have applied a data triangulation method which further assists us in offering trustworthy estimations and testing the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Segmentation
On the basis of product, the market is categorized into home monitoring/security, smart lighting, entertainment, smart appliances, and others (thermostat, smart plugs, smart power strips, smart meters, and others). Amongst them, entertainment is projected to hold the largest market share during the forecast period.
Geographically, the market is classified into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
| Smart Home Market Segments | By Product
|
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Regional Insights
Growing Demand for Automation Solutions to Boost Growth in Asia Pacific
North America is estimated to hold the largest smart home market share during the forecast period. This growth is stoked by the sturdy attendance of prime players functioning in this market.
Asia Pacific is expected to grow with the highest CAGR during the predicted period. The surging demand for automation solutions from the residential applications is anticipated to fuel growth in this region.
In Europe, market growth is being determined typically by the development of small businesses and augmented investment by chief corporations in countries such as Germany, the U.K., France, and many others.
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
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Table of Content:
- Global Smart Home Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Smart Home Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Product (USD)
- Home Monitoring/Security
- Security Cameras
- Smart Door locks
- Others
- Smart Lighting
- Entertainment
- Speakers/Sound bars
- Voice Assistant
- Smart TV/Projectors/Monitors
- Wearable
- Others
- Smart Appliances
- Smart Refrigerators
- Smart Air Conditioners
- Others
- Others
- Home Monitoring/Security
- 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
- Security Cameras
- Smart Door locks
- Others
- Smart Lighting
- Entertainment
- Speakers/Sound bars
- Voice Assistant
- Smart TV/Projectors/Monitors
- Wearable
- Others (Smart Remote etc.)
- Smart Appliances
- Smart Refrigerators
- Smart Air Conditioners
- Others
- Others (Thermostat, etc.)
- Home Monitoring/Security
- By Country (USD)
- United States (By Product)
- Canada (By Product)
- By Product (USD)
- Europe Smart Home Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Product (USD)
- Home Monitoring/Security
- Security Cameras
- Smart Door locks
- Others
- Home Monitoring/Security
- By Product (USD)
- Global Smart Home Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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