Global Smart Home Market – Industry Trends and Forecast to 2030

Global Smart Home Market, By Product Type (Entertainment Controls, Security and Access Control, HVAC Control, Home Appliances, Smart Kitchen, Lighting Control, Smart Furniture, Home Healthcare, Others), Technology (Wireless, Wired), Software and Service (Behavioral, Proactive), Sales Channel (Direct, Indirect) – Industry Trends and Forecast to 2030.

Smart Home Market Analysis and Size

The number of internet users has risen in the last year, with over 1 million individuals going online every day for the first time since January 2018. The increased internet usage has led to the increased adoption of smart homes around the world. The growing inclination for a luxurious lifestyle in developing countries and increased internet penetration have largely helped the arket gain traction over the past few years. Therefore, the continuous internet penetration will also aid market to grow immensely over the forecasted period.

Global smart home market was valued at USD 121.82 million in 2022 and is expected to reach USD 680.90 million by 2030, registering a CAGR of 22.80% during the forecast period from 2023 to 2030. The "home appliances" accounts for the largest product type segment in the smart home market within the forecasted period owing to the market availability of wireless solutions that have enabled smart appliances to connect with smartphones and tablets wirelessly via the Internet or Bluetooth. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Smart Home Market Scope and Segmentation

Market Definition

Smart home devices are appropriate for a home setup in which devices may be operated remotely using a mobile or other networked device from any Internet-connected location in the world. The consumer may control services such as security access, temperature, lighting, and home entertainment in a smart home because all of its gadgets are connected to the Internet.

Global Smart Home Market Dynamics

Drivers

• Growing Connectivity and Penetration of Internet of Things (IoT)

The increasing connectivity and penetration of Internet of Things (IoT) devices are driving the growth of the smart home market in Europe. With the proliferation of internet-connected devices, consumers have the ability to control and monitor their homes remotely, offering convenience and energy efficiency. The seamless integration of IoT devices into smart home ecosystems, such as voice-controlled assistants and smart appliances, is expanding the market's potential and driving consumer adoption

• Energy Efficiency and Low Carbon Emissions

The growing need for energy-saving and low-carbon-emission-oriented solutions propels the global smart home market. Energy efficiency is an important aspect of a country's economic development. There has been a growing demand to reduce energy usage and carbon emissions as a result of rising global warming and regulatory regulations. Smart homes account for a significant percentage of the world's total energy consumption. This factor is projected to be the most significant factor driving the growth for this market

In addition, with the growing urbanization in developing economies, there has been a surge in smart buildings, which is estimated to bolster the market's overall growth. Furthermore, the increasing number of internet users, growing adoption of smart devices, and increasing customer preference for video doorbells, voice-assisted technologies (such as Alexa and Google Home) and surveillance systems also further fuels market growth. Growing concerns regarding safety, security and public convenience also cushions the market's growth within the forecasted period. Moreover, the connected devices help consumers control and monitor the home appliances and office devices remotely from their smartphones or tablets, which acts as a market driver

• Advancements in Sensor Technology

The development of advanced image sensors with improved sensitivity and noise reduction capabilities has significantly contributed to the growth of the global smart home market. Sensor technologies such as backside-illuminated (BSI) sensors, larger pixel sizes, and improved signal-to-noise ratios have enabled better performance in low-light environments, leading to increased adoption of low-light imaging solutions

Opportunity

• Technology Penetration and Investment

The penetration of IoT, z-wave, Wi-Fi, Bluetooth technology coupled with the investment in smart home security devices are estimated to generate lucrative opportunities for the market, which will further expand the smart home market's growth rate in the future. In addition, the shifted focus on improving energy efficiency will also offer numerous growth opportunities within the market.

Restraint/Challenge

• The Concern Over Data Privacy and Security

As smart home devices collect and transmit personal data, there is a heightened risk of data breaches, unauthorized access, and privacy infringements. Consumers are increasingly cautious about the security vulnerabilities associated with smart home technology, particularly in light of high-profile incidents. This concern over data privacy and security can act as a restraint on the widespread adoption of smart home solutions, as individuals may hesitate to fully embrace the technology without assurance of robust privacy protection and cybersecurity measures. Addressing these concerns through stringent data protection regulations, strong encryption standards, and transparent data handling practices is essential to overcome this restraint and foster trust among consumers in the smart home market

This global smart home market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart home market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth

Recent Developments

• In January 2021, Samsung introduced big capacity Variable Refrigerant Flow (VRF) air conditioning systems that can be placed in upscale apartments, villas, bungalows, houses, and commercial and retail businesses, in just 0.5 sq. m of area in India. Using the SmartThings app on any smartphone, the Wi-Fi-enabled DVM S Eco series delivers smart features like voice control and a linked home experience. For added convenience, each indoor unit can be controlled independently. Current, daily, weekly, or even monthly energy consumption can be tracked based on the use of outside equipment to provide energy efficiency. The DVM S Eco series is simple to install, with up to 16 indoor devices able to be set up at once
• In January 2023, Panasonic Holdings Corporation has developed highly sensitive hyperspectral imaging technology using compressed sensing. This breakthrough enables the identification of subtle color differences, enhancing image analysis and recognition accuracy while maintaining the usability of conventional color cameras. The achievement was published in Nature Photonics in collaboration with imec, a Belgian research institute, marking the world's first demonstration of efficient hyperspectral imaging with compressed sensing.

Global Smart Home Market Scope

The global smart home market is segmented on the basis of product type, technology, software and service and sales channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Entertainment Controls
• Security and Access Control
• HVAC Control
• Home Appliances
• Smart Kitchen
•  Lighting Control
• Smart Furniture
• Home Healthcare
• Other

Technology

• Wireless
• Wired

Software and Service

• Behavioral
• Proactive

Sales Channel

• Direct
• Indirect

Global Smart Home Market Regional Analysis/Insights

The global smart home market is analysed and market size insights and trends are provided by country, product type, technology, software and service and sales channel as referenced above.

The countries covered in the smart home market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the smart home market owing to the high manufacturing capacity of the region and the increasing business expansion and awareness among the customers within the region.

Asia-Pacific is expected to witness significant growth during the forecast period from 2022 to 2029 due to its low price as compared to proactive which further creates a huge difference as the market is price sensitive within the region.   

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Semiconductor Infrastructure Growth Installed Base and New Technology Penetration

The global smart home market also provides you with a detailed market analysis for every country’s growth in healthcare expenditure for capital equipment, installed base of different kinds of products for Global smart home market, the impact of technology using life line curves, and changes in healthcare regulatory scenarios and their impact on the smart home market. The data is available for the historic period from 2010 to 2020.

Competitive Landscape and Global Smart Home Market Share Analysis

The smart home market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the company’s focus related to smart home market.

Some of the major players operating in the global smart home market are

• Honeywell International Inc. (U.S.)
• Siemens (Germany)
• Johnson Controls (Ireland)
• Axis Communications AB (Sweden)
• Schneider Electric (France)
• ASSA ABLOY (Sweden)
• Amazon (U.S.)
• Apple Inc., (U.S.)
• ADT (US)
• ABB (Switzerland)
• Robert Bosch GmbH (Germany)
• Sony Corporation (Japan)
• Samsung (South Korea)
• Ooma Inc., (U.S.)
• Delta Controls (Canada)
•  Comcast (U.S.)
• Crestron Electronics Inc., (U.S.)