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 2029.
Global 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 2021 and is expected to reach USD 680.90 million by 2029, registering a CAGR of 22.80% during the forecast period of 2022-2029. 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. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Global Smart Home 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.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Million, Volumes in Units, Pricing in USD
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)
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
Market Players Covered
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.), SimpliSafe Inc., (U.S.), Armorax (U.S.), LG Electronics (South Korea), Lutron Electronics Co., Inc (U.S.) and Legrand (France)
Smart home Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- 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.
Additionally, 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.
- 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. Additionally, the shifted focus on improving energy efficiency will also offer numerous growth opportunities within the market.
Restraints/Challenges Global Smart Home Market
- High Cost
The high cost for smart home setups is serving as a market restraint. The price range is expected to obstruct market growth.
- Increased Security And Privacy Concerns
Also, the consumer security and privacy concerns with more connected devices are projected to be challenge for the smart home market over the forecast period.
This smart home market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, 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 take an informed market decision to achieve market growth.
COVID-19 Impact on Smart home Market
The smart home market was immensely impacted by the outbreak of COVID-19. The pandemic has significantly damaged and disrupted supply chain hubs across all major end verticals across the globe. The lockdown harmed production across the globe and will exacerbate the existing manufacturing slump and trade uncertainty. The United States has been hit the worst in manufacturing, with China's production capacity falling by over 14% and worldwide electronic component sales falling by nearly 40%. The industrial industry, which accounts for roughly 17% of global GDP, is one of the worst-affected sectors during the COVID-19 epidemic. China is in the epicenter of the pandemic and the hub for most raw material suppliers who supply raw materials and components to a variety of manufacturing units around the world. This has had a direct influence on global FDI inflows, and as a result, some economies around the world have experienced significant declines. The worldwide standoff has stifled production at these plants, causing the entire supply chain to fall apart.
To combat the spread of the virus and for economic reasons, large industrial corporations have closed their facilities and laid off their personnel. To survive during the pandemic, some manufacturers have begun to change their companies in order to be able to provide crucial or high-demand products.
- 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.
Global Smart home Market Scope
The 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 analyze 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.
- Entertainment Controls
- Security and Access Control
- HVAC Control
- Home Appliances
- Smart Kitchen
- Lighting Control
- Smart Furniture
- Home Healthcare
On the basis of product type, the smart home market is segmented into entertainment controls, security and access control, HVAC control, home appliances, smart kitchen, lighting control, smart furniture, home healthcare and others. The home appliances will hold the largest market share 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.
On the basis of technology, the smart home market is segmented into wireless and wired.
Software and Service
On the basis of software and service, the smart home market is segmented into behavioral and proactive.
On the basis of sales channel, the smart home market is segmented into direct and indirect.
Smart Home Market Regional Analysis/Insights
The smart home market is analyzed 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 of 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 impacts the current and future trends of the market. Data points like down-stream and upstream 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. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and 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, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart home market.
Some of the major players operating in the 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.)
- SimpliSafe Inc., (U.S.)
- Armorax (U.S.)
- LG Electronics (South Korea)
- Lutron Electronics Co., Inc (U.S.)
- Legrand (France)
Research Methodology : Global Smart home Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-smart-home-market