The increased number of internet users worldwide has had a significant impact on the adoption of smart homes. With over 1 million new individuals going online every day, the internet has become more accessible and pervasive. This has led to a growing interest in smart home technologies, as people seek to enhance their lifestyles and take advantage of the convenience and automation offered by these systems. Developing countries, in particular, have witnessed a rise in the demand for smart homes due to the growing desire for a luxurious lifestyle and increased internet penetration. As internet access continues to expand, it is expected to further drive the growth of the smart home market in the coming years.
According to Data Bridge Market Research, the Global Smart Home Market is 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
“Energy efficiency and low carbon emissions surge market demand"
The global smart home market is propelled by the increasing demand for energy-saving and low-carbon-emission solutions. With rising concerns about global warming and the implementation of regulatory regulations, there is a growing need to reduce energy usage and carbon emissions. Smart homes, with their advanced automation and control systems, offer the potential to optimize energy consumption and reduce carbon footprint. This focus on energy efficiency and sustainability is expected to be the primary driver for the growth of the smart home market.
What restraints the growth of the global smart home market?
“High cost can impede the market growth”
The high cost of smart home setups acts as a significant restraint in the market. The initial investment required to purchase smart devices, installation costs, and ongoing expenses can deter potential customers. The price range of smart home systems often surpasses the affordability of many consumers, hindering widespread adoption. While the market offers advanced features and convenience, the high cost remains a barrier, limiting the market's growth potential and delaying the widespread integration of smart home technologies.
Segmentation: Global Smart Home Market
The smart home market is segmented on the basis of product type, technology, software and service, and sales channel.
- 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.
- On the basis of technology, the smart home market is segmented into wireless and wired.
- 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.
Regional Insights: North America dominates the global smart home market
North America's dominance in the smart home market can be attributed to several factors. The region has a high manufacturing capacity, enabling the production of smart home devices and technologies. Additionally, there is increasing business expansion and awareness among customers in North America, leading to greater adoption of smart home solutions. The presence of major tech companies and the availability of advanced infrastructure further contribute to North America's leadership in the smart home market.
Asia-Pacific is poised for significant growth in the smart home market due to its lower price as compared to other regions. The price sensitivity of the market in Asia-Pacific plays a crucial role in driving adoption. The region offers affordable smart home solutions, attracting a large customer base. The cost-effectiveness of smart home devices and technologies, coupled with increasing consumer awareness and rising disposable incomes, contributes to the anticipated growth of the smart home market in Asia-Pacific.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-smart-home-market
Recent Developments in Global Smart Home Market
- In 2021, In just 0.5 square meters of space, Samsung introduced large-capacity Variable Refrigerant Flow (VRF) air conditioning systems that can be installed in posh apartments, villas, bungalows, homes, and commercial and retail establishments in India. The Wi-Fi-enabled DVM S Eco series offers smart features such as voice control and a linked home experience using the SmartThings app on any smartphone. Each indoor unit can be controlled separately for added convenience. Based on the use of external equipment, current, daily, weekly, or even monthly energy consumption can be monitored to provide energy efficiency. Up to 16 indoor devices can be set up simultaneously with the DVM S Eco series, making installation simple.
The Prominent Key Players Operating in the Global Smart Home Market Include:
- 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)
Above are the key players covered in the report, to know about more and exhaustive list of global smart home market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Smart Home Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. 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 vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
