The global smart home market is a dynamic industry at the intersection of technology and lifestyle, experiencing remarkable growth. It encompasses a wide array of interconnected devices and systems designed to enhance home automation and efficiency. These devices include smart thermostats, lighting, and entertainment systems, among others. Smart home solutions offer users the ability to control and monitor various aspects of their homes remotely, contributing to the surge in popularity.
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Data Bridge Market Research analyses that the 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. Rising anxieties regarding home security propel the widespread adoption of smart security systems. Homeowners turn to advanced solutions such as smart cameras, sensors, and door locks to enhance surveillance and fortify their homes, leveraging technology to address and alleviate growing concerns about residential safety.
Key Findings of the Study
Advancements in Internet of things (IoT) are expected to drive the market's growth rate
The rapid progress in IoT (Internet of Things) is instrumental in shaping the foundation of smart homes. The widespread adoption of connected devices establishes a robust backbone for seamless communication and integration. IoT technologies facilitate the creation of a cohesive ecosystem where various smart devices work in harmony, offering users unprecedented control and automation. This advancement not only enhances convenience but also drives the evolution of intelligent homes into interconnected and efficient living spaces.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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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)
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Countries Covered
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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
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Market Players Covered
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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)
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Data Points Covered in the Report
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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.
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Segment Analysis:
The global 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 global 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 global smart home market is segmented into wireless, and wired
- On the basis of software and service, the global smart home market is segmented into behavioral, and proactive
- On the basis of sales channel, the global smart home market is segmented into direct, and indirect
Major Players
Data Bridge Market Research recognizes the following companies as the major global smart home market players in global smart home market are 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)
Market Developments
- In April 2023, Aqara, an innovative startup, unveiled its latest product, a cutting-edge video doorbell. This device boasts advanced features such as facial recognition technology and the unique capability to alter a home occupant's voice during remote conversations with visitors at the door. Aqara's video doorbell not only enhances security but also prioritizes privacy, showcasing the company's commitment to pushing the boundaries of smart home technology with innovative and user-centric solutions
- In January 2023, Panasonic Holdings Corporation achieved a significant milestone by developing cutting-edge hyperspectral imaging technology utilizing compressed sensing. This breakthrough enhances image analysis and recognition accuracy by identifying subtle color differences while retaining the usability of traditional color cameras. Published in Nature Photonics, the collaboration with imec, a Belgian research institute, represents the world's first successful demonstration of efficient hyperspectral imaging through compressed sensing, showcasing a major advancement in imaging technology and its applications
- In August 2021, at the CEDIA Expo, Schneider Electric unveiled the Square DTM X and XD Series linked wiring devices. This series, including light switches, dimmers, and outlets, introduces automation to home lighting, discrete power control, and plug-level energy usage monitoring. Boasting features such as easy installation, a contemporary design, and seamless smart home connectivity, the X Series represents a significant step towards energy efficiency and modern home automation for homeowners, promising both convenience and cost saving
- In January 2021, Samsung launched the DVM S Eco series, a high-capacity Variable Refrigerant Flow (VRF) air conditioning system for premium residential and commercial spaces in India. Remarkably compact, it occupies just 0.5 sq. m. With Wi-Fi connectivity and SmartThings app compatibility, users can enjoy smart features such as voice control. The series prioritizes convenience, enabling independent control of each indoor unit. Additionally, it offers energy efficiency tracking, allowing users to monitor consumption on a daily, weekly, or monthly basis. The installation is user-friendly, accommodating up to 16 indoor devices simultaneously
Regional Analysis
Geographically, the countries covered in the global smart home market report are 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
As per Data Bridge Market Research analysis:
North America is the dominant region in the global smart home market during the forecast period 2023-2030
North America dominates the global smart home market due to its substantial manufacturing capacity and a surge in business expansion. The region exhibits a heightened awareness among consumers, driving the adoption of smart home technologies. With a robust industrial base and a tech-savvy population, North America serves as a key hub for innovation and market growth. The prevalence of smart home solutions is further propelled by a dynamic business environment and a proactive approach to technological advancements within the region.
Asia-Pacific is estimated to be the fastest-growing region in the global smart home market during the forecast period 2023-2030
Asia-Pacific is expected to dominate the global smart home market during the forecast period from 2023 to 2030. The region's significant growth can be attributed to the lower prices compared to proactive alternatives, creating a substantial market difference. The Asia-Pacific market exhibits a price-sensitive dynamic, further propelling the adoption of smart home technologies, as affordability becomes a key factor. This trend underscores the region's pivotal role in the widespread proliferation of smart home solutions.
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