Smart Home Market Industry Insights - Global Analysis and Forecast by 2030



Market Overview

The rise in urbanization and technological advancement has led to the inclination towards smart living, increasing the wide application of smart technologies. Smart Home increases the standard of living with a better-advanced experience, and it helps the user reduce the workload and time. The growing demand for comfortable living, energy management features, security management, and benefits for disabled people are driving the Smart Home Market Industry. 

Various growth factors largely drive the market's growth. The rising concern to save energy has propelled the demand for energy-saving and lower carbon emission solutions—energy efficiency, contributing to the country's economic growth. The government concern and rules implemented to reduce energy consumption and carbon pollution are the factors driving the Smart Home Market Industry. 

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The increased rate of Internet users and the rise in the adoption of smart devices is another factor accelerating the market's growth. Smart homes provide environments where the home appliances are implemented with the Internet of things (IoT) technology, sensors, and other advanced services connected through a communication network that can be easily accessed, monitored, and controlled remotely. 

The global concern for safety, security, and public convenience bring growth opportunities to the market. Connected safety and security systems and devices associated with remote monitoring capabilities are propelling the demand of the Smart Home Market Industry.

The Smart Home Market Industry is expected to register a CAGR of12.3 % and to reach a value of USD 254.78 Billion by 2026 during the evaluation period.

Regional Analysis:

The Smart Home Market Industry growth was repeatedly noticed in major continents such as the Asia-Pacific, North America, Europe, the Middle East and African region, and the South American region. North America is accounting for the largest market share since 2018. The region is emerging due to the increase in government support for the energy-efficient building to provide benefits such as reduction of lifetime costs, energy savings, and reduction of greenhouse gas emissions which is driving the regional market. 

The higher adoption of smart home devices in Mexico is propelling the market's growth. This country was the first to commercialize Google's smart voice assistant (Home) in the Latin American region. 

The European market is noticing a good growth rate due to the rise in internet users and the rising adoption of smart devices. Further, the presence of key market players in the region is driving the regional market of Europe.

The Asia-Pacific region is noticing sheer growth due to the government's support towards climate change, and smart city initiatives for reduction of building maintenance costs to improve user convenience are driving the regional market.

Market Segmentation:

The Smart Home Market Industry is classified into components and regions.

The Smart Home Market Industry is categorized into hardware, smart appliance, AI speaker, and services based on components. The hardware segment is holding the highest market share in the past years. The hardware segment is further segmented into security, home automation, home entertainment, and home healthcare. The security segment consists of video surveillance systems and access control.

The Services segment is comprised of Energy Consumption & Management Services, Security Services, Healthcare Services, and Entertainment Services. 

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Industry News:

The increase in many customer preferences for video doorbells, voice-assisted technologies such as Alexa and Google Home, and other surveillance systems is predicted to drive the market's growth.

Trending Reports:

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