Global Smart Home Market to Witness 12.5% CAGR During 2022 – 2028

Published Date: May, 2022

The smart home, also known as home automation is anticipated to grow at a 12.5% CAGR during the forecast period and employs internet-connected devices to manage and monitor a variety of home equipment and systems. It is a state-of-art technology that makes the functioning of a variety of home appliances a more convenient and energy-efficient manner. This concept entails employing wireless technology to control all of the electronic equipment in the home. The increased demand to counter security issues, rising number of internet users, rising consumer awareness about video doorbells, voice-assisted technologies, and surveillance systems, and expansion of social network platforms will accelerate the growth of the global smart home market. Additionally, the rising significance of IoT, increased adoption of smartphones, and increased demand for innovative wireless technologies like entertainment controls, HVAC controllers, and security and access regulators will foster the market growth for smart home solutions globally. Furthermore, users can operate and monitor their home appliances and business devices remotely using their smartphones or tablets, which is a market driver for the growth of smart home market.

The COVID-19 pandemic has acted as a stimulus for technological development and innovation for smart home industry in the long run as people are spending ample of time at homes ad are working remotely. There are many low-cost homes automation products available owing to new market entrants and increased online and internet sales.

Browse 65 market data Tables and 40 Figures spread through 180 Pages and in-depth TOC Smart Home Market by Software & Services (Behavioral and Proactive), by Product (Lighting Control System, Entertainment and Other Controls, Smart Home Healthcare, Smart Kitchen, Smart Home Appliance, HVAC Control, Smart Speaker, Smart Furniture, and Security & Access Control), by Technology (Bluetooth, Wi-Fi, GSM/GPRS, RFID, and Others), by Sales Channel (Direct and Indirect), and Region - Global Forecast to 2028"

By product, smart furniture is anticipated to have a high CAGR in the smart home market during the forecast period.

Smart furniture is expected to have a high CAGR during the analysis period owing to increased adoption of IoT, changing lifestyles, and escalating property prices. Smart furniture overcome space constraints and is interactive and transformative. Smart furniture includes smart tables, smart desks, smart stools & benches, smart sofas, and smart chairs.

Global Smart Home Market Segmentation Analysis

Segment

Categorization

Leading Category

Software & Services

 Behavioral and Proactive

Behavioral (Largest)

 

Product

Lighting Control System, Entertainment and Other Controls, Smart Home Healthcare, Smart Kitchen, Smart Home Appliance, HVAC Control, Smart Speaker, Smart Furniture, and Security & Access Control

Entertainment and Other Controls (Largest)

Smart Home Appliance (Fastest)

Smart Furniture

(High CAGR)

Technology

Bluetooth, Wi-Fi, GSM/GPRS, RFID, and Others

Wi-Fi (Largest)

Sales Channel

Direct and Indirect

Indirect (Largest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Asia-Pacific

(High CAGR)

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“North America is expected to account for the largest share of smart home market throughout the forecast period.”

Geographically, North America is witnessing the largest revenue contributor in the global smart home solutions and products owing to extensive technological development in reduction of carbon emission, grants by the government towards green energy projects, and prompt execution of IoT technologies in this region, thus driving the growth of the smart home market.

Honeywell International Inc., Legrand, ABB Ltd., Siemens AG, Schneider Electric SE, United Technologies Corporation, Ingersoll Rand PLC, Johnson Controls Inc., Samsung Electronics Co. Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., and Nest Labs Inc.  are some of the major companies operating in the global smart home market.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2016–2028

Historical Period

2016–2021

Base Year

2021

Forecast Period

2022–2028

Segments Covered in the Study

Software & Services, Product, Technology, Sales Channel, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Honeywell International Inc., Legrand, ABB Ltd., Siemens AG, Schneider Electric SE, United Technologies Corporation, Ingersoll Rand PLC, Johnson Controls Inc., Samsung Electronics Co. Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., and Nest Labs Inc.

 

Global Smart Home Market Coverage

Software & Services Insight and Forecast 2016 – 2028

  • Behavioral
  • Proactive

Product Insight and Forecast 2016 - 2028

  • Lighting Control System
    • Timers
    • Sensors
    • Dimmers
    • Others
  • Entertainment and Other Controls
    • Home Theater System Control
    • Multimedia Control
    • Others
  • Smart Home Healthcare
  • Smart Kitchen
  • Smart Home Appliance
    • Smart Kitchen Appliance
    • Smart Refrigerator
    • Smart Dishwasher
    • Smart Washing Machine
  • HVAC Control
  • Smart Speaker
  • Smart Furniture
  • Security & Access Control
    • Fingerprint Recognition
    • Facial Recognition
    • Audio-Video Surveillance
    • Others

Technology Insight and Forecast 2016 - 2028

  • Bluetooth
  • Wi-Fi
  • GSM/GPRS
  • RFID
  • Others

Sales Channel Insight and Forecast 2016 – 2028

  • Direct
  • Indirect

Geographical Segmentation

Smart Home Market by Region

North America

  • By Software & services
  • By Product
  • By Technology
  • By Sales Channel
  • By Country – U.S., Canada, and Mexico

Europe

  • By Software & services
  • By Product
  • By Technology
  • By Sales Channel
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Software & services
  • By Product
  • By Technology
  • By Sales Channel
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Software & services
  • By Product
  • By Technology
  • By Sales Channel
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries