The global smart home market pegged USD 35.4 billion in 2017 and is further anticipated to become USD 89.9 billion by 2024. The market is further expected to witness a CAGR of 14.2% during the forecast period. The market is increasing every year due to the constant evolution in technology globally.
Smart home technology refers to a group of systems, devices, and appliances that enables the users to connect to a mutual network that is controlled in a remote and independent manner. The functioning of various technologies in a home that works conjointly in a common system is also referred to as connected home. A smart home enables the users to witness advanced luxury and functionality that was impossible to tap a few years back. It has been further estimated that with technological developments the smart home systems will facilitate leisure, easier and comfortable stay for its users.
There are several initiatives commenced by the government authorities to stimulate green cities and buildings that are further creating ample prospect for the growth of the smart home market across the globe. In a recent report, it has been stated that the products and solutions for the smart home were marketed in the form of an advanced system of security such as smart camera and door locking.
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Moreover, there are several green building strategies undertaken by several developed and developing economies, which is helping them to enhance the optimum utilization of resources and deducting the demand for energy. Furthermore, these initiatives are helping government authorities to reduce carbon usage and achieve energy savings and utilization.
The major factor driving the growth of the global smart home market includes extensive demand for safety, convenience, and security amongst the users in several developed as well as developing economies. The technology is further helping the households to manage all of their devices from a single place thus creating ample opportunities for the smart home market to grow exponentially. A smart home enables flexibility to its users in accommodating innovative appliances, devices, and technology.
Moreover, the capability of smart home systems to accommodate and merge latest technologies enables flexibility and managing homes in an efficient and effective manner to the house makers that further evolves the lifestyle and living standard of its users. These functions are further contributing towards the growth of the global smart home market at an effective rate.
Furthermore, these features of the technology are expanding the demand for smart home systems in the urban spaces specifically among the households in the middle-income category that is exaggerating the growth of the global smart home market. However, it has been observed that the disputes associated with privacy and security breach are the major factors that are hampering the growth of the global smart home market.
On the basis of product, the smart home market is segmented into lighting control system, home entertainment system, smart home appliance, HVAC control, smart home healthcare, and security & access control. Among all these segments it has been observed that the lighting control system is one of the major product category that is contributing the revenue of approximately $7.2 billion in 2017 due to its extensive advantage of reducing the energy demand at home.
Geographically, North America is the largest revenue holder in the smart home solutions and products as it is extensively accentuating towards technological advancements to reduce usage of carbon emitted solutions in order to save energy. Moreover, prompt execution of IoT technologies in this region that helps in reducing fossil fuel emissions is further driving the growth of smart home market.
Furthermore, Asia-Pacific is expected to witness fastest growth of xx% in smart home market. The manufacturers are continuously upgrading its technology in order to make the life of users efficient and convenient for its users. Additionally, there are several initiatives undertaken by the different government and non-government authorities to help the consumers in utilizing innovative technology and ensure secure, convenient and safe environment for them.
Globally industry players of global smart home market are leveraging market growth by providing several automation products such as MES and DCS. The key players are establishing connected devices and are offering M2 smart solutions and services to the users. Some of the key players in the global smart home market include Honeywell International Inc., Siemens AG, Schneider Electric SE, Johnson Controls Inc., Samsung Electronics Co. Ltd., Legrand, ABB Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., United Technologies Corporation, Ingersoll Rand PLC and Nest Labs Inc.
Global Smart Home Market Coverage
Product Insight and Forecast 2014 - 2024
Technology Insight and Forecast 2014 - 2024
Smart Home Market by Region
Rest of the World (RoW)
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