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Global Smart Home Market to Grow at a CAGR of 15% During 2021-2026, Aided by the Increasing Demand for Home Automation

According to a new report by EMR titled, ‘Global Smart Home Market Report and Forecast 2021-2026’, the global market for smart home attained a value of about USD 34.2 billion in 2020. The industry is further expected to grow at a CAGR of 15% in the forecast period of 2021-2026.

The global market for smart home is being aided by the adoption of various innovative technologies by homeowners to enhance the security and comfortability of their homes. As technologies such as facial recognition devices, remote-controlled locks, and video door alarms are being deployed in homes, the market for smart homes is growing. Moreover, leading companies are increasingly attempting to enhance the connectivity of smart homes by integrating WiFi, Bluetooth, and the Internet of things (IoT), among others, which is expected to drive the market growth. The growing demand for home automation, especially among the young population, is increasing the deployment of smart home technology, which is significantly contributing to the market growth.

Johnson Controls (NYSE: JCI), one of the leading companies in the market, announced the launch of LUX CS1 Smart Thermostat in June 2020. The product is an addition to the company’s LUX products and provides various easy-to-use features when connected with the LUX App to enhance comfort and savings. The cost-effectiveness of the thermostat makes it accessible for both building operators and homeowners. It also includes advanced features such as geofencing to boost connectivity and control. Moreover, it offers reliable connection through flexible installation while featuring a display with large digits and temperature accessibility. Moreover, it provides notifications regarding abnormal room temperatures to prevent accidents while enabling energy-efficient adjustments. The thermostat also connects with Amazon Alexa and Google Assistant to provide hands-free control and voice activation. Such innovations in the industry are providing impetus to the market growth.

Market Analysis by Product, Software and Service, and Region:

  • The market, on the basis of product, can be divided into lighting control, security and access control, HVAC control, entertainment, home healthcare, smart kitchen, home appliances, and smart furniture, among others.
  • Based on software and service, the industry can be divided into proactive and behavioural.
  • The regional markets for smart home include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing preference of consumers for video-assisted technologies such as surveillance systems and video doorbells are aiding the market growth. 
  • The market is being driven by the increasing demand for products to enhance the safety and security of homes, hence surging the deployment of smart devices.
  • The rising demand for sustainable home devices among the environmentally conscious population is surging the integration of smart home technology, which is propelling the industry growth.
  • The integration of the latest technologies such as artificial intelligence (AI) and machine learning to enhance user experiences is providing impetus to the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for smart home for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the products, software and services, and major regions of smart home.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global smart home market are Honeywell International, Inc, Johnson Controls International., Schneider Electric, Siemens AG, and United Technologies Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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