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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

Smart Home Market

Global Smart Home Market: By Product: Lighting Control, Security and Access Control, HVAC Control, Entertainment, Home Healthcare, Smart Kitchen, Home Appliances, Others; By Software and Services; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Smart Home Market Outlook

The global smart home market is being aided by the growth of global smart home appliances market, which attained a value of nearly USD 45.23 billion in 2022. The global smart home appliances market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 15%.

 

Global Smart Home Market

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Surging Adoption of Smart Devices Owing to Growing Internet Penetration Boosting the Industry Growth

The increasing internet penetration, along with the surging adoption of the Internet of things (IoT) in automated devices, is escalating the preference of consumers for video-assisted technologies, video doorbells, and surveillance systems, among others. Moreover, the increasing number of urban smartphone users with hectic lifestyles is boosting the demand for enhancing convenience in homes, which is aiding the market growth. Smart homes are gradually becoming more affordable and easier to use, due to which they are increasingly preferred by consumers to enhance the security of their homes. Additionally, products like smart detectors and smart water leaks allow consumers to respond proactively, hence protecting the home from costly damage. The development of customisable products based on specific consumer needs is also increasing the demand for smart homes, hence fuelling the market growth. Technological advancements that enable wireless communication is bolstering the demand for home theatre system control and smart home theatres to enhance the entertainment experience, therefore significantly contributing to the overall market growth. Additionally, the rising craze of smart refrigerators that can control the temperature based on the products, and Wi-Fi-enabled coffee machine, which enables a hassle-free way of making coffee, are increasing the market for a smart kitchen. This is further invigorating the overall market growth.

 

Smart Home: Market Segmentation

A smart home is identified as a residence where appliances and devices are automated and can be controlled with an internet connection. A smart home allows the user to control and monitor various functions, such as security access, temperature, and lighting, among others remotely. It can be set up through a wireless or hard-wired system.

 

Global Smart Home Market by Segment

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The major products of smart home are:

  • Lighting Control
  • Security and Access Control
  • HVAC Control
  • Entertainment
  • Home Healthcare
  • Smart Kitchen
  • Home Appliances
  • Smart Furniture
  • Others

Based on software and services, the market can be divided into:

  • Proactive
  • Behavioural

The EMR report looks into the regional markets of smart home like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Smart Home Market by Region

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Digital Advancements to Bolster the Growth of Smart Home Industry

The surge of the coronavirus pandemic has resulted in the digital transformation of the world. Most of the people staying at home are attempting to refigure their living spaces to meet the requirements of work and other activities at home. The growing upgradation of homes by adopting the latest technological advancements to aid in various applications is consequently augmenting the market growth. Moreover, the rising ownership and use of smart speakers, especially among the youth, for making the living spaces more comfortable, relaxing, and multifunctional during home quarantine is providing further impetus to the smart home industry.

Independent living among millennials and gen-z population and their hectic lifestyles are increasing the demand for smart home products, further aiding the market growth. In addition, smart home technology saves energy while providing great convenience; it is increasingly used by consumers to reduce carbon footprints. Moreover, smart homes can be installed easily and integrate with other devices while enhancing security, which, in turn, is further propelling the market growth. In addition, the adoption of emerging technologies such as artificial intelligence (AI) and machine learning to identify users’ patterns and preferences and further improving user experience is expected to propel the market growth.

 

Key Industry Players in the Global Smart Home Market

The report presents a detailed analysis of the following key players in the global smart home market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Honeywell International, Inc
  • Johnson Controls International.
  • Schneider Electric
  • Siemens AG
  • United Technologies Corporation
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product, Software and Services, Region
Breakup by Product Lighting Control, Security and Access Control, HVAC Control, Entertainment, Home Healthcare, Smart Kitchen, Home Appliances, Smart Furniture, Others
Breakup by Software and Services Proactive, Behavioural
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Honeywell International, Inc, Johnson Controls International., Schneider Electric, Siemens AG, United Technologies Corporation, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface    
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Smart Home Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Smart Home Historical Market (2018-2022)
    8.3    Global Smart Home Market Forecast (2023-2028)
    8.4    Global Smart Home Market by Product
        8.4.1    Lighting Control
            8.4.1.1    Historical Trend (2018-2022)
            8.4.1.2    Forecast Trend (2023-2028)
        8.4.2    Security and Access Control
            8.4.2.1    Historical Trend (2018-2022)
            8.4.2.2    Forecast Trend (2023-2028)
        8.4.3    HVAC Control
            8.4.3.1    Historical Trend (2018-2022)
            8.4.3.2    Forecast Trend (2023-2028)
        8.4.4    Entertainment
            8.4.4.1    Historical Trend (2018-2022)
            8.4.4.2    Forecast Trend (2023-2028)
        8.4.5    Home Healthcare
            8.4.5.1    Historical Trend (2018-2022)
            8.4.5.2    Forecast Trend (2023-2028)
        8.4.6    Smart Kitchen
            8.4.6.1    Historical Trend (2018-2022)
            8.4.6.2    Forecast Trend (2023-2028)
        8.4.7    Home Appliances
            8.4.7.1    Historical Trend (2018-2022)
            8.4.7.2    Forecast Trend (2023-2028)
        8.4.8    Smart Furniture
            8.4.8.1    Historical Trend (2018-2022)
            8.4.8.2    Forecast Trend (2023-2028)
        8.4.9    Others
    8.5    Global Smart Home Market by Software and Services
        8.5.1    Proactive
            8.5.1.1    Historical Trend (2018-2022)
            8.5.1.2    Forecast Trend (2023-2028)
        8.5.2    Behavioural
            8.5.2.1    Historical Trend (2018-2022)
            8.5.2.2    Forecast Trend (2023-2028)    
    8.6    Global Smart Home Market by Region
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2022) 
            8.6.1.2    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2022) 
            8.6.2.2    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2022) 
            8.6.3.2    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2022) 
            8.6.4.2    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2022) 
            8.6.5.2    Forecast Trend (2023-2028)
9    North America Smart Home Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2022) 
        9.1.2    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Historical Trend (2018-2022) 
        9.2.2    Forecast Trend (2023-2028)
10    Europe Smart Home Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2022) 
        10.1.2    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Historical Trend (2018-2022) 
        10.2.2    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Historical Trend (2018-2022) 
        10.3.2    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Historical Trend (2018-2022) 
        10.4.2    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Smart Home Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2022) 
        11.1.2    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Historical Trend (2018-2022) 
        11.2.2    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Historical Trend (2018-2022) 
        11.3.2    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2022) 
        11.4.2    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Historical Trend (2018-2022) 
        11.5.2    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Smart Home Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2022) 
        12.1.2    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2022) 
        12.2.2    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2022) 
        12.3.2    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Smart Home Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2022) 
        13.1.2    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2022) 
        13.2.2    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2022) 
        13.3.2    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2022) 
        13.4.2    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1     Honeywell International, Inc
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Johnson Controls International.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Schneider Electric
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Siemens AG
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    United Technologies Corporation
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Smart Home Market: Key Industry Highlights, 2018 and 2028
2.    Global Smart Home Historical Market: Breakup by Product (USD Billion), 2018-2022
3.    Global Smart Home Market Forecast: Breakup by Product (USD Billion), 2023-2028
4.    Global Smart Home Historical Market: Breakup by Software and Service (USD Billion), 2018-2022
5.    Global Smart Home Market Forecast: Breakup by Software and Service (USD Billion), 2023-2028
6.    Global Smart Home Historical Market: Breakup by Region (USD Billion), 2018-2022
7.    Global Smart Home Market Forecast: Breakup by Region (USD Billion), 2023-2028
8.    North America Smart Home Historical Market: Breakup by Country (USD Billion), 2018-2022
9.    North America Smart Home Market Forecast: Breakup by Country (USD Billion), 2023-2028
10.    Europe Smart Home Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    Europe Smart Home Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Asia Pacific Smart Home Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Asia Pacific Smart Home Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Latin America Smart Home Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Latin America Smart Home Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Middle East and Africa Smart Home Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Middle East and Africa Smart Home Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Global Smart Home Market Structure

Key Questions Answered in the Report

What was the global smart home market size in 2022?

The global smart home market is being aided by the growth of global smart home appliances market, which attained a value of nearly USD 45.23 billion in 2022.

What is the growth rate of the market?

The global smart home appliances market is projected to grow at a CAGR of 15% between 2023 and 2028.

What are the major industry drivers?

The market is aided by increasing internet penetration, growing adoption of smart devices, and the rising demand for innovative home monitoring technology.

What are the key industry trends of the global smart home market?

The industry is driven by increasing digital advancements, the rising demand for energy-efficient products, and the surge of reconfiguration, and technological adoption in homes during the coronavirus pandemic.

What are the major regional markets of smart home, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the major products of smart home in the industry?

The major products of smart home in the industry are lighting control, security and access control, HVAC control, entertainment, home healthcare, smart kitchen, home appliances, and smart furniture, among others.

What are the significant software and services of smart home?

The significant software and services in the market are proactive and behavioural.

Who are the key industry players, according to the report?

The major players in the industry are Honeywell International, Inc, Johnson Controls International., Schneider Electric, Siemens AG, and United Technologies Corporation, among others.

Analyst Review

The global smart home market is being aided by the growth of global smart home appliances market, which attained a value of nearly USD 45.23 billion in 2022, driven by the growing adoption of smart devices to enable convenience. Aided by the growing digital advancements, the global smart home appliances market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 15%.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its products, the smart home industry can be segmented into lighting control, security and access control, HVAC control, entertainment, home healthcare, smart kitchen, home appliances, and smart furniture, among others. On the basis of software, the industry is divided into proactive and behavioural. The major regional markets for smart home are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Honeywell International, Inc, Johnson Controls International., Schneider Electric, Siemens AG, and United Technologies Corporation, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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