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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 (2017-2027); 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 34.2 billion in 2020. The global smart home appliances market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 15%.
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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.
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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.
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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 | 2020 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| 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. |
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual 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 Industry Opportunities and Challenges
8 Global Smart Home Market Analysis
8.1 Key Industry Highlights
8.2 Global Smart Home Historical Market (2017-2021)
8.3 Global Smart Home Market Forecast (2022-2027)
8.4 Global Smart Home Market by Product
8.4.1 Lighting Control
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Security and Access Control
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.4.3 HVAC Control
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2017-2021)
8.4.3.3 Forecast Trend (2022-2027)
8.4.4 Entertainment
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2017-2021)
8.4.4.3 Forecast Trend (2022-2027)
8.4.5 Home Healthcare
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2017-2021)
8.4.5.3 Forecast Trend (2022-2027)
8.4.6 Smart Kitchen
8.4.6.1 Market Share
8.4.6.2 Historical Trend (2017-2021)
8.4.6.3 Forecast Trend (2022-2027)
8.4.7 Home Appliances
8.4.7.1 Market Share
8.4.7.2 Historical Trend (2017-2021)
8.4.7.3 Forecast Trend (2022-2027)
8.4.8 Smart Furniture
8.4.8.1 Market Share
8.4.8.2 Historical Trend (2017-2021)
8.4.8.3 Forecast Trend (2022-2027)
8.4.9 Others
8.5 Global Smart Home Market by Software and Services
8.5.1 Proactive
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Behavioural
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.6 Global Smart Home Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Honeywell International, Inc
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Johnson Controls International.
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Schneider Electric
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Siemens AG
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 United Technologies Corporation
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Smart Home Market: Key Industry Highlights, 2016 and 2026
2. Global Smart Home Historical Market: Breakup by Product (USD Billion), 2017-2021
3. Global Smart Home Market Forecast: Breakup by Product (USD Billion), 2022-2027
4. Global Smart Home Historical Market: Breakup by Software and Service (USD Billion), 2017-2021
5. Global Smart Home Market Forecast: Breakup by Software and Service (USD Billion), 2022-2027
6. Global Smart Home Historical Market: Breakup by Region (USD Billion), 2017-2021
7. Global Smart Home Market Forecast: Breakup by Region (USD Billion), 2022-2027
8. North America Smart Home Historical Market: Breakup by Country (USD Billion), 2017-2021
9. North America Smart Home Market Forecast: Breakup by Country (USD Billion), 2022-2027
10. Europe Smart Home Historical Market: Breakup by Country (USD Billion), 2017-2021
11. Europe Smart Home Market Forecast: Breakup by Country (USD Billion), 2022-2027
12. Asia Pacific Smart Home Historical Market: Breakup by Country (USD Billion), 2017-2021
13. Asia Pacific Smart Home Market Forecast: Breakup by Country (USD Billion), 2022-2027
14. Latin America Smart Home Historical Market: Breakup by Country (USD Billion), 2017-2021
15. Latin America Smart Home Market Forecast: Breakup by Country (USD Billion), 2022-2027
16. Middle East and Africa Smart Home Historical Market: Breakup by Country (USD Billion), 2017-2021
17. Middle East and Africa Smart Home Market Forecast: Breakup by Country (USD Billion), 2022-2027
18. Global Smart Home Market Structure
Key Questions Answered in the Report
The global smart home market is being aided by the growth of global smart home appliances market, which attained a value of nearly USD 34.2 billion in 2020.
The global smart home appliances market is projected to grow at a CAGR of 15% between 2021 and 2026.
The market is aided by increasing internet penetration, growing adoption of smart devices, and the rising demand for innovative home monitoring technology.
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.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
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.
The significant software and services in the market are proactive and behavioural.
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 34.2 billion in 2020, 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 2022-2027, 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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