"Smart Strategies, Giving Speed to your Growth Trajectory"
The Asia Pacific (APAC) smart home market size is projected to grow at a CAGR of 22.0% during the forecast period. The global smart home market is projected to grow from USD 80.21 billion in 2022 to USD 338.28 billion by 2030.
The APAC smart home market share is growing at a rapid pace due to increasing adoption of smart devices and development of innovative technologies. The market includes smart devices which are categorized into safety & security devices, energy & water control, climate control, lighting control, and consumer electronics. Usage of smartphones and implementation of AI by a majority of the regional population is driving the usage of voice-enabled smart devices.
The APAC market research report covers the following countries – China, India, Japan, South Korea, ASEAN, Oceania, and the Rest of Asia Pacific.
Increasing Adoption of Voice-enabled and AI-powered Smart Devices to Drive Market Growth
Smart home vendors are increasingly focusing on developing smart devices that can be controlled using voice assistants and other Artificial Intelligence (AI)-powered technologies. The popularity of products, such as Amazon Alexa, Google Assistant, and Apple Siri, as well as increasing demand for smart homes and intuitive methods to control their home appliances remotely are further fueling the APAC smart home market growth. According to Perficient Digital report in 2020, the most popular voice assistant in India was Apple Siri with 40.1% of users, followed by Google Assistant with 30.9%, and Amazon Alexa with 17.1%.
Various players in the market are deploying voice-enabled smart home speakers using the latest technologies, such as AI to remain competitive.
Emergence of Smart Cities to Further Boost IoT Implementation and Propel Market Progress
The emergence of smart cities and increasing investments in Internet of Things (IoT) infrastructure are interconnected factors driving the growth of the smart home market size in the region. Smart cities rely on deployment of IoT devices and sensors to collect data and monitor urban systems, such as energy, traffic, and public safety. For instance, in October 2021, the Chinese government announced a 3-year action plan (2021-2023) for the implementation of IoT network infrastructure across the nation. This plan will help connect and manage a wide range of IoT devices, further enhancing the quality of smart home technologies and machine to machine (M2M) connectivity.
Higher Setup Costs of Smart Appliances to Impede Market Growth
As the concept of smart homes is gaining popularity in the region, the cost of purchasing and installing smart devices and systems can make consumers reluctant to purchase them. According to an IDC report on Asia Pacific smart homes, higher cost and lack of interoperability and standards are among the primary factors hampering the market growth.
Such factors can hinder the deployment of smart home appliances, resulting in slower market progress.
Major Players are Innovating their Products to Strengthen Market Position
The APAC market is led by reputed players, such as Samsung Group, LG Electronics Inc., Haier Group Corporation, and Xiaomi Corporation. These key players are developing multiple energy efficient smart home devices, such as lighting control systems, smart locks, doorbells, and other security appliances to expand their business models, while adopting strategies, such as acquisitions, mergers, collaborations, product launches, and partnerships.
To gain extensive insights into the market, Request for Customization
The report offers a thorough analysis of the market, comprising qualitative and quantitative insights and a detailed assessment of potential market segments, market size, and growth rate. Additionally, it provides an in-depth analysis of market dynamics, emerging trends, and competitive landscape.
2019 – 2030
2023 – 2030
2019 – 2021
CAGR of 22.0% from 2023 to 2030
Value (USD billion)
By Device Type, Housing Type, and Country
By Device Type
By Housing Type
Registering a CAGR of 22.0%, the market will exhibit steady growth in the forecast period of 2023-2030.
Emergence of smart cities will further boost IoT implementation and propel the market growth.
Samsung Group, LG Electronics Inc., Haier Group Corporation, and Xiaomi Corporation are the major players in the Asia Pacific market.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- Global hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry