"Smart Strategies, Giving Speed to your Growth Trajectory"

Smart Home Market Size, Share & COVID-19 Impact Analysis, By Device Type (Safety and Security Devices, Energy and Water Control, Climate Control, Lighting Control, Consumer Electronics), By Housing Type (Multifamily Dwelling, Single Family Dwelling), and Regional Forecast, 2023-2030

Last Updated: May 13, 2024 | Format: PDF | Report ID: FBI101900

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global smart home market size was valued at USD 80.21 billion in 2022 and is projected to grow from USD 93.98 billion in 2023 to USD 338.28 billion by 2030, exhibiting a CAGR of 20.1% during the forecast period.


The increasing number of internet users, growing disposable income of customers in developing economies, rising importance of home monitoring in remote areas, and growing need for energy-efficient and low-carbon emission solutions are anticipated to propel the market growth. A smart home is an automated home setup that includes a wide range of products such as smart lighting, home security, smart appliances, smart entertainment, and others.


COVID-19 IMPACT


Surge in Adoption of Home Automation Amid COVID-19 Pandemic to Boost Market Growth


Home automation business has grown rapidly, and this trend was aided in part by COVID-19 and the fact that people were forced to spend more time in their homes owing to lockdown restrictions. As a result, more vendors entered the industry. The market now covers a wide variety of midrange and entry-level, low-cost home automation products, the availability of which increased due to more businesses entering the market and higher online sales.



  • In August 2021, Schneider Electric announced a partnership with Livspace, which offers home interiors and renovation platforms. The objective of this partnership is to revolutionize the Indian home interior market by combining Schneider Electric’s advanced home automation technology with Livspace’s expertise in interior design.


LATEST TRENDS


Request a Free sample to learn more about this report.


Increasing Deployment of Energy-efficient and Interoperable Smart Home Systems to Propel Market Growth


Interoperable smart devices are those designed to work together and communicate with one another, regardless of the manufacturer or brand. Demand for the creation of a smart home ecosystem, where all the devices work seamlessly together, without any need for additional programming or setup, is increasing. This is achieved by the implementation of communication protocols including Wi-Fi, Zigbee, and Matter, among others.


Companies are also deploying smart devices that use less energy without compromising on their functionality. These devices are integrated with energy-efficient components such as LEDs, low power processors, and power saving techniques, among others. For instance, in April 2021, Wozart Technologies, a provider of home automation devices, launched affordable smart devices such as smart lighting, gates, curtains, and sensors, among other products, which helped their consumers save energy while maintaining functionality.


SMART HOME MARKET GROWTH FACTORS


High Adoption of Internet of Things (IoT) Solutions to Boost Market Expansion


The Internet of Things (IoT) platform is one of the most significant drivers of the market. At home, IoT-based equipment provides energy-saving features. According to GSMA Intelligence, IoT connections are expected to reach approximately 25 billion globally by 2025, up from 10.3 billion in 2018. This factor shows that within some years, there will be massive clusters of sensors, devices, and things that will communicate through high-speed technology such as 5G. Such a growing proliferation of IoT devices is likely to drive the market toward a higher growth trajectory.


Key firms are concentrating their efforts on the development of IoT platforms and related technologies (machine learning, artificial intelligence, and so on) that may be employed in smart appliances. This factor is predicted to expand the global market in future.


RESTRAINING FACTORS


Security Threats to Hamper Market Growth


The significant obstacle to the market expansion is the rising risk of cyberattacks in high-end connected technologies. Smart home technology faces several security threats from all the connected endpoints. As intelligent technology is connected to every system and device in the home, hackers can gain confidential personal information if it is not secured properly. According to Rambus Incorporated, a designer, developer, and licenser of chip interface technologies, approximately 80% of IoT devices are vulnerable to online assaults. Connecting historically "standalone" smart devices, such as lights, appliances, and locks, clearly brings a lot of new cyber security concerns. Even connected baby monitors are vulnerable to digital intruders, as many frightened parents discovered after hackers communicated with their young children via a hacked device. This factor is expected to hamper the market growth during the forecast period.


SEGMENTATION


By Device Type Analysis


To know how our report can help streamline your business, Speak to Analyst


Rising Wireless Communication and Cellular Technology Adoption to Support Market Growth


Based on device type, the market is classified into safety & security devices (garage door operators, hazard detectors, security camera, video doorbell, electronic smart locks, & intruder alarms), energy & water control (irrigation, smart water/temperature sensors, and air quality devices), climate control (smart fans, smart radiator valves, smart thermostat, and air conditioners), lighting control (lighting, plugs/switches, and blinds/shades), and consumer electronics (home audio, appliances, and health/fitness devices).


Amongst them, the consumer electronics segment is projected to hold the largest market share during the forecast period due to increasing deployment of smart assistants and speakers. However, the energy and water control segment is expected to record the highest CAGR, owing to smart appliances being convenient rather than need-based devices.


By Housing Type Analysis


Increasing Adoption of Apartments and Multifamily Dwellings to Support Market Growth


Based on housing type, the market is bifurcated into single family dwelling and multi-family dwelling. Single family dwelling refers to a residential unit that is separate from other units, typically constructed on a plot of land that is larger than the actual building. This creates a larger open area around the house. Whereas, multifamily housings encompass apartments, flats, villas, condos, terraced housing, high-rise apartments, and semi-detached housing units.


Amongst them, the multi-family dwelling segment is expected to hold a sizable market share and register the highest CAGR during the forecast period due to wide availability of latest technological products and constant network connection.


REGIONAL INSIGHTS


North America Smart Home Market Size, 2022 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


In terms of regions, the market is classified into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.


The North America Smart Home Market size was valued at USD 27.06 Billion in 2022 and is growing at a CAGR of 18.6% from 2023 to 2030. North America dominated the global market with a share of 33.74% in 2022. This growth is backed by the strong presence of major players, including Amazon Inc., Apple Inc., Honeywell International Ltd., and Sony Corporation, operating in this market. Also, factors, such as increasing adoption of core communication technologies, Wi-Fi, Bluetooth, Zigbee, Matter, NFC, and the upcoming 5G network, are boosting the market growth in the region.


Key companies in this region are focused on entering into strategic mergers and acquisitions to expand their business units worldwide.



  • In August 2021, Fifth Wall Acquisition Corp. merged with Smartrent.com LLC, a leading provider of smart appliances and smart building automation, to expand the company and take it public. This acquisition is expected to enable the company to grow and strengthen its position in the market.


Furthermore, the smart home ecosystem is rapidly expanding, and existing solution providers are producing advanced technologies for the same. The major players in the market are expanding their product portfolios through mergers and acquisitions and by investing in cutting-edge technologies.


In Europe, the market growth is being driven by the expansion of small businesses and increased investment by major corporations in nations such as the U.K., France, Germany, and others. The growing need for smart security and monitoring systems in this region is fueling the market progress. These factors will aid in the market's development.


Asia Pacific is predicted to exhibit the highest CAGR during the projection period. The increasing demand for automation solutions from residential applications is anticipated to drive the market growth in this region. The region's leading companies are focusing on collaborating with other well-known firms to create and deploy innovative smart devices.



  • In October 2021, Carrier expanded its geographical footprint in China by providing smart devices, Kidde MOON. The devices included temperature detectors, smoke gas detectors, and water leak detectors, among others, which provided convenient monitoring and enhanced home health experience.


To know how our report can help streamline your business, Speak to Analyst


The MEA and South America markets are likely to grow at a prominent rate. Governments and local players are also increasing their initiatives and investments. According to a study conducted by Ciena in June 2021, more than half of adults in Saudi Arabia (57%) and the UAE (54%) believed the future of smart appliances would be driven by increasing adoption of energy-efficient appliances. A vast number of people in both the countries (94% in each) were considering conducting more virtual activities to decrease their carbon impact. In addition, the adoption of smart home systems and consumption of control devices is on the rise (40% in the UAE and 46% in the KSA). As a result of these smart home market trends, metro and edge networks are being used to meet the ever-increasing demand.


KEY INDUSTRY PLAYERS


Key Players Focus on Developing Advanced Security and Energy Usage Monitoring Solutions


The major players in the market are Emerson Electric Co., Honeywell International, Schneider Electric S.E., and Samsung Group, amongst others. These corporations are heavily investing in R&D to give advanced products and services to their clients. For instance,



  • May 2021: Schneider Electric announced that it was preparing to incorporate the new 'Matter' connectivity standard and implement it across its connected home and buildings portfolio. The unified connection protocol, previously known as Connected Home over I.P. (CHIP), has been renamed as ‘Matter’, an open source technology that can adapt to a broader spectrum of smart building solutions. The interoperable technology can be integrated into lighting, speakers, security systems, locks, routers, and HVAC controls.


List of Key Companies Profiled in Smart Home Market:



KEY INDUSTRY DEVELOPMENTS:



  • January 2023: Apple is working on a new tablet similar to the iPad but with a lower price point, as well as an updated version of its Apple T.V., in an effort to increase its footprint in the smart home market share. This development is being viewed as a competitive challenge to Google and Amazon, which are currently dominating the voice-enabled smart home device space.

  • December 2022: Google launched ‘Matter Support’ for its existing smart devices, such as Google Home Speaker, Nest WiFi Pro, Nest Hub Max, Nest Mini, Nest Audio, Home Mini, and Nest Hub. It enhanced interoperability of these devices by enabling IoT devices to communicate and work with various manufacturers and platforms.

  • October 2022: Roku, which provides streaming and smart home devices, collaborated with Walmart to launch its latest suite of smart home devices, including video doorbells, plugs, security cameras, and lighting devices, among others. This collaboration enabled Roku’s business expansion due to the deployment of its smart devices in 3,500 Walmart stores in the U.S.

  • March 2021 - Robert Bosch GmbH released the first cameras built on their open camera platform Inteox, beginning with the MIC Inteox 7100i. Due to implementation of the Open Security and Safety Alliance (OSSA) technology stack for video security appliances, these devices are compatible with the Security and Safety Things (S&ST) application store.

  • June 2020: Cisco expanded its intent-based networking portfolio with additional features to provide clients with improved control, security, and insights. Cisco DNA Center and Cisco DNA Spaces offered greater insights regarding IoT endpoints. This improved network insight would enable smarter automation.


REPORT COVERAGE


An Infographic Representation of Smart Home Market

To get information on various segments, share your queries with us



The research report includes a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Besides, it offers insights into the latest market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.


Report Scope & Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2019 – 2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023 – 2030



Historical Period



2019 – 2021



Growth Rate



CAGR of 20.1% from 2023 to 2030



Unit



Value (USD billion)



Segmentation



By Device Type, Housing Type, and Region



By Device Type




  • Safety and Security Devices

  • Energy and Water Control

  • Climate Control

  • Lighting Control

  • Consumer Electronics



By Housing Type




  • Multifamily Dwelling

  • Single Family Dwelling



By Region




  • North America


    • U.S. (By Device Type)

    • Canada (By Device Type)

    • Mexico (By Device Type)


  • South America


    • Brazil (By Device Type)

    • Argentina (By Device Type)






    • Rest of Latin America





  • Europe


    • U.K. (By Device Type)

    • Germany (By Device Type)

    • France (By Device Type)

    • Italy (By Device Type)

    • Spain (By Device Type)

    • Russia (By Device Type)

    • Benelux (By Device Type)

    • Nordics (By Device Type)

    • Rest of Europe


  • Middle East & Africa


    • Turkey (By Device Type)

    • Israel (By Device Type)

    • GCC (By Device Type)

    • South Africa (By Device Type)

    • North Africa (By Device Type)






    • Rest of Middle East & Africa





  • Asia Pacific


    • China (By Device Type)

    • Japan (By Device Type)

    • India (By Device Type)

    • South Korea (By Device Type)

    • ASEAN (By Device Type)

    • Oceania (By Device Type)

    • Rest of Asia Pacific







Frequently Asked Questions

According to Fortune Business Insights, the global market is projected to reach USD 338.28 billion by 2030.

In 2022, the market value stood at USD 80.21 billion.

The market is projected to grow at a CAGR of 20.1% during the forecast period of 2023 – 2030.

Consumer electronics dominated the market in 2022.

Increased adoption of Internet of Things (IoT) solutions to boost market expansion.

Some of the top players in the market are Amazon Inc., Johnson Controls, Apple Inc., and Honeywell International Inc.

North America dominated the market due to higher IoT implementation, thereby fueling the adoption of smart home appliances.

By device type, energy and water control segment is expected to show the highest CAGR during the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 150

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods 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
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X