Smart Home Market to Reach USD 338.28 Billion by 2030; High Adoption of Internet of Things (IoT) Solutions to Boost Market Expansion

The global smart home market size touched USD 80.21 billion in 2022. The market is projected to grow from USD 93.98 billion in 2023 to USD 338.28 billion by 2030, exhibiting a CAGR of 20.1% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “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”.

The growing spending capacity of customers in developing countries, increasing percentage of internet users, growing need for low-carbon emission and energy-efficient solutions, and increasing significance of home monitoring solutions in remote areas are predicted to accelerate the market growth.

High Deployment of Home Automation Systems During COVID-19 Outbreak to Enhance Market Growth

The demand for home automation systems grew rapidly during the COVID-19 pandemic as people were forced to spend more time in their homes owing to movement restrictions. This situation compelled them to look for smart home monitoring and entertainment solutions to increase their convenience. This factor has helped the market grow by introducing midrange and entry-level, low-cost home automation products. Many companies are trying to modernize home interior solutions with the help of smart devices. For instance, in August 2021, Schneider Electric announced its collaboration with Livspace, which offers advanced home interiors and renovation solutions. The aim of this partnership is to transform India’s home interior space by using Schneider Electric’s advanced home automation technology along with Livspace’s expertise in interior design.

Google to Launch ‘Matter Support’ for its Current Range of Smart Devices

In December 2022, Google unveiled ‘Matter Support’ for its existing lineup of smart home appliances such as Nest WiFi Pro, Google Home Speaker, Nest Mini, Nest Hub Max, Home Mini, Nest Audio, and Nest Hub. It improved the interoperability of these devices by enabling IoT devices to connect, communicate, and work with different manufacturers and platforms.

Internet of Things (IoT) Solutions Widely Used in Home Automation Devices

The Internet of Things (IoT) platform is one of the most significant drivers of the smart home market growth. At home, IoT-based equipment provides energy-saving features. According to GSMA Intelligence, IoT connections are expected to reach 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.

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Competitive Landscape

Key Players to Increase Focus on Developing Innovative Energy Usage and Security Monitoring Solutions

Some of the major companies operating in the market include Emerson Electric Co., Honeywell International, Schneider Electric S.E., and Samsung Group, among others. These firms are increasing their investments in various R&D programs to offer advanced products and services to their clients and strengthen their market position.

Notable Industry Development:

• February 2021: FIBARO launched an innovative smart button, called the Walli controller, for smart homes. It is a multi-device controller that can regulate switches, light dimmers, and blinds. It comes with alarm features, allowing users to arm their home security systems or close the front gate. The Walli controller can be mounted anywhere and start automation sequences, manage lighting, blinds, or alarms with a single click.

List of the Companies Profiled in the Report:

• Apple Inc. (U.S.)


• Amazon Inc. (U.S.)


• Centrica Connected Home Limited (U.K.)


• Emerson Electric Co. (U.S.)


• General Electric Company (U.S.)


• Honeywell International (U.S.)


• Samsung Electronics Co. Ltd. (South Korea)


• Schneider Electric SE (France)


• Sony Corporation (Japan)


• Johnson Controls (U.S.)

Further Report Findings

• North America is expected to hold the largest smart home market share during the forecast period due to strong presence of major players and increasing adoption of core communication technologies.


• The consumer electronics segment is anticipated to capture the largest market share during the forecast timeframe as the installation of smart assistants and speakers is increasing.

Table of Segmentation