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The global smart home market size stood at USD 101.07 billion in 2023. The market value is slated to rise from USD 121.59 billion in 2024 to USD 633.20 billion by 2032 at a CAGR of 22.9% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Smart Home Market Size, Share & Industry Analysis, By Device Type (Safety & Security Access Control, Home Appliances, HVAC, Lighting Control, Smart Entertainment Devices, Smart Kitchen Appliances, and Others), By Application (Retrofit and New Construction), By Protocol (Wired and Wireless), and Regional Forecast, 2024-2032”.
Smart homes provide convenient solutions with an internet connection offering home appliances to be controlled by mobile devices. The rising incorporation of interoperable and energy-efficient smart home systems is impelling the market growth. Energy-saving attributes are offered by IoT-based equipment at home.
Amid the COVID-19 pandemic, people had to spend more time in their homes due to lockdown restrictions, which allowed more vendors to enter the market making a positive impact in the market.
Lumos and CPI Security Unveiled to Partner to Deliver Ultra-fast Solutions
In August 2023, Lumos and CPI Security announced a partnership to offer homeowners located in the Southeast with ultra-fast total home Wi-Fi. Moreover, it will offer better support to their customized smart home security systems. Through this deal, Lumos expects to deliver more dependable and quicker bandwidth to support the mission of CPI Security in providing safety to neighborhoods and families.
Heightened Uptake of Internet of Things (IoT) Solutions to Escalate Market Growth
As per GSMA Intelligence, Internet of Things (IoT) connections are poised to hit around 25 billion globally by 2025, which was 10.3 billion in 2018. It depicts that there will be vast clusters of devices, things, and sensors that can communicate through high-speed technology, such as 5G, within some years. Hence, the rising proliferation of IoT devices is slated to bolster smart home market growth.
Despite an expanding scope for the adoption of the solution, the threats associated with security may impede market growth.
Key Players Deploy Product Development Strategies to Outshine the Competition
Leading corporations are making heavy investments in R&D to deliver advanced services and products to their clients. The market is experiencing the deployment of a wide array of strategic moves by prominent companies. Collaborations, mergers, acquisitions, and capacity expansions are some of these strategies. Some companies are also implementing product development strategies to stand out from the competition.
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List of Key Players Profiled:
Key Industry Development
Further Report Findings:
Table of Segmentation
Global Smart Home Market Scope | |
Study Period | 2019 – 2032 |
Base Year | 2023 |
Forecast Period | 2024 – 2032 |
Historical Period | 2019 – 2022 |
Growth Rate | CAGR of 22.9% from 2024 to 2032 |
Unit | Value (USD Billion) |
Segmentation | By Device Type
By Application
By Protocol
By Region
|