Global Smart Home Market Revenue to Reach $790.19 Billion by 2030, Exhibiting Robust 25.06% CAGR, With North America Leading the Market as Consumer Purchasing Power Rises, Projects Kings Research

DUBAI, UAE, Dec. 20, 2023 /PRNewswire/ -- According to the recent report published by Kings Research, the global Smart Home Market valuation was recorded at USD 136.14 billion in 2022 and is foreseen to reach USD 790.19 billion in revenue by 2030, growing at 25.06% CAGR from 2023 to 2030. Growing awareness of safety, the increasing need for continuous connectivity, and advancements in AI and ML technologies are prominent factors driving smart home industry growth. These factors promote the adoption of smart home solutions, enhancing security, enabling seamless integration, and providing personalized experiences.

The smart home market encompasses the industry and ecosystem that involves implementing and embracing intelligent, connected technologies in residential environments. It includes a diverse array of devices, systems, and services that empower homeowners to automate, control, and remotely monitor different aspects of their homes. These elements include devices like smart thermostats, lighting systems, security cameras, door locks, entertainment systems, and voice assistants.

Regulations within the smart home market pertain to privacy and data protection, energy efficiency standards, and compliance with wireless communication protocols. The primary objectives of these regulations are to ensure consumer safety, safeguard personal information, promote energy efficiency, and maintain fair competition among smart home manufacturers. Adherence to these regulations by companies in the market plays a crucial role in establishing a secure and reliable ecosystem for consumers. Simultaneously, it fosters an environment conducive to innovation and overall market growth.

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Competitive Landscape

Leading participants in the smart home market are currently placing a strong emphasis on diverse business strategies, which include forging partnerships, engaging in mergers and acquisitions, innovating products, and forming joint ventures. The primary objective of these initiatives is to expand their product portfolios and bolster market shares across different regions. Their expansion and investment endeavors involve strategic initiatives like allocating resources to research and development (R&D) activities, setting up new manufacturing facilities, and optimizing existing supply chains.

For instance, in May 2023, as part of its product innovation efforts, Google unveiled a major update at the Google I/O 2023 event. It announced that its smart home app, which had been exclusive to invitees, would become available to all users starting in May 2023. The revamped app boasts a fresh 'Favorites' tab, an enhanced camera interface, broader device compatibility, and improved controls. A notable addition to the application is that it allows users to configure smart home devices using an iPhone.

Major participants profiled in the global smart home market include:

• Google LLC
• Amazon.com, Inc.
• Apple, Inc.
• ABB
• ADT
• Centrica Connected Home Limited
• Emerson Electric Co.
• General Electric Company
• Honeywell International Inc.
• Johnson Controls, Inc.

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Trending Now: Nanoleaf Debuts Two Cutting-Edge Smart Lighting Products with Umbra

In October 2023, Nanoleaf introduced two cutting-edge smart lighting products accompanied by a collaborative venture with Umbra. Nanoleaf revealed its new Matter-compatible offerings, namely the Essentials Matter GU10 and the Essentials Matter Recessed Downlight. In addition, they introduced the Umbra Cono Portable Lamp, combining essential features with a sophisticated design to enhance home lighting.

Increasing Awareness of Home Safety to Spur Security and Access Control Production

Based on product, the market is bifurcated into security & access control, lighting control, HVAC control, smart devices, entertainment, home healthcare, and others.

The security and access control segment is leading the global smart home market capturing a valuation of USD 47,079.35 million in 2023, primarily driven by factors such as increasing awareness regarding home safety and the escalating global crime rates. Consumers place a significant emphasis on intelligent solutions that augment security, encompassing features such as smart cameras, doorbell cameras, and smart locks. The heightened awareness regarding the paramount importance of home security has led to substantial demand within this segment, positioning it as a prominent influence in the global smart home market.

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Benefits Offered by Cellular Network Technologies to Propel Smart Home Market Revenue

Based on technologies, the market is categorized into wireless communication technologies, cellular network technologies, protocols, and standards.

The cellular network technologies segment is estimated to generate a revenue of USD 1,90,335.91 million by 2030 due to the prominent benefits they offer for smart home management, such as enhanced coverage, reliability, security, and scalability. The accelerated expansion is attributed to the increasing need for dependable and secure connectivity within smart homes. Cellular networks offer a resilient and autonomous communication infrastructure, guaranteeing uninterrupted connectivity, particularly in remote locations. With the escalating demand for high-performance and persistent connectivity, the adoption of cellular network technologies emerges as a critical factor for the growth of the smart home market.

Growing Requirement for Home Environment Control to Drive Smart Home Market Progress

The growing desire for home environment control and personalization, combined with an increasing consciousness of energy conservation and sustainability, acts as a driving factor for the adoption of the smart home market. Furthermore, influences such as an aging population, urbanization trends, and the necessity for remote monitoring and care synergically contribute to the rising demand for smart home solutions. Consequently, the market is continuously expanding in response to evolving technology and consumer preferences. Ongoing advancements in IoT, AI, ML, voice recognition, and connectivity are further accelerating the industry's growth, presenting fresh opportunities for market players to meet the ever-changing consumer demands.

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North America Leads Smart Home Market Due to Rising Consumer Purchasing Power

North America dominated the global smart home industry due to the region's robust consumer purchasing power, which facilitates higher expenditure on smart home management devices. Furthermore, North America's high per capita income bolsters market growth as individuals have more disposable income to allocate toward sophisticated home automation systems. Moreover, the region's ascendant market position owes much to the burgeoning demand for smart home management devices. This surge in demand is primarily driven by the enticing benefits of convenience and efficiency that these devices offer.

Growing Preference for Efficient and Convenient Living Environments in Asia Pacific to Spur Market Progress

Asia-Pacific is anticipated to be the fastest-growing region in the global smart home market over the assessment period. The demand for smart home management devices is escalating attributed to rapid urbanization, which indicates a growing preference for efficient and convenient living environments. Technological advancements further contribute to this momentum, enhancing the accessibility and appeal of smart home devices through innovative solutions and improved connectivity options. Government initiatives advocating the adoption of smart home technologies, coupled with increasing consumer awareness of their benefits, are expected to be key drivers propelling the expansion of the regional market in the coming years.

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Key Points from TOC:

Chapter 1 Introduction of the Global Smart Home Market  
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Smart Home Market Outlook
Chapter 5 Impact of The Russia-Ukraine War
Chapter 6 Global Smart Home Market, By Product
Chapter 7 Global Smart Home Market, By Technologies
Chapter 8 Global Smart Home Market, By Geography
Chapter 9 North America 
Chapter 10 Europe 
Chapter 11 Asia-Pacific 
Chapter 12 Middle East & Africa 
Chapter 13 Latin America 
Chapter 14  Global Smart Home Market Competitive Landscape
Chapter 15 Company Profiles

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SOURCE Kings Research