Smart Home Devices Global Market Report 2023

NEW YORK, Feb. 22, 2023 /PRNewswire/ -- Major players in the smart homes devices market are ABB Ltd, General Electric Company, Johnson ControlsInc., Siemens AG, Schneider Electric SE, Honeywell International, LG Electronics, Emerson Electric Corporation, BSH Hausgerate GmbH, and Amazon Inc.

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The global smart home devices market will grow from $92.48 billion in 2022 to $108.83 billion in 2023 at a compound annual growth rate (CAGR) of 17.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The smart home devices market is expected to grow to $209.25 billion in 2027 at a CAGR of 17.8%.

The smart home devices market consists of sales of smart dishwashers, smart cookware and cooktops, smart ovens, smart refrigerators, and other smart home devices.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Smart home devices are defined as devices that are controlled remotely from any internet-connected place in the world using a mobile or any other network device. Appliances of the smart homes are interconnected in such a manner that the user gets access to control the functions such as security check to the home, temperature, lighting, and home theatre.

The technologies used in smart home devices are Wi-Fi technology and Bluetooth technology.The wireless technology that connects computers, tablets, smartphones, and other devices to the internet is known as Wi-Fi technology.

Wi-Fi is a radio signal transmitted from a wireless router to a nearby device, which converts the signal into data that can be seen and used. . The smart homes devices are applied in energy management, climate control system, healthcare system, home entertainment system, lighting control system, security & access control system and sold through online, offline channels.

The rise in the need to save energy and decrease carbon emissions drives the smart home devices market.This increase in the need for sustainable solutions has been initiated by strict government regulations that introduced a cap on maximum carbon emissions allowed for each company.

Conventional devices continuously use electricity until someone turns them off.However, in the case of smart home devices, they are equipped with motion sensors that can detect the absence of people in the room for a given time and automatically turn it off, thus saving money and electricity.

Saving unnecessary usage of electric devices and decreasing the power demand on the power plants help reduce carbon emissions. For example, according to a study in Europe in 2021, smart building technology can save up to 23% of the energy used in office buildings.

High switching costs restrain the smart home device market growth.The cost of smart appliances is high and involves other upfront costs like installation and maintenance costs as well.

The high cost obstructs the adoption and acceptance of smart devices by customers including many organizations. According to the survey released by Parks Association in 2021, 44% of the households of 46.7 million household participants stated that smart devices are too expensive. Moreover, a smart thermostat in the USA costs around $250 whereas a traditional thermostat costs around $25. The cost factor influences the market negatively.

Companies are developing voice assistants to control smart home devices.Voice assistants are digital assistants that react to voice commands and reply with relevant information.

They are different from traditional keyboard-based searches.They put more focus on the conversational phrasing of any content and prioritize the long tail keywords for any search.

For example, Amazon and Google have launched their voice assistants in their respective smart speakers. Amazon has launched Alexa Voice Assistant in its Echo smart speaker while Google has launched 'Google Assistant voice assistant for its Google Home smart speaker.

Smart home devices are regulated by government bodies such as the National Institute of Standards and Technology (NIST), European Telecommunications Standards Institute (ETSI), and others.The ETSI Cybersecurity Technical Committee (TY Cyber) released ETSI TS 103 645 standards to keep a security baseline for all internet user products.

The standard states that the IoT/Smart Home devices must make it easy for consumers to delete their data when there is a transfer of ownership.The standard also requires the implementers to stop using universal default passwords as this gives rise to a large number of security issues.

It also allows security researchers to report any kind of security flaw in the IoT/Smart Home devices.

In May 2021, Level Home announced the acquisition of Dwelo, a smart home startup for $100 million.With the acquisition of Dwelo, Level Home will be able to offer a seamless of thoughtful hardware with a powerful SaaS platform that gives residents incredible command, convenience, and new abilities.

Level Home creates smart home products based in the US, established in 2016.

The regions covered in the smart homes devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the smart homes devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The smart homes devices market research report is one of a series of new reports that provides smart homes devices market statistics, including smart homes devices industry global market size, regional shares, competitors with the devices of a smart home market share, detailed smart homes devices market segments, market trends and opportunities, and any further data you may need to thrive in the smart homes devices industry. This smart home devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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