Smart Home Global Market Report 2023: Growing Need for Energy-Saving and Low Carbon Emission-Oriented Solutions Boosts Sector
DUBLIN, May 19, 2023 /PRNewswire/ -- The "Smart Home Market size by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen and Smart Furniture), Software and Services, Sales Channel and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The smart home market size is valued at USD 101.7 Billion in 2023 and is anticipated to be USD 163.7 Billion by 2028; growing at a CAGR of 10.0% from 2023 to 2028.
Factors such as the Expansion of the smart home product portfolio by large number of players, and Growing concern about safety, security, and convenience among general population are driving the growth of the market during the forecast period.
Expansion of smart home product portfolios by large number of players.
The smart home industry involves a wide range of manufacturers worldwide, including those who produce components, devices, systems, software algorithms, and service providers. Tech giants such as Samsung, Amazon, Google, and Apple have introduced innovative products like SmartThings, Echo, Home, and HomeKit for the smart home market. In January 2023, Apple launched HomePod Gen 2, which allows users to monitor temperature, humidity, establish smart home automation with Siri, and receive notifications during the detection of smoke alarm. Due to the convenience, energy efficiency, and cost-saving benefits offered by home automation solutions, homeowners are adopting them on a large scale. Lighting control, HVAC controls, and security and access products have a high penetration rate in North America and Europe. As a result, manufacturers of smart home products are expanding their portfolios to cover different application areas in a household.
Growing adoption of smart devices and increasing number of internet users.
The Internet of Things (IoT) has become increasingly popular among residential consumers due to its ability to connect household products to the internet and provide real-time data and decision-making capabilities. As a result, companies of all sizes are investing heavily in the IoT industry, and it is expected to be applied in a wide range of areas such as lighting, security, healthcare, and entertainment. The growth of the smart home market is driven by the increasing adoption of video doorbells, voice-assisted technologies like Alexa and Google Home, and surveillance systems. The widespread adoption of internet-enabled devices such as RFID, barcode scanners, and mobile computers, which is being driven by the growing number of internet users worldwide, is expected to further boost the IoT market. The penetration rate of the internet has increased significantly in the past decade, especially in developed regions such as according to Internet World Stats as of June 2022, North America and Europe, registered penetration rates of 93.4% and 89.2% respectively, while Asia and Africa registered penetration rates of 67.0% and 43.2% respectively.
Asia Pacific is the fastest-growing region in the smart home market.
There is a significant market for smart homes in Asia Pacific, specifically in countries like Japan, South Korea, and China. Among these countries, South Korea has become a significant market for smart home systems due to the high demand for lighting and entertainment controls. China, with its rapidly growing economy and population, is investing heavily in energy-efficient technologies. Meanwhile, South Korea is also a major player in the smart home market for household appliances. Furthermore, the high rate of internet usage in Japanese households is expected to drive the growth of the smart home industry in the Asia Pacific region.
Market Dynamics
Drivers
- Increasing Number of Internet Users and Growing Adoption of Smart Devices
- Increasing Disposable Income of People in Developing Economies
- Increasing Importance of Home Monitoring in Remote Locations
- Growing Need for Energy-Saving and Low Carbon Emission-Oriented Solutions
- Expansion of Smart Home Product Portfolios by Large Number of Players
- Growing Concerns About Safety, Security, and Convenience Among General Population
Restraints
- More Convenience-Driven Rather Than Necessity-Driven Market
- High Cost of Switching for Existing Smart Device Consumers
- Issues Related to Security and Privacy Breaches
Opportunities
- Favorable Government Regulations to Promote Green Buildings
- Incorporation of Lighting Controllers with In-Built Data-Connectivity Technology
- Integration of Power Line Communication Technology in Smart Homes
Challenges
- Difficulties Linking Disparate Systems, Limited Functionality, and Lack of Open Standards
- Risk of Device Malfunctioning
- Compatibility Issues Between Devices of Different Companies
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Smart Home Market for Software & Services, by Type
6.1 Introduction
6.2 Behavioral Software & Services
6.2.1 Learns from User Behavior and Recommends Necessary Action
6.3 Proactive Software & Services
6.3.1 Automatically Implements Necessary Action Based on User Behavior
7 Smart Home Market, by Product
7.1 Introduction
7.2 Lighting Controls
7.3 Security & Access Controls
7.4 HVAC Controls
7.5 Entertainment & Other Controls
7.6 Smart Speakers
7.7 Home Healthcare
7.8 Smart Kitchen
7.9 Home Appliances
7.10 Smart Furniture
8 Smart Home Market, by Sales Channel
8.1 Introduction
8.2 Direct Sales Channel
8.2.1 Players with Limited Sales Channels and Distribution Networks to Opt for Direct Sales
8.3 Indirect Sales Channel
8.3.1 Increased Convenience to Enhance Customer Experience
9 Smart Home Market, by Region
10 Protocols and Technologies Used in Smart Homes
11 Competitive Landscape
12 Company Profiles
13 Adjacent and Related Markets
14 Appendix
Companies Mentioned
- ABB
- ADT
- Amazon
- Apple
- Assa Abloy
- Axis Communications
- Canary
- Comcast
- Control4
- Crestron Electronics
- Delta Controls
- Ecobee
- Honeywell
- Johnson Controls
- Legrand
- LG Electronics
- Lutron
- Ooma
- Robert Bosch
- Samsung Electronics
- Savant
- Schneider Electric
- Siemens
- Simplisafe
- Sony
For more information about this report visit https://www.researchandmarkets.com/r/fwx1vb
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