Smart Home Market size is set to grow by USD 133.01 billion from 2022-2027 | The growing consumer interest in home automation to drive the market growth - Technavio

NEW YORK, Nov. 27, 2023 /PRNewswire/ -- The Smart Home Market size is estimated to increase by USD 133.01 billion, accelerating at a CAGR of 18.36% during the forecast period. The market is witnessing substantial expansion owing to increased consumer interest in home automation. Increased adoption of smart home devices such as thermostats and lighting systems is primarily driven by their ability to offer enhanced comfort and convenience. Major companies like Amazon and Google have introduced smart hubs that serve as central control systems for these devices, further amplifying their appeal. Moreover, the growing utilization of advanced smart home technologies like AI-powered controllers and hubs is spurring demand for innovative appliances. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - Buy the report

Global Smart Home Market - Segmentation Assessment
Segment Overview

Technavio has segmented the market based on Application (Home entertainment, Smart appliances, Energy management, Lighting control system and HVAC, and Safety and security system), Technology (Wireless and Wired), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).

• The anticipated growth in market share for the home entertainment segment within the smart home industry is expected to be substantial during the forecast period. Progress in the functionality and technical capabilities of voice assistants, specifically smart speakers like Google Home1, has opened up vast opportunities for technological advancements and the generation of utility within the smart home market.

Geography Overview
By geography, the global smart home market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global smart home market.

• North America is projected to contribute around 37% to the global market's growth during the forecast period. The dominant position of North America in the global smart home market is mainly attributed to the growing consumer preference for home automation. With an increasing disposable income and a desire for a more luxurious lifestyle, more homeowners are embracing home automation systems, thus boosting the growth of the global market.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

Global Smart Home Market – Market Dynamics
Leading trends influencing the market 

• Growing smartphone adoption and enhanced internet speeds are driving trends in the smart homes market, facilitating increased control of smart appliances via smartphones and improving consumer adoption.
• The global increase in internet penetration is fueling demand for smart homes, supported by rising data consumption due to improved network coverage and advancements in technologies like 4G LTE and 5G.
• Presently, 5.07 billion people, equivalent to 63.5% of the world's population, use the internet, indicating substantial potential for market growth driven by these factors during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report

What are the key data covered in this Smart Home Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Smart Home Market between 2023 and 2027
• Precise estimation of the size of the Smart Home Market size and its contribution to the market in focus on the parent market
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Smart Home Market vendors

Related Reports:

Smart Home Automation Market: The Smart Home Automation Market size is estimated to grow at a CAGR of 26.23% between 2023 and 2028. The market size is forecast to increase by USD 179,037.6 million.

Smart Home Cameras Market: The smart home cameras market size is estimated to grow at a CAGR of 14.88% between 2022 and 2027. The market size is forecast to increase by USD 3,991.67 million.

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Application
7. Market Segmentation by Technology
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio