Smart Home Market to be Worth $537.01 Billion by 2030: Grand View Research, Inc.

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May 03, 2023, 05:00 ET

SAN FRANCISCO, May 3, 2023 /PRNewswire/ -- The global smart home market size is expected to reach USD 537.01 billion by 2030, registering a CAGR of 27.07% from 2023 to 2030, according to a new study by Grand View Research, Inc. The smart home is driven by computing devices and information technology that link smart home instruments and gadgets to provide convenience, entertainment, and enhanced comfort to residents in a sustainable way. The market growth is attributed to the rising penetration of the Internet of Things (IoT) and Internet connectivity in homes. Moreover, the trend of modern technologies, such as Artificial Intelligence (AI), being integrated with smart homes has enabled more advanced and digitally smart devices for better living.

Key Industry Insights & Findings from the report:

Based on products, the security & access controls segment recorded the highest revenue share in 2022 due to the increased demand for advanced security solutions and the necessity to restrict access to rooms or safes with valuable items and goods.
The wireless protocols segment is expected to grow at the highest CAGR over the forecast period as wireless technology is continuously undergoing extreme developments in terms of connectivity and latency.
The new construction application segment is expected to register the fastest CAGR over the forecast period as product installations are easier in new constructions with prior knowledge of wall placements and wire/power outlets.
The Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period due to the increasing internet and IoT devices penetration.

Read 148 page market research report, "Smart Home Market Size, Share & Trends Analysis Report By Products (Lighting Control, Security & Access Controls), By Application (New Construction, Retrofit), By Protocols (Wireless, Wired), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Smart Home Market Growth & Trends

In addition, the growing penetration of smartphones is driving the market as smart home devices can be controlled through a smartphone, thereby enabling ease of access and usage. Furthermore, the trend of automation in daily mundane tasks is expected to support market growth significantly. The rising need for home security has prompted the use of AI-powered smart home devices. Facial recognition and threat analysis are among the features included in these gadgets that are expected to drive the demand for smart home solutions. Asia Pacific is expected to emerge as the fastest-growing region over the forecast period.

This is mainly owing to the improved standards of living and increased consumer disposable income levels in the region. The rapid penetration of the internet, smartphones, and other digitally advanced equipment in the region is also expected to drive market growth. Furthermore, the increased demand for smart speakers, such as Siri and Alexa, significantly impacts the region's growth. In addition, the trend of luxurious lifestyles in developing nations in the region, due to increased disposable income and personal choice among consumers for smart devices, is propelling the market growth

Smart Home Market Segmentation

Grand View Research has segmented the global smart home market on the basis of products, protocols, application, and region:

Smart Home Market - Products Outlook (Revenue, USD Million, 2018 - 2030)

Security & Access Controls

Security Cameras
Video Door Phones
Smart Locks
Remote Monitoring Software & Services
Others

Lighting Control

Smart Lights
Relays & Switches
Occupancy Sensors
Dimmers
Other Products

Entertainment Devices

Smart Displays/TV
Streaming Devices
Sound Bars & Speakers

HVAC

Smart Thermostats
Sensors
Smart Vents
Others

Smart Kitchen Appliances

Refrigerators
Dish Washers
Cooktops
Microwave/Ovens

Home Appliances

Smart Washing Machines
Smart Water Heaters
Smart Vacuum Cleaners

Smart Furniture
Home Healthcare
Other Devices

Smart Home Market - Protocols Outlook (Revenue, USD Million, 2018 - 2030)

Wireless Protocols

ZigBee
Wi-Fi
Bluetooth
Z Wave
Others

Wired Protocols
Hybrid

Smart Home Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

New Construction
Retrofit

Smart Home Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain
Benelux
Nordic Countries
Russia

Asia Pacific

China
India
Japan
South Korea
Australia
Indonesia
Thailand

Latin America

Brazil
Mexico
Argentina

Middle East & Africa

Saudi Arabia
UAE
Egypt
South Africa
Nigeria

List of Key Players of Smart Home Market

LG Electronics, Inc.
Siemens AG
Amazon.com, Inc.
Google Nest (Google LLC)
Samsung Electronics Co. Ltd.
Schneider Electric SE
Legrand S.A.
Robert Bosch GmbH
Assa Abloy AB
Sony Group Corporation
ABB, Ltd.
Philips Lighting B.V.
Honeywell International, Inc.

Check out more related studies published by Grand View Research:

Ambient Assisted Living And Smart Home Market - The global ambient assisted living and smart home market size is anticipated to reach USD 645.19 billion by 2030 and is expected to expand at a CAGR of 29.7% from 2023 to 2030 according to a new report by Grand View Research, Inc. The growing popularity of the internet and smartphones fuels the demand for internet and smartphone-connected smart home devices. With the rise of digital assistants like Alexa, Google Assistant, Siri, and Bixby, smart home devices can be operated and controlled using voice commands. These virtual assistants' offer features, such as control Bluetooth connectivity and hands-free channel browsing are driving the market growth.
Smart Home Automation Market - The global smart home automation market size is estimated to be valued at USD 444.98 billion by 2030, with a CAGR of 27.3% from 2023 to 2030, based on the latest report by Grand View Research, Inc. The smart home automation market demand is primarily driven by the rapid adoption of lighting, entertainment, and security & access solutions in the residential sector. Advanced technologies such as artificial intelligence, machine learning, and speech recognition, among others are expected to drive market growth. In addition, key market players have adopted various growth strategies such as partnerships and collaborations to provide technologically advanced solutions to create demand in the market.
Smart Home Platforms Market - The global smart home platforms market size is expected to reach USD 60.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.9% from 2022 to 2028. Improved experience gained by the users owing to the integration of smart home platforms is the key factor fueling the growth of the market. In addition, the use of smart home platforms allows remote control, thereby further driving the market. Concerns related to the security breach and unauthorized access to personal information and connected device of users is the major restraint for the market. Most of the key players operating in the market are adopting strategies such as adding new features to the platform, along with the development of new platforms that are compatible with various smart devices to capture maximum market share globally.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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