Smart Home Market Size to Surpass USD 338.28 billion by 2030, exhibiting a CAGR of 20.1%

As per the report by Fortune Business Insights, the global Smart Home Market size is projected to reach USD 338.28 Billion by 2030, at a CAGR of 20.1% during the forecast period.

Pune, India, July 17, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global smart home market size was valued at USD 80.21 billion in 2022 and is projected to grow from USD 93.98 billion in 2023 to USD 338.28 billion by 2030, exhibiting a CAGR of 20.1% during the forecast period. Increasing Deployment of Energy Efficient and Interoperable Smart Home Systems to Propel Market Growth. Fortune Business Insights™ displays this information in a report titled, Global Smart Home Market Forecast, 2023-2030.

The number of internet users is rising across the world every year. The average disposable income of customers in developing economies is also on the rise and home monitoring systems are witnessing robust demand to create convenience in a hectic lifestyle. These factors are predicted to accelerate the smart home market growth. A smart home refers to an automated home setup that is equipped with a wide range of products such as smart lighting, home security, smart appliances, and smart entertainment devices.

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Key Industry Development:

January 2023 – Apple is developing a new tablet that is similar to its famous iPad but comes at a lower price, and an updated version of its Apple T.V. These efforts are being made to expand its footprint in the smart home market share. This development is being seen as a challenge to Google and Amazon, which are currently dominating the voice-enabled smart home device space.

Key Takeaways

• Surge in Adoption of Home Automation Amid COVID-19 Pandemic to Boost Market Growth
• Increasing Deployment of Energy-efficient and Interoperable Smart Home Systems to Propel Market Growth
• By Housing Type Analysis: Increasing Adoption of Apartments and Multifamily Dwellings to Support Market Growth
• Smart Home Market Size in North America was USD 27.06 Billion in 2022

Discover the Leading Players Featured in the Report:

“Companies leading the Smart Home Market Are Apple Inc. (U.S.), Amazon Inc. (U.S.), Centrica Connected Home Limited (U.K.), Emerson Electric Co. (U.S.), General Electric Company (U.S.), Honeywell International (U.S.), Samsung Electronics Co. Ltd. (South Korea), Schneider Electric SE (France), Sony Corpo       ration (Japan), Johnson Controls (U.S.)”

Report Scope & Segmentation

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Drivers and Restraints:

Growing Usage of Internet of Things (IoT) Devices to Boost Market Expansion

IoT devices are becoming one of the critical drivers of the market growth. Homeowners can benefit from IoT-based devices as they possess energy-saving features. The GSMA Intelligence predicts that the global IoT connections will reach around 25 billion by 2025, an increase from 10.3 billion in 2018. This factor will also increase the clusters of sensors, devices, and things that will communicate through high-speed technology such as 5G. Such a strong penetration of IoT devices will support the market expansion.

Many leading companies are concentrating on developing IoT platforms and related technologies, such as machine learning and artificial intelligence, that can be integrated into smart appliances. This factor is predicted to expand the global market in the future.

The market might get hampered by the rising risk of cyberattacks in high-end connected technologies. There are several security threats that can hinder the deployment of smart home technologies. This factor might slow the market growth during the forecast period.

Segmentation:

By Device Type

• Safety and Security Devices
• Energy and Water Control
• Climate Control
• Lighting Control
• Consumer Electronics

By Housing Type

• Multifamily Dwelling
• Single Family Dwelling

By Region

• North America
• Europe
• Asia Pacific

Regional Insights:

In terms of regions, the market is classified into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.

North America may capture a sizeable market share during the forecast period. This growth is supported by the notable presence of major companies including Amazon Inc., Apple Inc., Honeywell International Ltd., and Sony Corporation in this market. Also, factors, such as increasing deployment of core communication technologies, such as Wi-Fi, Bluetooth, Zigbee, Matter, NFC, and the upcoming 5G network, are boosting the market growth in the region.

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Competitive Landscape:

Key Players to Develop Innovative Security and Energy Consumption Monitoring Devices

The major players in the market include Emerson Electric Co., Honeywell International, Schneider Electric S.E., and Samsung Group, amongst others. These organizations are investing in a wide range of R&D programs to offer advanced products and services to their clients.

For instance, in May 2021, Schneider Electric announced plans to incorporate the new ‘Matter’ connectivity standard and use the same in its connected home and buildings portfolio. The unified connection protocol, previously called CHIP (Connected Home over I.P.), was renamed as ‘Matter’, an open source technology than can adapt to a broader spectrum of smart building and home solutions. This interoperable technology can be used in lighting, speakers, security systems, locks, routers, and HVAC controls.

FAQ’s

How big is the smart home market?

Smart Home Market size was USD 80.21 billion in 2022.

How fast is the smart home market growing?

The Smart Home Market will exhibit a CAGR of 20.1% during the forecast period, 2023-2030.

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