Smart Home Hardware Market By Product Type (Security and Surveillance, Smart Appliances, Smart Infotainment, Utility Management, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global smart home hardware market is anticipated to reach $213.6 billion by 2032, growing from $72.4 billion in 2022 at a CAGR of 12.0% from 2023 to 2032.
Smart home hardware consists of a number of interconnected systems and technologies that enable homeowners to control several devices at their homes. Thermostats, for example, are examples of smart home equipment that can manage temperature based on personal preferences, assuring comfort and energy economy. Another example is smart lighting systems, which may turn on or alter lighting settings when someone enters a room. Also, energy monitoring and management are important features of smart home gear. Smart plugs, smart meters, and energy monitoring systems enable homeowners to measure and optimize their energy usage. This aids in the reduction of energy use and the promotion of sustainability..
The smart home market is growing due to a number of factors include increase in use of the Internet, smartphones, and social networks. The market growth is being driven by increasing global urbanization and rising incomes in developing countries, which have resulted in new ways of living. One of the primary smart home technology trends is the increase in use of home artificial intelligence systems. Artificial intelligence can be used to take AI home automation to the next level. It might be either computer vision or voice-controlled smart devices employing NLP engines to analyze speech that allows a Samsung Family Hub to detect things in the fridge and produce a shopping list. AI is used in such systems to improve the user experience for smart home users. These factors are anticipated to boost the smart home hardware market share.
Smart home devices heavily rely on a stable and reliable Internet connection to function optimally. Any disruption in Internet connectivity can impact the performance and functionality of these devices. Power outages or network outages can temporarily render smart home devices inaccessible or non-functional, affecting the user experience. The rapid pace of technological advancements can lead to the uselessness of smart home hardware devices. As new technologies emerge and become mainstream, older devices may lack compatibility or miss out on new features and functionalities.
The smart home hardware market is expanding into health & wellness applications, such as remote health monitoring, ambient-assisted living, and personalized healthcare. Smart home devices can track vital signs, provide medication reminders, and create ambient environments to support well-being and aging-in-place. The integration of smart home hardware with smart grids and smart city infrastructure presents opportunities for energy management, demand response, and grid optimization. Smart homes can play a vital role in creating more sustainable and efficient energy ecosystems by participating in dynamic pricing programs, load management, and renewable energy integration.
The COVID-19 pandemic led to disruptions in global supply chains, affecting the manufacturing and distribution of smart home hardware. Lockdowns, travel restrictions, and temporary factory closures disrupted the production and delivery of components, leading to delays in product launches and shortages of certain devices. These supply chain challenges affected the availability and accessibility of smart home hardware in the market. During the pandemic, market participants have seen a decrease in smart home system installations. Some smart home products require professional installation and programming on-site. Therefore, buyers have been hesitant to install these devices in order to avoid contact with outside people during the COVID-19 pandemic.
The key players profiled in this report include Google LLC (Alphabet), Honeywell Corporation, Inc., Amazon.com Inc., Schneider Electric SE., Johnson Controls International plc, ABB Ltd., Legrand SA, Panasonic Corporation, Samsung Electronics Co Ltd, and General Electric. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart home hardware market analysis from 2022 to 2032 to identify the prevailing smart home hardware market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the smart home hardware market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global smart home hardware market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Product TypeSecurity and Surveillance
Smart Appliances
Smart Infotainment
Utility Management
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
UAE
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
ABB Ltd.
Amazon.com Inc.
General Electric
Google LLC (Alphabet)
HONEYWELL CORPORATION, INC.
Johnson Controls International plc
Legrand SA
Panasonic Corporation
Samsung Electronics Co Ltd
Schneider Electric SE.
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