Smart Homes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Smart Homes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global smart homes market size reached US$ 107.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 363.5 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.

Smart homes refer to household setups equipped with internet-enabled appliances that can be remotely controlled using a networked device. They include the computerization of lighting, smart appliances, home entertainment, heating, ventilation, and air conditioning (HVAC), and security systems. Smart homes enable homeowners to control, monitor, and automate various functions, appliances, and systems with smartphones or tablets through an internet connection. They assist in improving appliance functionality, increasing energy efficiency, centralizing operational control, and managing home security. Smart homes also provide real-time surveillance and motion detection and provide alerts during leakage and flooding.

Smart Homes Market Trends:

The increasing emphasis on energy conservation and reduced carbon emissions across the globe is creating a positive outlook for the market. Smart homes increase energy efficiency by effectively managing utilities and taking control of energy usage by automatically shutting-off electronic devices, such as television and gaming systems, when not in use. Furthermore, the rising adoption of home safety and monitoring systems, such as security cameras, video door alarms, facial-recognition devices, ultra-modern burglar alarms, and remote-controlled locks, is providing a considerable boost to the market growth. Additionally, the integration of power line communication technology capable of transferring data through electrical power lines, thus, reducing retrofitting costs and installation time, is creating a positive outlook for the market. Moreover, the rising adoption of the Internet of Things (IoT) in smart homes to provide comfort and reliability to users, enhance flexibility and security, and improve efficiency while saving energy is positively influencing the market growth. Furthermore, the improving living standards and the easy availability of affordable home automation solutions are propelling the market growth. Other factors, including rising initiatives by several governments to promote smart home devices to save energy, increasing expenditure capacities of consumers, and widespread adoption of wireless communication technologies, including WiFi, Bluetooth, near field communication (NFC), and fifth-generation (5G) network, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart homes market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component and application.

Breakup by Component:

Hardware
Security
Home Automation
Home Entertainment
Home Healthcare
Smart Appliances
AI Speaker
Services
Energy Consumption and Management Services
Security Services
Healthcare Services
Entertainment Services

Breakup by Application:

Security and Surveillance
Lighting
Entertainment
Energy Management
HVAC
Smart Kitchen
Home Fitness and Wellness

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd, Amazon.com Inc., Emerson Electric Co., Honeywell International Inc., LG Electronics Inc., Lutron Electronics Co. Inc., Microsoft Corporation, Robert Bosch GmbH and Schneider Electric SE.

Key Questions Answered in This Report:

How has the global smart homes market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global smart homes market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global smart homes market and who are the key players?
What is the degree of competition in the industry?