Smart Home Market by Communication Protocol (Wi-Fi, Zigbee, Z-Wave, Bluetooth, and Thread), by Smart Home Hubs (Standalone Hubs and Built-in Hubs), by Voice Assistants Integration (Amazon Alexa, Google Assistant, Apple Siri, and Others), by Product Type (

Smart Home Market by Communication Protocol (Wi-Fi, Zigbee, Z-Wave, Bluetooth, and Thread), by Smart Home Hubs (Standalone Hubs and Built-in Hubs), by Voice Assistants Integration (Amazon Alexa, Google Assistant, Apple Siri, and Others), by Product Type (Smart Lighting, Smart Home Security & Surveillance, Smart Entertainment, and Smart Appliances), by Smart Home Compatibility with Smartphones (iOS and Android), by Installation, (DIY Installation and Professional Installation), and by Sales Channel (Online Retailers and Offline Retailers) – Global Opportunity Analysis and Industry Forecast, 2024–2030

Smart Home Market
Domain - Consumer Goods
Sub Domain - Consumer Electronics

The smart home market size was valued at USD 121.36 billion in 2023, and is predicted to reach USD 462.94 billion by 2030, with a CAGR of 21.8% during the forecast period, 2024-2030.

The smart home market is on the rise, and a key driving factor of this growth is the widespread adoption of the Internet of Things (IoT) devices. The global count of Internet of Things (IoT) devices is expected to nearly double, increasing from 15.1 billion in 2020 to surpass 29 billion by 2030. These IoT devices are at the core of smart homes, bringing connectivity and convenience to everyday living. They enable seamless communication between various smart devices in a home, allowing homeowners to control functions such as lighting, heating, security, and entertainment from their smartphones or central hubs.

IoT devices also automate tasks, such as adjusting thermostats based on occupancy and weather conditions. This leads to energy savings and comfort. IoT ecosystems are scalable and customizable, and support health monitoring. This attracts consumers with continuous innovation and data insights. The affordability of IoT devices encourages more people to embrace the smart home lifestyle, making it an integral part of modern living.

Also, as digital technologies become increasingly integrated into various aspects of modern life, there is a growing demand for smart home solutions that offer convenience, connectivity, and control. The infrastructure created by digitalization such as high-speed internet and interconnected devices provides the essential foundation for smart home devices to operate effectively. According to the International Energy Agency, many individuals and devices are becoming interconnected. Currently, over 3.5 billion people, nearly half of the world's population, are internet users, which is a significant increase from the 500 million in 2001. Furthermore, as people become more accustomed to digital lifestyles, the appeal of smart home technologies, which enable remote management and automation, continues to grow. This symbiotic relationship between digitalization and smart homes fuels the adoption of these technologies and contributes to the expansion of the smart home market.

However, security concerns significantly challenge the smart home market growth. Vulnerabilities in devices such as thermostats, cameras, and door locks can lead to hacking threats, compromising residents' privacy and safety. On the contrary, the integration of artificial intelligence (AI) and blockchain technology with smart homes is expected to create ample growth opportunities for the market in the future.

Segment Overview
The global smart home market is segmented on the basis of communication protocol, smart home hubs, voice assistant integration, product type, smart home compatibility with smartphones, installation, sales channel, and region.

 By communication protocol, the market is classified into Wi-Fi, Zigbee, Z-Wave, Bluetooth, and Thread.
 By smart home hubs, the market is segmented into standalone hubs and built-in hubs.
 By voice assistant integration, the market is divided into Amazon Alexa, Google Assistant, Apple Siri, and others.
 By product type, the market is categorized into smart lighting, smart home security and surveillance, smart entertainment, and smart appliances.
 By smart home compatibility with smartphones, the market is divided into iOS and Android.
 By installation, the market is classified into DIY installation and professional installation.
 By sales channel, the market is classified into online retailers and offline retailers.
 Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).

The North American market is projected to hold the dominant share by 2030

North America dominates the global smart home market, and is expected to remain dominant throughout the forecast period. This is attributed to the rapid growth of digitalization and a strong focus on Energy Efficiency Initiatives in countries including the U.S. and Canada. Consumers increasingly adopt smart home technologies to enhance convenience and control as more aspects of daily life become digitally connected. The smart home market in the U.S. is expected to grow steadily in the next five years, with user penetration reaching 68.64% by 2027. This represents a 20.7% increase from 2023. This dual momentum of digitalization and energy-consciousness pushes the smart home market forward as Americans seek innovative solutions to make their homes more intelligent and environmentally friendly than before.

Also, the increasing demand for smart home products in the U.S. and Canada can be attributed to several factors, including the growing concern regarding cybersecurity incidents. For instance, over 7 in 10 Canadians experienced a cybersecurity incident in 2022. The percentage of Canadians who experienced cybersecurity incidents increased from 58% in 2020 to 70% in 2022, a 12% year-on-year increase. Thus, there is an increase in the adoption of smart home security solutions to bolster their security and protect against cyber threats. The desire for enhanced control and monitoring of connected devices coupled with a focus on safeguarding personal data and privacy are fuelling the growth of the smart home market.

Key Market Players
The key players in the Smart Home market include:
• LG Electronics
• ASSA ABLOY
• Amazon, Inc.
• Samsung Electronics
• Sony Group Corporation
• Emerson Electronic Co.
• Johnson Controls International PLC
• Centrica Connected Home Limited
• Resideo Technologies, Inc.
• Apple, Inc.

Recent Developments
April 2023
Resideo Technologies announced the First Alert VX1 Video Doorbell, which offers unmatched durability, leading video quality, and enhanced artificial intelligence (AI). The doorbell is engineered to fulfil the performance requirements of professional installers. It seamlessly integrates with Resideo's professional security ecosystem, including the ProSeries and AlarmNet Platforms, ensuring a cohesive and interconnected solution.

April 2023
Sony launched several new Bravia TV models in large screen sizes in the U.K. and European markets. The 2023 Bravia TV range includes four new models in the BRAVIA XR range, with the XR X95L Mini LED TV primed for PS5 gaming.

April 2023
LG Electronics launched its LG ThinQ UP upgradeable home appliances globally, including refrigerators, washers, dryers, oven ranges, and dishwashers. These appliances are built around the customer-centric concept, and can incorporate new features throughout their life. They are developed to provide more value to users over time.

January 2023
Samsung launched ""SmartThings Station,"" a new addition to its smart home ecosystem. This innovative product centralizes control and connectivity for various smart devices, allowing users to manage and monitor their smart home ecosystem seamlessly.

KEY BENEFITS
• The report provides quantitative analysis and estimations of the smart home market from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities.
• The study comprises a comprehensive analysis of the smart home market trends, including the current and future trends to depict prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the smart home market is provided in the report.
• The competitive analysis of the market players along with their market share in the smart home market is provided in the report.
• The SWOT analysis and Porter's Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.