Smart Home Automation Market Research Report Information By Component (Hardware, Software and Services), By Technology ( Wired, Wireless, and Hybrid), By Application (Security and access, Lighting, Entertainment, HVAC & Energy Management, Smart Kitchen an

Smart Home Automation Market Research Report Information By Component (Hardware, Software and Services), By Technology ( Wired, Wireless, and Hybrid), By Application (Security and access, Lighting, Entertainment, HVAC & Energy Management, Smart Kitchen and Others), By End Use (Apartments (Multi Family Homes), Houses (Single Family Homes)) And By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) –Global Forecast Till 2032

The Smart Home Automation market is expected to increase from USD 85,664.9 million in 2023 to USD 480,658.2 million in 2032, with a compound annual growth rate (CAGR) of 20.7% throughout the forecast period. The Smart Home Automation Market is predicted to expand rapidly during the forecast period due to several factors. Key factors predicted to drive the growth of the Smart Home Automation Market include increased acceptance of IOT technologies, rising need for energy-efficient solutions, and a growing inclination for remote access and control. However, high initial investment and a lack of technical expertise and infrastructure in developing countries are projected to limit market expansion. On the other hand, Increasing Health Benefits from Smart Home Technology and Emerging Smart Home Technology represent profitable potential for the global industry.

The Internet of Things (IoT) platform is one of the most important global economic drivers for the smart home automation industry. Home-based IOT technology has energy-saving capabilities. The GSMA Intelligence projects that the number of joints will increase from 10.3 million in 2018 to around 25 million by 2025. This suggests that in a few years, most sensors, gadgets, and other objects will connect with one another using cutting-edge technology such as 5G. Consumers currently enjoy a variety of benefits because of the growing trend of using IoT technology in the smart home market, such as convenience, security, and energy efficiency. Smart home technologies allow consumers to control various aspects of their houses remotely, such as lighting, temperature, and security. However, using smart home technology can result in lower electricity bills and more efficient security measures, appealing modern homeowners.

Marketing Segmentation

The Smart Home Automation Market is segmented by component: hardware, solution, and services.

The market is segmented by technology into three categories: wired, wireless, and hybrid.

The Smart Home Automation Market is segmented by application, including Security & Access, Lighting, Entertainment, HVAC & Energy Management, Smart Kitchen, Smart Windows, and Others.

The Market segmentation is based on End Use, with Apartments (Multi Family Homes) and Houses (Single Family Homes).

Regional insights

In terms of revenue, North America had the biggest share of 37.7% in the Smart Home Automation market in 2022 and is likely to maintain its dominance during the forecast period. North America has the greatest market for smart home automation. The region has drawn international investors due to its high concentration of financial institutions. Local players dominate the North American market, creating significant entry barriers. Smart home systems have a huge market share in North America, and a significant number of them have already been installed. Florida ranked third in terms of interest in smart home automation, trailing only New York and California. Premium Digital Control & Automation, a premier automation company in South Florida, has expanded as more homeowners seek professional installation for their smart home systems.

In terms of market penetration and maturity, the European smart home systems market lags the North American market by many years. At the end of 2019, the EU28+2 countries had 111.9 million smart home systems in use, up from 83.9 million the previous year. A total of 10.8 million of these systems were multifunction or whole-home systems, with 101.1 million being point solutions. By the end of the year, 17.4% of all European households were smart, accounting for around 40.3 million smart homes. Centrica, Somfy, Deutsche Telekom, and Verisure are some of Europe's major vendors.

Major Players

The market's major players include Homeseer Technologies LLC, Control4 Corporation, ADT Inc, Koninklijke Philips N.V., Legrand Group, ABB Ltd, Schneider Electric SE, Google LLC, Vivint Smart Home Inc, Lutron Electronics Inc, LG Electronics, Crestron Electronics Inc, Wink Labs Inc, Johnson Controls, and Siemens AG, among others.