Global Smart Homes Market to Reach US$ 363.5 Billion by 2028, Propelled by the Minimized Carbon Emissions Across the Globe

February 14, 2023 | Technology & Media

The latest report by IMARC, titled “Smart Homes Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”, finds that the global smart homes market size reached US$ 107.6 Billion in 2022. Smart homes refer to household setups furnished with internet-enabled appliances that are remotely controlled through a networked device. They include home entertainment, ventilation, heating, and air conditioning (HVAC) and security systems. They allow homeowners to monitor, control, and automate numerous functions, systems, and appliances with smartphones or tablets with an internet connection. They help enhance appliance functionality, centralize operational control, increase energy efficiency, and manage home security. In recent years, smart homes have gained momentum as they offer real-time surveillance and motion detection and provide alerts during leakage and flooding.

Global Smart Homes Market Trends:

One of the primary factors driving the market is minimized carbon emissions, and the rising emphasis on energy conservation. Additionally, the growing adoption of home safety and monitoring systems, including video door alarms, security cameras, ultra-modern burglar alarms, facia-recognition devices, and remote-controlled locks, is contributing to the market growth. Other than this, the integration of the Internet of Things (IoT) in smart homes to offer comfort and reliability to users, improve flexibility and security, and enhance efficiency while saving energy is positively influencing the market growth. Besides this, the improving living standards and the easy accessibility of affordable home automation solutions are catalyzing the market growth. In line with this, various initiatives undertaken by governments of different countries to promote smart home devices to save energy, expanding income levels, and the extensive adoption of wireless communication technologies, such as Bluetooth, Wi-fi, fifth-generation (5G), and near field communication (NFC), are some of the other factors creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 363.5 Billion by 2028, expanding at a CAGR of 20.9% during the forecast period (2023-2028).

Market Summary:

  • Based on the component, the market has been divided into hardware (security, home automation, home entertainment and home healthcare), smart appliances, AI speaker and services (energy consumption and management services, security services, healthcare services, healthcare services, and entertainment services).
  • On the basis of the application, the market has been segmented into security and surveillance, lighting, entertainment, energy management, HVAC, smart kitchen, and home fitness and wellness.
  • Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being ABB Ltd., Inc., Emerson Electric Co., Honeywell International Inc, LG Electronics Inc., Lutron Electronics Co. Inc., Microsoft Corporation, Robert Bosch GmbH, and Schneider Electric SE.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Component, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered ABB Ltd, Inc., Emerson Electric Co., Honeywell International Inc., LG Electronics Inc., Lutron Electronics Co. Inc., Microsoft Corporation, Robert Bosch GmbH and Schneider Electric SE
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Smart Homes Market to Reach US$ 363.5 Billion by 2028, Propelled by the Minimized Carbon Emissions Across the Globe
Purchase options Year End sale

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More