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).
- 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., 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.
|Base Year of the Analysis
||Component, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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
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