Global Smart Home Technology Market is expected to exceed the market valuation of US$ 208 billion by 2027 expanding at a reasonable CAGR of 19.7% during the forecast period (2021-2027) from US$ 57.6 billion in 2020. Smart homes have been recognized over the decades as one of the most essential elements of intelligent environments. These are residential/commercial units that are significantly integrated with a network of interacting sensors and intelligent systems focused on modern design projects and innovative technologies.
The smart home service is an important component of smart grid usage. It is a real-time interactive response between the power grid and users and improves the power grid’s comprehensive service capability, also realizes the intelligent and interactive use of electricity, further enhances the power grid’s operating mode and the use patterns of the users to improve energy efficiency for end-users. The smart home is a residential-based platform that links different facilities across the network to meet the automation requirements of the entire system and provide more convenient control and management. It makes use of the Internet of Things (IoT), computer technology, control technology, image display technology, and communication technology.
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The idea of objects being “smart” is common to most people today. Smart home technologies have provided the easy setup in which appliances and equipment like home security, appliances, temperature, lighting, and home theatre can be operated remotely from anywhere in the world via a smartphone or other networked device. The growth of the smart home technology market is driven by numerous factors, such as the growing number of internet users, the increasing disposable income of consumers in developing economies, the increasing importance of home monitoring in remote locations, the increasing need for energy-saving and low-carbon solutions, the rapid proliferation of smartphones and smart gadgets, and the expansion of the portfolio of smart home products by market players among others.
Based on application, the market is fragmented into Safety and Security, Smart Appliances, Heating, Ventilation, Air Conditioning (HVAC), Home Entertainment, Lighting Systems, Energy Management. The smart appliances segment dominated the market in 2020 and generated total revenue of US$ 15.2 billion. It is anticipated to maintain its dominance during the forecast period as smart appliances eliminate the power consumption when left unattended and can be operated remotely.
Based on technology, the market is segmented into wireless and wired. In 2020, the wireless segment leads the smart home technology market and accounted for more than 83% of the total revenue. Further, the wireless segment is studied by Wifi Technology, Bluetooth, Zigbee, Z – Wave, and Others (EnOcean, We Mo, Insteon). Similarly, the wired segment is also bifurcated into Ethernet, Power Line Communication, Fiber Optics, and Others.
Based on end-users, the market is segmented into residential and commercial. In 2020, the residential segment leads the smart home technology market and accounted for more than 76% of the total revenue. Further, the residential segment is studied by luxury villas, luxury apartments, mid-range houses/apartments, assisted homes, others (low energy homes). Similarly, the commercial segment is also bifurcated into hotels, hospitals, and other commercial buildings.
Additionally, for better investigation and penetration of the smart home’s technology market, the report provides an in-detailed analysis of smart homes technology adoption across the world. The market is classified into distinct regions that are North America (the U.S., Canada, and the rest of North America), Europe (Germany, the U.K., France, Netherlands, Norway, Switzerland, Denmark, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of APAC) and MENA (UAE, Saudi Arabia, Qatar, Kuwait, Turkey, Israel, and the rest of MENA) and Latin America (Brazil, Argentina, and the rest of Latin America). At present, North America is the largest revenue contributor in the smart home technology market. The region accounted for a share of 47% in the global market for the year 2020. However, Asia-Pacific smart homes technology market is expected to grow at the highest CAGR of 23.9% during the forecast period (2021-2027).
Haier Electronics, ABB Limited, Acuity Brands, Inc., AMX, LLC, ASSA ABLOY, Cisco Systems, Inc., Control4 Corporation, Crestron Electronics Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Honeywell International Inc., IBM Corporation, LG Electronics Inc., Monitronics International Inc., Schneider Electric S.E., Siemens AG, United Technologies Corporation, Vivint, Inc. and Samsung Electronics are some of the prominent players operating in the global smart home market.
Global Smart Home Technology Market Segmentation
Market Insight, by Application
Market Insight, by Technology
Market Insight, by End-Users
Market Insight, by Region
Top Company Profiles