Market Overview:

The Smart Homes Market size is estimated to reach $289 billion by 2030, growing at a CAGR of 14.5% during the forecast period 2023-2030, according to a recent report published by IndustryARC. The smart home industry is growing due to the increasing inclination towards convenience and health awareness. Apart from this, the penetration of IoT into different sectors and the entry of Wi-Fi 6, 5G and other modern technologies are also playing a vital role in propelling the growth of the Smart Homes market.

View the full report by IndustryARC here - "Smart Homes Market By Component (Hardware, Smart Appliances, Services & Others), By Protocols & Standards (Wired, Wireless & Hybrid), By Sales Channel (Direct Sales, Mono Brands, Supermarkets and Hypermarkets, Department Stores, Speciality Stores, Online Retailers & Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030."

North America accounted for a significant market share in 2022:

North America held the largest Smart Homes market share in 2022, i.e., 41%, corresponding to $40 billion. The dominance of the North American Smart Homes Market can be attributed to the technological advancements in connectivity and artificial intelligence prevalent in the region. These are further augmented by the increasing penetration of IoT into every segment of the market. Apart from this, the increasing popularity of health awareness and convenience associated with smart homes is also one of the key Smart Homes market trends positively influencing the industry outlook. According to a survey, 46% of smart homeowners cited convenience as a major factor in their decision to move, which is a clear indication of the fact. 

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Smart Homes Market Growth Drivers:

Growing need for Smart Security and Surveillance Systems is going to drive the Growth of the Smart Homes Market:

According to the Federal Bureau of Investigations, a break-in occurs every 26 seconds in the US and there are almost 2.5 million burglaries being executed annually. Alarms.org reported that homes without a security system are 300% more likely to be broken into or burglarized. Such horrifying statistics primarily formed the basis for expanding the expertise of smart homes into the security segment. Apart from this, the associated convenience and health monitoring features of smart home appliances would have a synergistic effect in propelling the growth of the Smart Homes Market.

The increasing importance of Green and Sustainable Living supported by Federal Government Initiatives is responsible for the Growth of the Smart Homes Market:

People now view it as their personal obligation to support environmental causes and adopt green, sustainable practices. Smart home automation systems reduce energy consumption. Thus, many homeowners are thinking about implementing them to further promote environmentally friendly and sustainable living. According to Hippo, 15% of consumers have reported the cost-effectiveness associated with automation as their main decision-making criterion. Apart from this, various government-led initiatives like the Smart Home Program, which is supported by the Federal Ministry of Economic Affairs and Energy and the BMWi-backed Next Generation Media Program are going to contribute positively to the Smart Home Industry Outlook.

Scope of Report: 

Report Metric

Details

Base year considered

2022

Forecast period

2023–2030

CAGR

Growing at the rate of 14.5%

Market Size

289 billion USD


Segments Covered

Component, Protocols and Standards, Sales Channel and Region



Geographies covered

North America (the US, Canada and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, the Netherlands and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Indonesia, Malaysia and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America), the Rest of the World (the Middle East and Africa).






Key Market Players

  1. ABB Ltd.

  2. Honeywell International Inc.

  3. Samsung Electronics Co. Ltd.

  4. Control4 Corporation

  5. General Electric Company

  6. Schneider Electric SE

  7. Sony Corporation

  8. LG Electronics

  9. Emerson Electric Co.

  10. Siemens AG.

Recent Developments:

  • In September 2022, Honeywell International Inc. launched Data Center Suite, a collection of outcome-based software products that enable data center owners and managers to increase sustainability KPI visibility while improving uptime, worker productivity, critical asset health and operational costs.
  • In June 2022, Samsung Electronics Co., Ltd. launched SmartThings Home Life, which would provide centralized and integrated control over other Samsung appliances.

Smart Homes Market: Competitive Landscape

 Key companies profiled in the Smart Homes Market are ABB Ltd., Honeywell International Inc., Samsung Electronics Co. Ltd., Control4 Corporation, General Electric Company, Schneider Electric SE, Sony Corporation, LG Electronics, Emerson Electric Co. and Siemens AG.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.