Single-Family Smart Homes: Emerging Trends and Market Forecast

The single-family smart homes market size has grown rapidly in recent years. It will grow from $99.14 billion in 2023 to $117.28 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, low interest rate environment, and increase in internet penetration.

The single-family smart homes market size is expected to see rapid growth in the next few years. It will grow to $226.28 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to urbanization, increasing iot, and rising geriatric population . Major trends in the forecast period include adopting green construction and energy efficient techniques, investing in integration with voice assistants, investing in security solutions, adopting artificial intelligence and robotics, utilizing predictive analytics techniques, and investing in smart switches and displays.

Market Overview -
Single-family smart homes are futuristic single-family buildings equipped with advanced electronics and wireless devices. The smart home system requires a web portal or smartphone application to interact with the automated system as a user interface.

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Rising Demand For Single-Family Smart Homes Drives Connected Devices And Smart Appliances
The increasing number of connected homes and the growing implementation of smart home appliances, including speakers, home healthcare products, lightning systems, smart kitchens, smart furniture, and HVAC control solutions, is projected to contribute to the higher demand for the single-family smart homes market. According to the smart home statistics of 2021, 57% of homes in Britain contain a smart device, and 23% of Britain, that is 66.44 million people, have a smart item. In addition, in the UK, there are 2.22 million smart homes. Therefore, the increasing implementation of smart home appliances together with a growing number of connected homes across the globe is anticipated to boost the demand for the single-family smart home market over the forecast period.

Competitive Landscape -
Major companies operating in the single-family smart homes market report are Lennar Corporation, PulteGroup, Inc., Meritage Homes Corporation, KB Smart Home, TRI Pointe Group Inc., Shea Homes, Metricon, McGuyer Homebuilders, Inc., Porter Davis, Henley and home automation, Carlisle and home automation, Plantation homes, Tianjin Quick Smart House Co.Ltd, Larsen & Toubro, Gera Developments Company, Panchshil developers, Daiwa House Industry Co, Ltd, Kier Group plc, ELAN home, Loxone, Belmar Builders, D.R. Horton, Toll Brothers, Taylor Morrison, Ryan Homes, Ashton Woods, Lennar homes, Habitat for Humanity, International Cooperative Alliance, The Brazilian Association Of Real Estate Loans And Savings Companies, Smart home building contracting LLC, Simpletech, Qi Systems

Lennar Communities Connected By Ring Transforming Residential Living With Smart Home Innovation
Major companies operating in the single-family smart homes market are focusing on innovative products such as, suite of connected home products, to better meet the needs of their existing consumers. A suite of connected household products is a set of smart appliances and gadgets intended to operate collectively to create a smart home environment. These items are often internet-connected and may be operated remotely via a smartphone or other device. For instance, in February 2021, Lennar Corporation, a US-based smart home construction company, launched Lennar Communities Connected by Ring, a revolutionary range of connected home gadgets in new Lennar residences managed smoothly via the Ring app. Lennar Communities Connected by Ring adds a streamlined user interface to The Connected Home by Lennar, aiming to create an innovative standard for how communities are constructed and enjoyed. The Connected Home by Lennar incorporates desired technological features such as safety and efficiency in a suite of leading smart devices, showcasing Lennar's unwavering commitment to designing and building homes that fulfill the demands of families for the foreseeable future.

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Key Segments -

The single-family smart homes market covered in this report is segmented -

1) By Product: Home Monitoring And Security, Smart Lighting, Entertainment, Smart Appliances, Combination, Other Products
2) By Software and Service: Proactive, Behavioral
3) By Technology: Wi-Fi, Bluetooth, GSM/GPRS, RFID, Other Technologies

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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