Smart Homes Market Size, Share, Growth Report 2024-2029

According to the latest research report published by Market Data Forecast, the global smart home market is predicted to reach USD 114.92 billion in 2024 and USD 221.46 billion by 2029, growing at a CAGR of 14.02% during the forecast period.

Advancements in IoT technology, as well as rising consumer demand for convenience and energy efficiency, are driving significant growth in the smart home industry. Smart thermostats, lighting, security systems, and entertainment gadgets are all essential components. The integration of voice assistants such as Alexa and Google Home improve usability even further. Market actors, from tech behemoths to startups, are innovating to provide seamless connectivity and user experience. With the development of smart gadgets, the industry is likely to continue growing, altering how we interact with our home surroundings.

Global Smart Homes Market Report Scope:
• Market Size (2029): USD 221.46 Billion
• Market Size (2024): USD 114.92 Billion
• CAGR (2024 to 2029): 14.02%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: By Product, Technology, and Region
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: Amazon, Inc. (USA), Apple Inc. (USA), Google (USA), ADT (USA), Robert Bosch GmbH (Germany), ASSA ABLOY (Sweden) and ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland), Legrand SA (France), GE (United States), Comcast Corp. (USA), Hubbell Inc. (USA), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony (Japan), Control4 Corp. (United States), Lutron Electronics Co. Inc. (United States), Vivint (United States) States) and Axis Communication AB (Sweden), and Others.

Market Drivers:

The smart homes market is growing due to the increased need for convenience, security concerns, and technological innovations. In addition, the rising emphasis on energy efficiency is another element contributing to the market expansion. Especially post-COVID-19, the ongoing Ukraine-Russia war, and multiple other regional conflicts have surged electricity bills all around the world.
Integration of artificial intelligence, machine learning, IoT, and other technologies into the smart home ecosystem is further driving the market share. Also, the application of data connectivity with light controllers is gaining traction which is another attraction for the customers. It includes dimmers, timers, daylight sensors, relays, and occupancy sensors. It offers the facility to incorporate into a home automation system or even operate independently as per the requirement. Companies are making lights with inbuilt data connectivity products which reduces the requirement for additional protocols and communication. Before this update, the automatic light controllers require external communication methods.
Furthermore, low functional costs, energy efficiency and higher control are present in the LED-based systems which are essential parts of smart homes.

Market Restraints:

The high cost of technology, poor manageability, weak protection and human resources are hindering the smart homes market growth. This expenditure includes high installation, purchase, and operating costs. In addition, defective products, faulty materials incompatible with latest developments and failure to solve issues are also limiting the market expansion.
Poor serviceability is another factor restricting the smart homes market. Often sellers or service provide struggle with message transmission protocols and data exchange methods. Also, in the execution of sales, customers face interoperability problems or management issues.
Another obstacle for the industry is the lack of trust in the current security measures employed. According to a study, most consumers believe that their homes are not safe even after the installation of the latest security patches and tools. Further, people are concerned about the industry's ability to fix gaps after they are discovered. Also, they are not sure of the safety of the data generation methods and transmission systems. All these flaws are magnified by a weak network connection that decreases the service quality.
Additionally, smart home users did not like calling an authorized technician to solve the problem. Not only this, but they sometimes find it hard to connect to a customer care number or portal and fix an appointment.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/smart-home-market

Key Insights from The Report:
• Based on Product, the Lighting Control segment led the market and accounted for a large share of the global market in 2023.
• Based on Technology, Wireless Technology captured the largest share of the global market in 2023.
• Asia-Pacific dominated the smart homes market in 2023. North America accounted for the second-highest share of the global market in 2023, and the European region is estimated to grow over the forecast period.

SEGMENTATION INCLUDED IN THIS REPORT:

By Product
• Lighting Control
• Security & Access Control
• HVAC
• Entertainment
• Smart Speaker
• Home Healthcare
• Smart Kitchen
• Home Appliances
• Smart Furniture

By Technology
• Wireless Technology
• Cellular Network Technology

By Region:
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year, and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferences

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market Share Analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 Smart Home Market, By Product
6.1.1 Lighting Control
6.1.2 Security & Access Control
6.1.3 HVAC
6.1.4 Entertainment
6.1.5 Smart Speaker
6.1.6 Home Healthcare
6.1.7 Smart Kitchen
6.1.8 Home Appliances
6.1.9 Smart Furniture
6.1.10 Market Size Estimations & Forecasts (2024 to 2029)
6.1.11 Y-o-Y Growth Rate Analysis
6.1.12 Market Attractiveness Index
6.2 Smart Home Market, By Technology
6.2.1 Wireless Technology
6.2.2 Cellular Network Technology
6.2.3 Market Size Estimations & Forecasts (2024 to 2029)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index

7. Geographical Landscape
7.1 Global Smart Home Market, by Region
7.2 North America - Market Analysis (2024 to 2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Product
7.2.3 By Technology
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Product
7.3.3 By Technology
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Product
7.4.3 By Technology
7.5 Latin America
7.5.1 By Country
7.5.1.1 brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Product
7.5.3 By Technology
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Product
7.6.3 By Technology

8. Key Player Analysis
8.1 Johnson Controls International
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 United Technologies Corporation
8.3 Schneider Electric
8.4 Honeywell International, Inc
8.5 Siemens AG
8.6 Amazon, Inc
8.7 Apple Inc
8.8 google
8.9 Robert Bosch GmbH
8.10 ADT

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

ABOUT US:
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

MarketDataForecast
www.marketdataforecast.com
Phone: +1-888-702-9626
Email: sales@marketdataforecast.com
3rd Floor, Trendz Park Building, Jain Rock Garden Rd, Vittal Rao Nagar, Madhapur, Hyderabad, Telangana, India.

This release was published on openPR.