Smart Home Solution Market From an anticipated USD 31.99 billion in 2021, the market is expected to increase at a CAGR of 23.67% to USD 141.54 billion by 2028.
Smart home solutions make use of Internet of things (IoT) devices including sensors, lights, and other devices that can be checked, controlled, and changed remotely as needed. Self-monitoring, analysis, and reporting technology are all part of smart home systems. IBM developed the technology for the purpose of predicting disappointment. Customers could purchase modern Smart home solution items between 1998 and the mid-2000s. Clients can use specialized software, cell phones, or other organized devices to remotely manage and manipulate their home gadgets with a smart home solution. Such solutions consider energy efficiency while also ensuring the safety of your property.
Smart home solutions are an important part in creating "smart cities." Smart home adoption is up 14% year over year. In addition, there are several manufacturers and service providers with a stake in the smart home market. Because there are so many device and manufacturer possibilities, there are also so many different IT protocols, standards, and services. By 2023, the number of smart homes is expected to have surpassed 350 million. The most well-known market sector, smart speakers, with roughly 320 million in use by 2020. By 2024, the installed base will have doubled in size.
Major Key Players for Smart Home Solutions Market
- Johnson Controls
- Samsung Electronics
- United Technologies
- General Electric
- Schneider Electric
- Honeywell International
- Acuity Brands
Market Dynamics and Factors
The implementation of enhanced safety and security features such as gas leakage detectors and fire detection systems in the house is the key driver for the smart home solutions industry. Increased awareness of energy efficiency as a result of rising energy costs and technological improvements are also contributing to the growth of the smart home solution market. Another driver for this market is the increase in the number of working members in a household, as a family becomes financially capable of adopting a smart home solution.
The lack of technological standards, on the other hand, is the most significant impediment to the market for smart home solutions. Other challenges that limit the growth of the smart home solutions market include a high initial investment and a long device replacement cycle.
Smart Home Solutions Market Report Highlight
- The service segment is expected to acquire market share in the component type in the coming years. This sector dominated the global market earlier and is anticipated to do so again by the end of the evaluation year.
- Over the forecast period, energy management systems are expected to dominate the market by application. To save money, time, and energy, smart homes use linked gadgets and appliances to conduct actions, activities, and automatic routines. Home automation systems enable the operation of a variety of smart gadgets and appliances from a single location.
- Over the anticipated period, the residential user segment is expected to have the largest market share.
- North America is one of the major markets for smart home solutions, owing to people's flexibility to safe and easy living. Honeywell International Inc., Lutron Electronics Co., Inc., Crestron Electronics, Inc., CONTROL4 CORPORATION, Johnson Controls, Acuity Brands, Inc., and Nest Laboratories are some of the main companies in the smart home solutions market in North America.
Key Industry Development
One Switch, an Indian smart home automation startup, announced the availability of franchising opportunities for the expansion of their smart home automation services in February 2022. To provide the finest quality smart home goods and services to buyers across India.
Tuya Smart, a leading IoT development platform service provider, officially announced its support for Matter on this day in January 2022, pledging to ensure that Tuya's customers and business partners can seamlessly join the new smart home connectivity standard and provide users with a more convenient smart home experience.
Smart Home Solutions Market Segmentation
- Energy Management Systems
- Security Systems
By End User
- Commercial Users
- Residential Users
- Government Organizations
For this report, Introspective Market Research has segmented the Smart Home Solutions Market based on region
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM