Global Smart Home Installation Service Market Overview
Global Smart Home Installation Service Market size was valued at USD 5.08 billion in 2023 and is projected to reach 43.05 billion in 2032, growing at a CAGR of 26.80% from 2024 to 2032.
Smart Home Installation Service is referred to as a service provided by the home installation companies such as easy control and management of smart home devices through the support of smartphones. Moreover, they also offer comfort, security, and convenience to keep the house connected and functioning as a whole. It also enables owners to manage different systems such as lights, video entertainment, thermostats, doors, and smart speakers from a central control hub or a device. The smart home system needs a smartphone application or web portal as a user interface, to interconnect with an automated system. The scope of this study includes an analysis of the devices that can be managed by sensors, switches, remote controllers, and timers apart from other control devices. Globally, the rising importance associated with the requirement to counter security issues is expected to accelerate the demand growth for smart and connected homes during the projected period. Furthermore, the launch of modern wireless technologies, including HVAC controllers, security and access regulators, and entertainment controls, is anticipated to fuel market growth. Additionally, the recent advancements in the Internet of Things (IoT) that resulted in price drops of sensors and processors are anticipated to encourage producers to promote automation in the household industry.
Market Dynamics and Factors of Smart Home Installation Service Market:
Drivers:
Demand for Modern Safety and Security Devices:
The penetration of advanced safety and security features with active monitoring technology is a key trend in improving the smart home installation services market. Smart home systems contain inbuilt encoding systems that facilitate the device to operate and function securely and safely, thereby defending the deal of sensitive data in these devices.
Growing Adoption of Smartphones:
The smartphone application allows the smartphone to use a device remotely concerning the operate locks, and switches for lights, heating, security cameras, and alarms. Smartphone connectivity permits users not only to customize and manage the operation of connected or individual devices but also to collect real-time information and alerts from sensors in the home, such as hasty temperature changes that can alert a sound or fire, and movement that could inform an intrusion.
Furthermore, owing to the growing adoption of personal assistants in smart homes, it is anticipated to produce a lucrative opportunity for smart home installation service suppliers in the next few years. This is especially due to the consumers are acquiring technologically advanced devices, including artificial intelligence implanted devices such as smart speakers, smart TVs, and gaming devices. Therefore, these drivers have raised the adoption of smart home devices, which, in turn, is accelerating the smart home installation services market during the forecast period.
Restraints:
The excessive cost of shifting for existing smart device consumers
The shipments of smart home products depend on the usage and needs of homeowners. Consumers usually opted products that provide convenience and energy efficiency. The cost of smart home products is excessive and involves other in advance costs such as installation and maintenance costs as well. The high-cost restraints the adoption and installation of smart devices by the customers including many organizations. Furthermore, increasing concern about data privacy and security is another important factor hampering the growth of the smart home installation service market
Opportunities:
Growth in demand for smart home products owing to COVID-19
After the outbreak of novel coronavirus, people have started staying at home. Therefore, the dependency on the internet and digital gadgets has raised in the past year. As people are not reaching out, the major day-to-day expenses have been declined significantly. Owing to this, the disposable income of people has also increased. Furthermore, as people are staying at home, they are using smart devices and products more than they used to before the pandemic. In the wake of COVID-19, home security solutions such as smart locks and cameras are enabling contactless deliveries. Home healthcare solutions for the elderly to live a safe and unconventional lifestyle, such as remote persistent health monitoring, are gaining momentum. Work-from-home solutions are being used to high productivity such as smart speakers/hubs to restore track of meetings and tasks. More entertainment needs to be centered around health, spirituality, and personal needs are developing due to which there is increased adoption of smart TVs, home theaters, and entertainment systems. This gives massive opportunities to the producers and suppliers working in the smart home market to come up with more innovative and user-friendly features in the appliances to attract users.
Market Segmentation
Based on the system, the lighting controls segment is expected to dominates the market of the smart home installation services during the forecast period. The growing demand for declining power utilization and carbon emissions, majorly in emerging countries such as India and China, have accelerated the demand for the installation of lighting control systems in houses.
Based on the channel, the OEMs segment held a dominant position in the smart home installation services market and is anticipated to retain its eminence during the forecast period. OEMs offer both, installation and aftersales service to customers.
Players Covered in Smart Home Installation Service market are :
- Vivint Inc.
- Datalogic S.p.A.
- Meyer Electrical Services Inc.
- Red River Electric Inc.
- HelloTech Inc.
- Calix Inc.
- Finite Solutions LLC
- Handy Inc.
- Miami Electric Masters Inc.
- Insteon Inc and other major players.
Regional Analysis for Smart Home Installation Service Market:
North America held a dominant position in the global smart home installation services market and is anticipated to retain its importance during the projected period. The U.S. and Canada are the key economies that drive the smart home installation services market in the region. The rising acceptance of network-connected devices in North America is a major factor in turning the smart home installation services market in the region. The course of early adoption of technology and significant presence of market leaders such as Red River Electric, Miami Electric Masters, and Vivint, Inc., in the region, is responsible for the prominent position of North America in the global smart home installation services market. Growing crime rates and awareness about residential security have stimulated the demand for advanced security systems, which, in turn, are accelerating the smart home installation services market in North America.
The smart home installation services market in the Asia Pacific is projected to grow at a significant rate during the forecast period. India, Australia, Japan, China are major economies that turn the smart home installation services market in the region. Rising standards of living and rapid urbanization are the major factors that provide lucrative opportunities to the smart home installation services market in the Asia Pacific region. The growing need to overcome energy utilization in the Asia Pacific has enhanced the demand for smart meters, which, in turn, accelerate the smart home installation services market in the Asia Pacific.
COVID-19 Impact on the Smart Home Installation Service Market:
A smart home is a residence that uses Internet-connected devices to allow the management and remote monitoring of systems and appliances, including heating, video entertainment, and lighting. In other words, smart homes are combined with the latest designed automated systems that manage security, thermostats, lighting, temperature, door, multi-media, window operations, and entertainment systems, which are controlled by the consumers via computers and smartphones. The home appliances are connected by the Internet connection. Here, IoT act as a beneficial role. The use of IoT in smart homes has forced producers to promote automation in the household sector. The outbreak of COVID-19 across the world has influenced major countries across the globe. The pandemic has also affected the purchasing behavior and buying habits of consumers. Even though people are spending a significant amount of time at home, they are more targeted at purchasing essential goods rather than IoT devices. The declining interest in buying consumer IoT devices is anticipated to restraint the growth of the market during the COVID-19 outbreak. The key players in the market have invested massively in the development of products such as electrical installation systems and security systems. Nevertheless, the COVID-19 outbreak has influenced producing operations over the globe. The detain in the production of smart systems owing to the lockdowns imposed by different governments is also hampering the growth of the market.
Key Industry
- In Oct 2024, Apple, Google, and Amazon have teamed up to create Matter, a groundbreaking smart home protocol designed to enhance cross-platform compatibility for smart devices and accessories. The collaboration aims to offer users seamless integration across multiple platforms, making it easier to control devices such as lights, thermostats, and security systems. Matter will simplify the smart home experience by ensuring that devices from different brands work together smoothly, boosting overall user convenience.
- In August 2023, Yale Assure Smart Deadbolts come in different options to suit your needs. They usually feature keyless entry, touchscreen controls, and integration with smart home systems like Amazon Alexa, Google Assistant, or Apple HomeKit. Yale provides several models with distinct features, including the Yale Assure Lock SL and Yale Assure Lock Touchscreen Deadbolt.
Global Smart Home Installation Service Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 5.08 Bn. |
Forecast Period 2024-32 CAGR: |
26.80% |
Market Size in 2032: |
USD 43.05 Bn. |
Segments Covered: |
By System |
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By Channel |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
ā1.1 Research Objectives
ā1.2 Research Methodology
ā1.3 Research Process
ā1.4 Scope and Coverage
āā1.4.1 Market Definition
āā1.4.2 Key Questions Answered
ā1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
ā3.1 By System
ā3.2 By Channel
Chapter 4: Market Landscape
ā4.1 Porter's Five Forces Analysis
āā4.1.1 Bargaining Power of Supplier
āā4.1.2 Threat of New Entrants
āā4.1.3 Threat of Substitutes
āā4.1.4 Competitive Rivalry
āā4.1.5 Bargaining Power Among Buyers
ā4.2 Industry Value Chain Analysis
ā4.3 Market Dynamics
āā3.5.1 Drivers
āā3.5.2 Restraints
āā3.5.3 Opportunities
āā3.5.4 Challenges
ā4.4 Pestle Analysis
ā4.5 Technological Roadmap
ā4.6 Regulatory Landscape
ā4.7 SWOT Analysis
ā4.8 Price Trend Analysis
ā4.9 Patent Analysis
ā4.10 Analysis of the Impact of Covid-19
āā4.10.1 Impact on the Overall Market
āā4.10.2 Impact on the Supply Chain
āā4.10.3 Impact on the Key Manufacturers
āā4.10.4 Impact on the Pricing
Chapter 4: Smart Home Installation Service Market by System
ā4.1 Smart Home Installation Service Market Overview Snapshot and Growth Engine
ā4.2 Smart Home Installation Service Market Overview
ā4.3 Lighting Control
āā4.3.1 Introduction and Market Overview
āā4.3.2 Historic and Forecasted Market Size (2017-2032F)
āā4.3.3 Key Market Trends, Growth Factors and Opportunities
āā4.3.4 Lighting Control: Grographic Segmentation
ā4.4 Home Monitoring/Security
āā4.4.1 Introduction and Market Overview
āā4.4.2 Historic and Forecasted Market Size (2017-2032F)
āā4.4.3 Key Market Trends, Growth Factors and Opportunities
āā4.4.4 Home Monitoring/Security: Grographic Segmentation
ā4.5 Thermostat
āā4.5.1 Introduction and Market Overview
āā4.5.2 Historic and Forecasted Market Size (2017-2032F)
āā4.5.3 Key Market Trends, Growth Factors and Opportunities
āā4.5.4 Thermostat: Grographic Segmentation
ā4.6 Video Entertainment
āā4.6.1 Introduction and Market Overview
āā4.6.2 Historic and Forecasted Market Size (2017-2032F)
āā4.6.3 Key Market Trends, Growth Factors and Opportunities
āā4.6.4 Video Entertainment: Grographic Segmentation
ā4.7 Smart Appliances
āā4.7.1 Introduction and Market Overview
āā4.7.2 Historic and Forecasted Market Size (2017-2032F)
āā4.7.3 Key Market Trends, Growth Factors and Opportunities
āā4.7.4 Smart Appliances: Grographic Segmentation
ā4.8 Other
āā4.8.1 Introduction and Market Overview
āā4.8.2 Historic and Forecasted Market Size (2017-2032F)
āā4.8.3 Key Market Trends, Growth Factors and Opportunities
āā4.8.4 Other: Grographic Segmentation
Chapter 5: Smart Home Installation Service Market by Channel
ā5.1 Smart Home Installation Service Market Overview Snapshot and Growth Engine
ā5.2 Smart Home Installation Service Market Overview
ā5.3 Retailers
āā5.3.1 Introduction and Market Overview
āā5.3.2 Historic and Forecasted Market Size (2017-2032F)
āā5.3.3 Key Market Trends, Growth Factors and Opportunities
āā5.3.4 Retailers: Grographic Segmentation
ā5.4 E-commerce
āā5.4.1 Introduction and Market Overview
āā5.4.2 Historic and Forecasted Market Size (2017-2032F)
āā5.4.3 Key Market Trends, Growth Factors and Opportunities
āā5.4.4 E-commerce: Grographic Segmentation
ā5.5 OEM
āā5.5.1 Introduction and Market Overview
āā5.5.2 Historic and Forecasted Market Size (2017-2032F)
āā5.5.3 Key Market Trends, Growth Factors and Opportunities
āā5.5.4 OEM: Grographic Segmentation
Chapter 6: Company Profiles and Competitive Analysis
ā6.1 Competitive Landscape
āā6.1.1 Competitive Positioning
āā6.1.2 Smart Home Installation Service Sales and Market Share By Players
āā6.1.3 Industry BCG Matrix
āā6.1.4 Ansoff Matrix
āā6.1.5 Smart Home Installation Service Industry Concentration Ratio (CR5 and HHI)
āā6.1.6 Top 5 Smart Home Installation Service Players Market Share
āā6.1.7 Mergers and Acquisitions
āā6.1.8 Business Strategies By Top Players
ā6.2 VIVINT INC.
āā6.2.1 Company Overview
āā6.2.2 Key Executives
āā6.2.3 Company Snapshot
āā6.2.4 Operating Business Segments
āā6.2.5 Product Portfolio
āā6.2.6 Business Performance
āā6.2.7 Key Strategic Moves and Recent Developments
āā6.2.8 SWOT Analysis
ā6.3 DATALOGIC S.P.A.
ā6.4 MEYER ELECTRICAL SERVICES INC.
ā6.5 RED RIVER ELECTRIC INC.
ā6.6 HELLOTECH INC.
ā6.7 CALIX INC.
ā6.8 FINITE SOLUTIONS LLC
ā6.9 HANDY INC.
ā6.10 MIAMI ELECTRIC MASTERS INC.
ā6.11 AND INSTEON INC
Chapter 7: Global Smart Home Installation Service Market Analysis, Insights and Forecast, 2017-2032
ā7.1 Market Overview
ā7.2 Historic and Forecasted Market Size By System
āā7.2.1 Lighting Control
āā7.2.2 Home Monitoring/Security
āā7.2.3 Thermostat
āā7.2.4 Video Entertainment
āā7.2.5 Smart Appliances
āā7.2.6 Other
ā7.3 Historic and Forecasted Market Size By Channel
āā7.3.1 Retailers
āā7.3.2 E-commerce
āā7.3.3 OEM
Chapter 8: North America Smart Home Installation Service Market Analysis, Insights and Forecast, 2017-2032
ā8.1 Key Market Trends, Growth Factors and Opportunities
ā8.2 Impact of Covid-19
ā8.3 Key Players
ā8.4 Key Market Trends, Growth Factors and Opportunities
ā8.4 Historic and Forecasted Market Size By System
āā8.4.1 Lighting Control
āā8.4.2 Home Monitoring/Security
āā8.4.3 Thermostat
āā8.4.4 Video Entertainment
āā8.4.5 Smart Appliances
āā8.4.6 Other
ā8.5 Historic and Forecasted Market Size By Channel
āā8.5.1 Retailers
āā8.5.2 E-commerce
āā8.5.3 OEM
ā8.6 Historic and Forecast Market Size by Country
āā8.6.1 U.S.
āā8.6.2 Canada
āā8.6.3 Mexico
Chapter 9: Europe Smart Home Installation Service Market Analysis, Insights and Forecast, 2017-2032
ā9.1 Key Market Trends, Growth Factors and Opportunities
ā9.2 Impact of Covid-19
ā9.3 Key Players
ā9.4 Key Market Trends, Growth Factors and Opportunities
ā9.4 Historic and Forecasted Market Size By System
āā9.4.1 Lighting Control
āā9.4.2 Home Monitoring/Security
āā9.4.3 Thermostat
āā9.4.4 Video Entertainment
āā9.4.5 Smart Appliances
āā9.4.6 Other
ā9.5 Historic and Forecasted Market Size By Channel
āā9.5.1 Retailers
āā9.5.2 E-commerce
āā9.5.3 OEM
ā9.6 Historic and Forecast Market Size by Country
āā9.6.1 Germany
āā9.6.2 U.K.
āā9.6.3 France
āā9.6.4 Italy
āā9.6.5 Russia
āā9.6.6 Spain
Chapter 10: Asia-Pacific Smart Home Installation Service Market Analysis, Insights and Forecast, 2017-2032
ā10.1 Key Market Trends, Growth Factors and Opportunities
ā10.2 Impact of Covid-19
ā10.3 Key Players
ā10.4 Key Market Trends, Growth Factors and Opportunities
ā10.4 Historic and Forecasted Market Size By System
āā10.4.1 Lighting Control
āā10.4.2 Home Monitoring/Security
āā10.4.3 Thermostat
āā10.4.4 Video Entertainment
āā10.4.5 Smart Appliances
āā10.4.6 Other
ā10.5 Historic and Forecasted Market Size By Channel
āā10.5.1 Retailers
āā10.5.2 E-commerce
āā10.5.3 OEM
ā10.6 Historic and Forecast Market Size by Country
āā10.6.1 China
āā10.6.2 India
āā10.6.3 Japan
āā10.6.4 Southeast Asia
Chapter 11: South America Smart Home Installation Service Market Analysis, Insights and Forecast, 2017-2032
ā11.1 Key Market Trends, Growth Factors and Opportunities
ā11.2 Impact of Covid-19
ā11.3 Key Players
ā11.4 Key Market Trends, Growth Factors and Opportunities
ā11.4 Historic and Forecasted Market Size By System
āā11.4.1 Lighting Control
āā11.4.2 Home Monitoring/Security
āā11.4.3 Thermostat
āā11.4.4 Video Entertainment
āā11.4.5 Smart Appliances
āā11.4.6 Other
ā11.5 Historic and Forecasted Market Size By Channel
āā11.5.1 Retailers
āā11.5.2 E-commerce
āā11.5.3 OEM
ā11.6 Historic and Forecast Market Size by Country
āā11.6.1 Brazil
āā11.6.2 Argentina
Chapter 12: Middle East & Africa Smart Home Installation Service Market Analysis, Insights and Forecast, 2017-2032
ā12.1 Key Market Trends, Growth Factors and Opportunities
ā12.2 Impact of Covid-19
ā12.3 Key Players
ā12.4 Key Market Trends, Growth Factors and Opportunities
ā12.4 Historic and Forecasted Market Size By System
āā12.4.1 Lighting Control
āā12.4.2 Home Monitoring/Security
āā12.4.3 Thermostat
āā12.4.4 Video Entertainment
āā12.4.5 Smart Appliances
āā12.4.6 Other
ā12.5 Historic and Forecasted Market Size By Channel
āā12.5.1 Retailers
āā12.5.2 E-commerce
āā12.5.3 OEM
ā12.6 Historic and Forecast Market Size by Country
āā12.6.1 Saudi Arabia
āā12.6.2 South Africa
Chapter 13 Investment Analysis
Chapter 14 Analyst Viewpoint and Conclusion
Global Smart Home Installation Service Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 5.08 Bn. |
Forecast Period 2024-32 CAGR: |
26.80% |
Market Size in 2032: |
USD 43.05 Bn. |
Segments Covered: |
By System |
|
|
By Channel |
|
||
By Region |
|
||
Key Market Drivers: |
|
||
Key Market Restraints: |
|
||
Key Opportunities: |
|
||
Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Smart Home Installation Service Market research report is 2024-2032.
Vivint Inc., Datalogic S.p.A., Meyer Electrical Services Inc., Red River Electric Inc., HelloTech Inc., Calix Inc., Finite Solutions LLC, Handy Inc., Miami Electric Masters Inc., Insteon Inc and other major players.
The Smart Home Installation Service Market is segmented into System, Channel, and region. By System, the market is categorized into Lighting Control, Home Monitoring/Security, Thermostat, Video Entertainment, Smart Appliances, Other. By Channel, the market is categorized into Retailers, OEM, E-commerce. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Smart Home Installation Service is referred to as a service provided by the home installation companies such as easy control and management of smart home devices through the support of smartphones.
Global Smart Home Installation Service Market size was valued at USD 5.08 billion in 2023 and is projected to reach 43.05 billion in 2032, growing at a CAGR of 26.80% from 2024 to 2032