Global Smart Home Market Size To Exceed USD 263.6 Billion by 2032 | CAGR of 10.0%
Category: Semiconductors & ElectronicsGlobal Smart Home Market to Exceed $263.6 Billion by 2032
According to a research report published by Spherical Insights & Consulting, the Global Smart Home Market Size is to grow from USD 102.3 Billion in 2023 to USD 263.6 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 10.0% during the projected period. The increasing use of the internet, growing disposable income in developing economies, the importance of home monitoring in remote areas, and rising demand for low-carbon emission and energy-saving solutions are all expected to expand market capabilities.
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Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Smart Home Market Size, Share, and COVID-19 Impact Analysis, By Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, and Smart Furniture), By Software & Service (Behavioral, Proactive), By Sales Channel (Direct, Indirect), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/smart-home-market
The global smart home market has seen significant growth and advancement. A smart home is a house that is outfitted with various devices and systems that can be controlled remotely or automatically in order to improve comfort, convenience, energy efficiency, and security. These systems are linked together using Internet of Things (IoT) technology, allowing for seamless communication and control. With continuous technological advancements and increasing adoption of smart home solutions globally, the market is expected to grow significantly in the near future. Over the forecast period, market growth will be driven by rising demand for energy-saving and low-carbon-emission solutions, as well as the growing importance of monitoring homes in remote locations. The integration of power line communication systems in smart homes provides opportunities for the smart home industry to grow. The advancement of IoT technology has been essential in propelling the smart home market. Because of the increasing connectivity and interoperability of devices and appliances, homeowners can now manage and control various aspects of their homes remotely. IoT-enabled devices, such as smart thermostats, smart lighting systems, and smart security systems, provide increased convenience, energy efficiency, and security, resulting in increased adoption.
The smart kitchen segment is witnessing the highest CAGR in the global smart home market over the forecast period.
Lighting control, security & access control, HVAC control, smart speaker, smart kitchen, and smart furniture are the product segments of the global smart home market. Among these, the smart kitchen segment is expected to grow at the fastest rate in the global smart home market during the forecast period. The rise can be attributed to people in developing countries greater disposable income and preference for modular kitchen designs.
The proactive segment is expected to grow at the highest pace in the global smart home market during the forecast period.
The global smart home market is categorized into behavioral and proactive segments based on software & service. The proactive segment is projected to expand at the fastest rate in the global smart home market over the forecast period. The increasing adoption of AI, machine learning, and IoT technologies, which enable smart home systems to anticipate and respond to users' needs in real-time, is driving the growth of the segment.
The direct segment is expected to grow at the fastest pace in the global smart home market over the forecast period.
The global smart home market is classified into direct or indirect based on the sales channel. The direct segment is projected to expand at a rapid pace in the global smart home market during the forecast period. Advances in connectivity standards and interoperability among smart home devices are driving the direct segment.
North America is estimated to hold the largest share of the global smart home market over the predicted timeframe.
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North America is projected to account for the largest share of the global smart home market throughout the forecast period. The presence of major technology companies, early adopters, and widespread availability of smart home products and services in the United States account for a significant share of the North American market. During the period of forecasting, Asia Pacific is projected to expand at the fastest rate in the global smart home market. The Asia Pacific region is seeing rapid growth in the smart home market, owing to factors such as an expanding middle class, urbanization, and rising disposable income. Latin America is a rapidly growing market for smart home technologies. Improving infrastructure, rising urbanization, and increased consumer awareness of the benefits of smart homes are all driving the market growth.
Major vendors in the Global Smart Home Market include Johnson Controls, Honeywell, Siemens, Amazon, Apple, ADT, ABB, Robert Bosch, Sony, Samsung Electronics, Ooma, Delta Controls, Control4, Schneider Electric, ASSA ABLOY, and Others.
Recent Developments
- In January 2023, Apple, the world's largest technology company, has announced its entry into the smart home application market. Apple is working on a smart home display with a magnetic wall attachment that can be used to adjust the thermostat and turn on and off lighting. According to reports, it will also support FaceTime.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Smart Home Market based on the below-mentioned segments:
Global Smart Home Market, By Product
- Lighting Control
- Security & Access Control
- HVAC Control
- Smart Speaker
- Smart Kitchen
- Smart Furniture
Global Smart Home Market, By Software & Service
- Behavioral
- Proactive
Global Smart Home Market, By Sales Channel
- Direct
- Indirect
Global Smart Home Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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