Global Smart Home Devices Market Size to Insights Forecasts to 2033

• The Global Smart Home Devices Market Size was Valued at USD 98.61 Billion in 2023
• The Market Size is Growing at a CAGR of 10.20% From 2023 to 2033
• The Worldwide Smart Home Devices Market Size is Expected to Reach USD 260.4 Billion by 2033
• Asia Pacific is Expected to Grow the Fastest during the Forecast period

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The Global Smart Home Devices Market Size is Anticipated to Exceed USD 260.4 Billion by 2033, Growing at a CAGR of 10.20% From 2023 to 2033.

 

Market Overview

A smart house is a home setting in which internet-enabled appliances and devices can be automatically managed remotely via a connected device. All all-smart home devices are connected to the internet users can use or control all devices from anywhere such as lighting, temperature, security access, home theater systems remotely, and other smart devices, etc. As the use of smart home devices by owners reduces the electricity use and save money on energy-related expenses. As new technology inventions if motion is detected in home notification gets to the owner while they are away, and other smart devices are alert while the imminent condition that time automatically notifies to fire department and police department. Devices use modern upgraded technology such as artificial intelligence and machine learning to provide consumers with remote control and monitoring of various sections of their homes. Additionally, a diverse set of goods and services, including lighting control, security access control, and HVAC control devices, are available on the market, forming an ecosystem that transforms traditional homes into automated, intelligent, and responsive living spaces. The growing importance of remote home monitoring, as well as becoming public concern about safety, security, and accessibility, as well as the increasing number of internet users and acceptance of smart devices, as well as increasing demands for energy-saving and low-carbon emission-oriented solutions, have all contributed to increased demand for global smart home device markets during the forecast period.

 

Report Coverage

This research report categorizes the market for the Global Smart Home Devices Market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Smart Home Devices Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Global Smart Home Devices Market.

Driving Factors

Increasing the awareness of energy saving and acceptance of popularity and automation of smart devices to significantly increase demand in the global smart home device market during the forecast period. Better internet infrastructure to more affordability of smart devices. Currently, users are more attracted to smart devices like video doorbells, surveillance systems, voice assistance technology (such as Alexa, Siri, & google Home), smart locks, smart refrigerators, and ACs, & many others to propel the growth of the global home smart device market. Advancement in sensor technology, energy efficiency, and low carbon emission. The development of enhanced image sensors with increased sensitivity and noise reduction capabilities has substantially aided the growth of the global smart home market. As a result, cell phones can be used to monitor & control Bluetooth-enabled devices, ZigBee and other new technologies have emerged as viable options for monitoring smart home devices. Hence, these are the factors that will significantly drive the global smart home device market during the forecast period.

 

Restraining Factors

Major difficulties such as data security, privacy, and interoperability hamper the global smart home device market growth in forecast. The initial high cost for installment of the smart device restrains growth of the Smart Home Devices industry. Failure or disconnection may cause a host of problems for houses in terms of cost and technical difficulty. Hence, these factors are hindering growth of the global smart devices market over time.

 

Market Segmentation

The global smart home devices market share is classified into product type, technology, platform/virtual assistant, and sales channel.

 

• The security and access control segment is expected to hold the largest share of the global smart home devices market during the forecast period.

Based on the product type, the global smart home devices market is divided into lighting control, security & access control, HVAC control, entertainment & other controls, smart kitchen, home appliances, smart furniture, and others. Among these, the security and access control segment is expected to hold the largest share of the global smart home devices market during the forecast period. The segmental growth can be attributed to the rising demand for security and safety concerns. In this segment contains products such as surveillance cameras, biometric access control systems, and intrusion detection systems, which are widely accepted in residential, commercial, and industrial sectors.

 

• The wireless segment is expected to hold the largest share of the global smart home devices market during the forecast period.   

Based on the technology, the global smart home devices market is divided into wireless and wired. Among these, the wireless segment is expected to hold the largest share of the global smart home devices market during the forecast period. The growth can be attributed to the strong internet infrastructure and rising adoption of wireless protocols. Wireless smart devices such as ZigBee, Wi-Fi, Bluetooth, Z Wave, others provide capabilities and services such as mobile connectivity, and location-independent communication allowing for smooth communications & remote control.

 

• The google assistant segment is expected to hold the largest share of the global smart home devices market during the forecast period.

Based on the platform/virtual assistant, the global smart home devices market is divided into amazon google assistant, Alexa, Samsung, Bixby, apple Siri, and others. Among these, the google assistant is expected to hold the largest share of the global smart home devices market during the forecast period. The growth can be attributed to google assistant has become a more popular choice for consumers looking to automate and control their home’s smart devices. Google Assistant which allows users to control and manage all smart home devices through voice commands.

 

• The indirect segment is expected to hold the largest share of the global smart home devices market during the forecast period.

Based on the sales channel, the global smart home devices market is divided into direct and indirect. Among these, the indirect is expected to hold the largest share of the global smart home devices market during the forecast period. The growth can be attributed to the smart home devices are being sold in both online and offline ways through indirect sales channels. Companies offer goods setup and installation services, allowing clients to shop online with assurance.

 

Regional Segment Analysis of the Global Smart Home Devices Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• Latin America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global smart home devices market over the predicted timeframe.

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North America is anticipated to hold the largest share of the global smart home devices market over the predicted timeframe. The growing use of smart security systems, which provide homeowners with real-time monitoring and alarms via linked devices, is propelling the regional growth of the smart home device market. The growing use of smart security systems, provides homeowners with real-time monitoring and alarms via linked devices. The region has a high adoption rate of smart home devices, which is fueled by factors such as high disposable income, increased knowledge of the benefits of smart home technology, and rising desire for connected and energy-efficient houses

 

Asia Pacific is expected to grow at the fastest pace in the global smart home devices market during the forecast period. With the region's increasing population with changing urban lifestyle, maintaining homes must be convenient and efficient, which is likely to boost market expansion. The presence of key market players and startups that are developing innovative smart home devices and solutions to boost the smart home device market.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global smart home devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of overall competition within the market.

 

List of Key Companies

• Johnson Controls International plc
• Raytheon Technologies Corporation
• SkyBell Technologies Inc
• Robert Bosch GmbH
• Sony Corporation
• Schneider Electric
• Google LLC
• Honeywell International, Inc.
• Samsung Electronics Co., Ltd.
• Midea Group
• LG Electronics
• Siemens AG
• Amazon
• ADT
• Apple Inc.
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In September 2022, Amazon.com announced the launch of the ring spotlight cam pro, ring spotlight cam plus, and 2nd gen ring alarm panic button, which use radar and 3D motion detection for security and access management.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global smart home devices market based on the below-mentioned segments: 

 

Global Smart Home Devices Market, By Product Type

• Lighting Control
• Security & Access Control
• HVAC Control
• Entertainment & Other Controls
• Smart Kitchen
• Home Appliances
• Smart Furniture
• Others

 

Global Smart Home Devices Market, By Technology

• Wireless
• Wired

 

Global Smart Home Devices Market, By Platform/Virtual Assistant

• Amazon Alexa
• Google Assistant
• Apple Siri
• Samsung Bixby
• Others

 

Global Smart Home Devices Market, By Sales Channel

• Direct
• Indirect

 

Global Smart Home Devices Market, By Region

• 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