Global Connected Home Devices Market Size Analysis - Market Share, Forecast Trends and Outlook Report (2024-2032)

Global Connected Home Devices Market Growth

Modern customers focus on lifestyle changes and are creating a smart ecosystem that enables them to simplify daily tasks and achieve greater effectiveness. In addition to smart home inclusion, connected home systems are becoming essential factors affecting the purchasing choices of fresh home buyers.

A major advancement is underway in products and systems designed to enhance and transform how people experience their homes. As these devices become more integrated and standardised in future residences, there is a strong increase in demand, further boosting the growth of the connected home devices industry.

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Global Connected Home Devices Market Analysis

The connected home devices market dynamics and trends are influenced by their ability to improve convenience through remote control via smartphones and voice commands on a global scale. They improve energy efficiency with smart thermostats and lighting, boost home security through real-time monitoring, and offer automation and customisation for user preferences.

Remote monitoring provides peace of mind, while integration with other smart devices creates a seamless ecosystem. Data collection helps personalise experiences, and voice control adds ease. Furthermore, these devices boost entertainment choices and elevate property value, attracting tech-savvy buyers and fuelling the demand for the connected home devices market.

Connected Home Devices Industry Outlook

According to industry reports, smartphone adoption in the United States is expected to grow from 84% in 2022 to 89% by 2030, a 5% increase. In the United Kingdom, the rate will rise from 85% to 91%, reflecting a 6% increase. Japan will see a significant jump from 73% to 93%, marking a 20% growth. Germany's adoption rate will go up by 11%, from 82% to 93%. In China, the adoption rate will rise from 81% to 93%, showing a 12% increase. France is expected to experience an 8% rise, growing from 86% to 94%. South Korea will continue to lead with a 10% increase, rising from 86% to 96%. This growth will further boost the connected home devices market revenue, as smartphones enable smooth control and integration of smart home systems through specialised apps and voice commands.

Moreover, mobile data traffic in the Asia Pacific region is projected to grow from 14 GB per month in 2023 to 53 GB per month by 2030, reflecting a CAGR of 21%. In Eurasia, data traffic is expected to increase from 13 GB to 41 GB per month, with a CAGR of 18%. Europe is set to experience significant growth, with monthly data traffic surging from 17 GB to 71 GB, achieving a CAGR of 22%. Greater China's mobile data traffic per connection is anticipated to rise from 13 GB to 54 GB per month, representing a 23% CAGR. Latin America is expected to experience a significant increase in data usage, rising from 7 GB to 32 GB per month, which represents a CAGR of 23%. This surge in data consumption will drive growth in connected home devices industry revenue, as higher data traffic facilitates the smooth functioning of smart home systems by enabling real-time communication, remote control, and data sharing among devices.

Further, according to the UN-Habitat Urban Indicator Database, the global urban population is projected to rise from 4.54 billion in 2022 to 6.61 billion by 2050, marking a 45.5% increase. In developed economies, the urban population will grow from 1.07 billion to 1.15 billion, with their urbanisation rate increasing from 79.7% to 86.6%. Developing economies will experience significant growth, with the urban population expanding from 3.47 billion to 5.45 billion and urbanisation rates rising from 52.3% to 65.1%. In Africa, the urban population is expected to more than double from 634 million to 1.46 billion. The Americas will see a moderate increase from 535 million to 654 million, raising their urbanisation rate from 81.5% to 87.7%. Asia and Oceania’s urban population will grow from 2.3 billion to 3.33 billion, with urbanisation rates climbing from 50.6% to 64.8%.

Increasing consumer interest in smart home technology drives connected home devices market growth.

• Innovations in IoT and AI enhance device functionality and integration.
• Devices offer improved energy management, security, and home automation.

Initial investment and maintenance expenses can be prohibitive for some consumers.

• Vulnerabilities in device security may lead to data breaches and privacy issues.
• Integration of diverse devices and systems can be technically challenging for users.

Emerging markets present new growth potential for connected home devices.

• Advances in technology can lead to new, innovative products and applications.
• Collaborations with tech companies and service providers can drive connected home devices demand growth.

Stricter regulations and standards could impact market dynamics and innovation.

• Rapid technological changes and numerous market players increase competition.
• Economic downturns could reduce consumer spending on non-essential technologies.

Key Players in the Global Connected Home Devices Market and Their Key Initiatives

Honeywell International Inc.

• Acquired Carrier's Global Access Solutions for $4.95 billion.
• Realigned portfolio around automation, future aviation, and energy transition.

Panasonic Corporation

• Launched "GREEN IMPACT PLAN 2024" 
• Introduced AI-powered connected home devices to capture the connected home devices market opportunities.

SAMSUNG ELECTRONICS Co., Ltd.

• Integrated AI chips into all its home appliances.
• Collaborated with LG and Vestel to enable control of third-party smart appliances.

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Global Connected Home Devices Industry Segmentation

Connected Home Devices Market Share

Factor such as the increasing demand for the implementation of multiple connected home appliances across the globe is expected to intensify the global connected home devices market. In addition, the high availability of home broadband connectivity is anticipated to drive the development of the global market for connected home devices in the years ahead. Furthermore, the growing adoption of multiple cloud-based techniques enhanced with home appliances is expected to be the dynamic factor behind the development of the connected home devices industry growth over the forecast period.

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Leading Companies in the Connected Home Devices Market

The companies provide innovative solutions in automation, building technologies, and safety.

• Analog Devices, Inc.  
• Honeywell International Inc.    
• Panasonic Corporation   
• SAMSUNG ELECTRONICS Co., Ltd.  
• Siemens AG  
• Sony Group Corporation   
• GE Lighting (Savant Technologies LLC) 
• Johnson Controls International plc 
• LG Electronics 
• Schneider Electric SE