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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Smart Home Market Size
The global smart home market is being aided by the growth of global smart home appliances market, which attained a value of nearly USD 52.01 billion in 2023. The global smart home appliances market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 15.0%.
Smart Home Market Outlook
- Voice-controlled virtual assistants like Amazon Alexa, Google Assistant, and Apple Siri have become central to the smart home experience.
- A major focus in market is on the integration of various devices to create a seamless and interoperable ecosystem.
- North America holds a major market share as the region due to the ongoing technological advancements.
Smart Home Market Growth Rate
A smart home is identified as a residence where appliances and devices are automated and can be controlled with an internet connection. A smart home allows the user to control and monitor various functions, such as security access, temperature, and lighting, among others remotely. It can be set up through a wireless or hard-wired system.
The growing upgradation of homes by adopting the latest technological advancements to aid in various applications is consequently augmenting the smart home market development. Moreover, the rising ownership and use of smart speakers, especially among the youth, for making living spaces more comfortable, relaxing, and multifunctional during home quarantine is providing further impetus to the smart home sector. Independent living among millennials and the gen-z population and their hectic lifestyles are also increasing the demand for smart home products, further aiding the market growth. In addition, smart home technology saves energy while providing great convenience; it is increasingly used by consumers to reduce carbon footprints. Moreover, smart homes can be installed easily and integrate with other devices while enhancing security, which, in turn, is further propelling the market growth.
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Key Trends and Developments
Integration and interoperability; voice control and virtual assistants; the adoption of emerging technologies; and the adoption of the Internet of Things are the major trends impacting the smart home market expansion
March 14th, 2024
IKEA expanded its offerings in the smart home device market by launching a new budget-friendly smart home product available for online purchase.
October 10th, 2023
Xiaomi, a technology company, introduced its new range of smart home essentials, including the Xiaomi TV A Pro Series, the Xiaomi Smart Band 8, and the Xiaomi Smart Kids Watch.
September 12th, 2023
Haier Appliances India, a global leader in home appliances, announced the release of its new AI-powered 959 Direct Motion Motor Fully Automatic Front Load Washing Machines in India.
July 18th, 2023
Philips has introduced its innovative range of smart home security cameras in India which integrates AI technology.
Integration and interoperability
There is a growing emphasis on ensuring that smart home devices can seamlessly integrate and communicate with each other to create a functional smart home ecosystem.
Voice control and virtual assistants
Voice-controlled virtual assistants like Amazon Alexa, Google Assistant, and Apple Siri are becoming central to the smart home experience.
The adoption of emerging technologies
Technologies such as artificial intelligence (AI) and machine learning identify users’ patterns and preferences and improve user experience which is expected to propel the market growth.
Adoption of the Internet of Things
The incorporation of (IoT) in automated devices, is escalating the preference of consumers for video-assisted technologies, video doorbells, and surveillance systems, among others.
Smart Home Market Trends
Voice-controlled virtual assistants such as Amazon Alexa, Google Assistant, and Apple Siri have become central to the smart home experience due to their ability to provide a convenient, hands-free way to interact with and control various smart home devices. For instance, voice assistants allow users to control smart home devices using simple voice commands, eliminating the need for manual switches or smartphone apps.
Market players in the smart home market are expanding their product portfolio by launching innovative and cost-effective smart home products. IKEA launched a new budget-friendly smart home product in March 2024, which is designed to cater to consumers looking for cost-effective solutions to integrate smart technology into their homes.
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Smart Home Industry Segmentation
“Smart Home Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
- Lighting Control
- Security and Access Control
- HVAC Control
- Entertainment
- Home Healthcare
- Smart Kitchen
- Home Appliances
- Smart Furniture
- Others
Market Breakup by Software and Services
- Proactive
- Behavioural
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Smart Home Market Share
Lighting control accounts for a major share as it offers efficient light solutions to users
Lighting control holds the highest share of the market. The popularity of smart lighting solutions is driven by their ability to provide energy efficiency, convenience, and enhanced ambience. Smart lighting systems allow users to remotely control their lights, set schedules, and even change the colour and intensity of the lighting. The integration of smart lighting with voice-controlled virtual assistants has further boosted its adoption.
Smart kitchen is anticipated to grow at a sizeable rate in the upcoming years. Smart kitchen devices like sous vide cookers, smart slow cookers, and connected coffee makers allow for precise control of cooking temperatures and times, ensuring perfect results every time. Additionally, the rising craze of smart refrigerators that can control the temperature based on the products, and Wi-Fi-enabled coffee machines, which enable a hassle-free way of making coffee, are increasing the market for a smart kitchen and further invigorating the overall market growth.
Proactive system maintains its dominance in the market as this system can operate without any manual input
Proactive systems hold the highest share of the smart home market and are designed to anticipate and respond to the needs of the household without requiring manual input or adjustments. For example, a proactive smart thermostat might use weather forecasts, the homeowner's schedule, and historical data to automatically adjust the temperature settings for optimal comfort and energy efficiency. Additionally, products like smart detectors and smart water leaks allow consumers to respond proactively, hence protecting the home from costly damage.
Behavioural systems are anticipated to gain significant growth in the smart home market in the forecast period. They rely on learning from the user's habits and behaviours over time to make adjustments. For example, a behavioural smart thermostat might learn when the house is typically occupied or when the temperature is usually adjusted and then automate those settings accordingly.
Leading Companies in Smart Home Market
The key players are forming partnerships with other technology providers, home builders, and service providers to gain a competitive edge in the market
Honeywell International, Inc. is a multinational conglomerate company that specialises in a variety of commercial and consumer products, engineering services, and aerospace systems.
Johnson Controls International. is a global diversified technology and industrial leader serving a wide range of customers in more than 150 countries and specialises in building products and technology.
Schneider Electric is a French multinational company specialising in energy management, automation solutions, and services for homes, buildings, data centres, and infrastructure.
Siemens AG, founded in 1847, is a German multinational conglomerate company and one of the largest industrial manufacturing companies in Europe.
Other key players include United Technologies Corporation, among others. Market players are actively engaged in a variety of strategies and initiatives to strengthen their positions, drive innovation, and meet the evolving needs of consumers.
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Smart Home Market Analysis by Region
North America holds a substantial share of the market due to the increasing number of region’s smartphone users with hectic lifestyles which is boosting the demand for enhancing convenience in homes, consequently aiding the market growth. Smart homes are gradually becoming more affordable and easier to use, due to which they are increasingly preferred by consumers to enhance the security of their homes. The development of customisable products based on specific consumer needs is also increasing the demand for smart home devices. Technological advancements that enable wireless communication are bolstering the demand for home theatre system control and smart home theatres to enhance the entertainment experience, therefore significantly contributing to the overall market growth.
The demand for the smart home market in the Asia Pacific region has been growing rapidly in recent years. The region is experiencing rapid urbanisation, with an increasing number of people moving to cities which is driving the demand for smart home solutions that offer convenience, security, and energy efficiency in compact urban living spaces.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Software and Services |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Smart Home Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global smart home market is being aided by the growth of global smart home appliances market, which attained a value of nearly USD 52.01 billion in 2023.
The global smart home appliances market is projected to grow at a CAGR of 15% between 2024 and 2032.
The market is driven by increasing internet penetration, growing adoption of smart devices, and rising demand for innovative home monitoring technology.
The key trends of the market include increasing digital advancements, rising demand for energy-efficient products, and increasing adoption of technology in home management applications.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various products of smart home in the market are lighting control, security and access control, HVAC control, entertainment, home healthcare, smart kitchen, home appliances, and smart furniture, among others.
The significant software and services in the market are proactive and behavioural.
The major players in the market are Honeywell International, Inc., Johnson Controls International., Schneider Electric, Siemens AG, and United Technologies Corporation, among others.
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