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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Smart Home Market Report Snapshots
Smart Home Market Regional Analysis
*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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