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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
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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