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