Latest News- Smart Home Market: Home entertainment is expected to lead the Application segment during 2025-2029

The Smart Home Market is being driven by Growing consumer interest in home automation

The Smart Home Market is expected to grow at a CAGR of 23.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 255.2 billion. The global smart home market is experiencing significant growth, attracting an increasing number of vendors to form strategic partnerships for product development and interoperability. Smart home product and system manufacturers are collaborating with technology providers, home automation platform providers, and other market participants to ensure their offerings are compatible with other solutions. Notable partnerships include Samsung Electronics' alliance with ABB Group in April 2022, enabling Samsung SmartThings integration in more homes and structures. These collaborations contribute to the expansion of the smart home ecosystem and the improvement of user experiences. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Home entertainment
  • Smart appliances
  • Energy management
  • Lighting control system and HVAC
  • Safety and security system
• Technology
  • Wireless
  • Wired
• Installation Type
  • New Construction
  • Retrofit
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing consumer interest in home automation
• Increase in crowdfunding campaigns
• Availability of wide range of smart home products

However, the market also witnesses some limitations, which are as follows:

• Increase in issues related to interoperability
• Growing security and privacy concerns
• Need for network coverage

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Market Scope in Smart Home Market Research Report

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Research Analysis Overview

The smart home industry is experiencing significant growth, with IoT connections and 5G technology driving innovation. Homeowners prioritize safety, security, and convenience through home monitoring systems, energy-saving lighting and temperature control, and AI-powered audio/video systems. IoT devices, such as cameras, smart lights, streaming devices, dishwashers, and more, offer machine learning and cybersecurity features to protect against intrusions and cyberattacks. Smartphones, digital assistance, and virtual assistants enable remote control and integration with these systems, enhancing the overall smart home experience.

Market Research Overview

The Smart Home Market, a segment of the global Technology Hardware, Storage, and Peripherals Market, encompasses home monitoring systems, energy-saving technologies, and smart solutions for safety, security, lighting, temperature control, and audio/video systems. Technavio, a leading technology research firm, sizes this market based on revenue generated from sales of related hardware devices, equipment, and components. Market expansion is fueled by the increasing 4Vs (Volume, Velocity, Veracity, and Variety) of data, necessitating advanced storage solutions, and the growing trend towards energy efficiency and enhanced convenience and security in residential properties.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/