Smart Home Market is all set to become a billion-dollar industry with revenue growth of USD 133.01 bn through 2023-2027
Global Smart Home Market is a billion-dollar industry in the making with an accelerating growth momentum at a CAGR of 18.36 %. The market is estimated to swell up with revenue growth of USD 133.o1 Bn through 2023 till 2027. The rising consumer interest in home automation, an increase in crowdfunding campaigns, and the availability of a wide range of smart home products have prompted market expansion at such a massive scale.
Our market report captures the growth trajectory of the market and is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Request for sample report today.
Smart Home Market at a Glance
Navigating through the growth drivers: Home automation is notably driving the market growth of the Smart Home Market across the globe. Smart home devices such as smart thermostats and smart lighting devices come with great comfort and convenience, the proliferation of smart home devices has also augmented the adoption of home energy management systems (HEMS), with more consumers embracing this technology, as it aids in energy conservation, in addition to the convenience.
AI-enabled smart home controllers and smart hubs are a major reason for the growing adoption of smart and innovative appliances.
Devices such as Amazon Echo by Amazon.com is a smart hub voice-controlled devices capable of controlling Wi-Fi-connected home products be it appliances, gadgets, and electronics, including smart refrigerators and microwave ovens.
As smart appliances can be controlled using smartphones when it comes to market trends, the growing adoption of internet-enabled smartphones among consumers has also catalyzed market growth.
Fastest-Growing Segment in the Smart Home Market and fastest growing region: The home entertainment segment will witness significant growth during the forecasted time period with the incorporation of more advanced technology. North America is estimated to contribute 37% to the growth of the global market owing to the largest share of the global smart home market, primarily because of the increasing consumer inclination toward home automation.
Smart Home Market Vendor Analysis: Market players are also leaving no stone unturned for more and more market development with substantial investment in technology. Some of the prominent market players worth mentioning are ABB Ltd., Allegion Public Ltd. Co., Alphabet Inc.,Amazon.com Inc., Apple Inc., ASSA ABLOY AB, Comcast Corp., Honeywell International Inc., Hubbell Inc., Johnson Controls International Plc. Our report includes qualitative and quantitative analyses of vendors with a wider understanding of the business ecosystem.
Get a comprehensive report summary describing the market landscape in our data-backed report that captures the growth trajectory of the market.
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The market is segmented by Application (Home Entertainment, Smart appliances, Energy Management, Lighting control system and HVAC, and Safety and security system), Technology (Wireless and Wired), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
