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 influx of vendors seeking to capitalize on this opportunity. To stay competitive, smart home product and system manufacturers are forming strategic partnerships with technology providers, home automation platform providers, and other market participants. For instance, in April 2022, Samsung Electronics announced a collaboration with ABB Group, a leading global power and automation technologies company. This partnership will enable Samsung SmartThings integration in more homes and structures, expanding the interoperability of smart home solutions. Such alliances are becoming increasingly common as market participants aim to enhance their offerings and cater to the evolving needs of consumers in the burgeoning smart home market.

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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
Product Type
- Smart Lighting
- Smart Appliances
- Security Systems
End-User
- Residential
- Commercial
- Property Developers
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

Market Scope
Report Coverage	Details
Page number	215
Base year	2024
Historic period	2019-2023
Forecast period	2025-2029
Growth momentum & CAGR	Accelerate at a CAGR of 23.5%
Market growth 2025-2029	USD 255.2 billion
Market structure	market_structure.ucfirst
YoY growth 2024-2025(%)	18.8
Key countries	US, Canada, Japan, Germany, India, France, Italy, China, UK, and Spain
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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Research Analysis Overview

The Smart Home Market encompasses various technologies and solutions, including Connected Homes, Home Network Management, Smart Home Security, Energy Saving, Smart Home Control, Voice Activated Devices, Smart Home Monitoring, Home Automation Solutions, Smart Home Technology, and the Smart Home Future. It also offers Home Network Security, Smart Home Personalization, Customization, Accessibility, and Affordability. Smart Home Investment is a significant aspect, with Regulations and 5G integration shaping its development. Robotics is another emerging trend in this sector.

Market Research Overview

The Smart Home Market, encompassing Smart Home Devices, Home Automation, IoT Devices, Smart Assistants, and Voice Control, is a significant segment of the global Technology Hardware, Storage, and Peripherals Market. This market category, as per Technavio, contributes to the larger IT sector. The Technology Hardware, Storage, and Peripherals Market encompasses manufacturers of cellular phones, personal computers, servers, and associated components. Additionally, it covers data storage components, motherboards, audio-video cards, monitors, keyboards, printers, and other peripherals. Technavio sizes the Technology Hardware, Storage, and Peripherals Market based on revenue generated from hardware sales. Market expansion will be influenced by the increasing 4Vs of data - volume, velocity, veracity, and variety - primarily fueling the demand for advanced data storage solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

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/

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