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, prompting vendors to form strategic partnerships to capitalize on this opportunity. Smart home product and system manufacturers are collaborating with technology providers, home automation platform providers, and other market participants to ensure interoperability with other home automation solutions. For instance, in April 2022, Samsung Electronics announced a partnership with ABB Group, a leading global provider of power and automation technologies, to make Samsung SmartThings integration available in more homes and structures. This trend of increasing collaborations and alliances is expected to continue as market participants seek to expand their offerings and cater to the evolving needs of consumers in the smart home sector. 

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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

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Research Analysis Overview

In the burgeoning smart home market, various players including retailers, integration specialists, home technology professionals, and consultants, are facilitating the transition to connected homes. The smart home ecosystem encompasses a home network, network security, data storage solutions like cloud storage, and prioritizes privacy to mitigate risks of data breaches and hacking. Connected cars and smart cities are extensions of this ecosystem. Home automation solutions and devices, along with software, infrastructure, voice recognition technology, facial recognition technology, biometric security, and advanced technologies like natural language processing, machine learning algorithms, deep learning, predictive maintenance, energy efficiency optimization, open APIs, and developer communities, are shaping the future of home living.

Market Research Overview

The Smart Home Market, encompassing smart lighting, thermostats, home security systems, appliances, automation, voice control, and remote access, is a significant segment of Technavio's global Technology Hardware, Storage, and Peripherals Market analysis. This market falls under the broader IT sector, which includes manufacturers of cellular phones, personal computers, servers, and peripherals, as well as data storage components and other hardware. Technavio sizes this market based on revenue generated from sales of these advanced devices and components. Key growth drivers for the Technology Hardware, Storage, and Peripherals Market include the increasing 4Vs (Volume, Velocity, Veracity, and Variety) of data, necessitating advanced data storage solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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