$205.6+ Billion Worldwide Smart Homes Industry to 2031 - Rising Adoption of Smart Devices is Expected to Propel Growth

DUBLIN, Feb. 14, 2023 /PRNewswire/ -- The "Smart Homes Global Market Report 2022" report has been added to  ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global smart homes market.

The global smart homes market is expected to grow from $76.95 billion in 2021 to $91.79 billion in 2022 at a compound annual growth rate (CAGR) of 19.3%. The smart homes market is expected to grow to $205.61 billion in 2026 at a CAGR of 22.3%.

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Some major players in the smart homes market are Honeywell International Inc, Siemens AG, Johnson Controls International, Schneider Electric SE, United Technologies Corporation, Amazon Inc, Apple, Google, Robert Bosch GmbH, Samsung Electronics, LG Electronics, Sony Corporation, Control4 Corporation, Comcast Corporation, Lutron Electronics Co. Inc, Legrand SA, Smart home Inc, General Electric Company, Ingersoll-Rand PLC, Delta Controls, Axis Communications, Crestron Electronics, SimpliSafe, Armorax and Canary.

The smart homes market consists of sales of smart home solutions by entities (organizations, sole traders, and partnerships) that are defined as a system that connects with the appliances in the house for automating various tasks. Smart homes offer homeowners comfort, security, energy efficiency, and convenience by allowing them to control their smart devices. They are remotely controlled through a smart home app on the smartphone or various other networked devices.

The main types of smart homes are lighting control, security and access control, heating, ventilation, and air conditioning (HVAC) control, entertainment control, and other controls, smart speaker, home healthcare, smart kitchen, home appliances, and smart furniture. Lighting controls refer to a group of smart lighting systems that can control the amount, quality, and characteristics of light in a specific area.

They come in behavioral and proactive software and services and are sold by direct, and indirect channels. The technologies used are wireless technology and cellular network technology that has various standards and protocols such as wireless protocols, wired protocols, and hybrid protocols.

Asia Pacific was the largest region in the smart homes market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in smart homes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The growing adoption of smart devices is expected to propel the growth of the smart home market. Smart devices are defined as the objects used in everyday life, that is made intelligent through advanced computing techniques such as machine learning and artificial intelligence, that are networked to form the internet of things. These smart home devices can be interconnected and accessed through laptops, smartphones, tablets, or others.

For instance, according to MediaPost, a US-based integrated publishing and conference company, 15% of households across the world are predicted to have a smart home device installed by 2023. Moreover, 69% of households in the US have at least one smart device. Therefore, the rising adoption of smart devices is driving the growth of the smart homes market.

Technological advancements are shaping the smart homes market. Technological advancement is defined as a discovery of knowledge that advances technology and provides enhanced products to the customers. New technologies such as IoT are used to provide comfort and reliability to the users.

For instance, in September 2020, Sunroof, an India-based provider of solar energy solutions and (Internet of Things) IoT smart energy solutions, launched zunpulse smart devices. The zunpulse is designed for safeguarding the customers and making their life more comfortable and secure. The new range of devices launched includes a smart energy monitor, smart plug, smart camera, smart security system, smart AC remote, smart energy monitor, smart video doorbell, smart LED bulbs, and, smart TV remote.

In October 2021, Nice SpA, an Italy-based manufacturer of smart home, home and building, and security automation solutions, acquired Nortek Security And Control LLC for $285 million. With this acquisition, Nice SpA aims at expanding its portfolio to provide a full suite of integrated solutions for commercial, residential, government, and industrial customers that offer high-security applications and professionally installed specialized products.

Nortek Security And Control LLC is a US-based developer of technology for home automation, power, control, security, access control, entertainment, artificial intelligence, and health systems for commercial and residential markets.

The countries covered in the smart homes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Report Metrics:

Key Topics Covered:

1. Executive Summary

2. Smart Homes Market Characteristics

3. Smart Homes Market Trends And Strategies

4. Impact Of COVID-19 On Smart Homes

5. Smart Homes Market Size And Growth
5.1. Global Smart Homes Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Smart Homes Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Smart Homes Market Segmentation
6.1. Global Smart Homes Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Lighting Control
• Security And Access Control
• Heating, Ventilation, And Air Conditioning (HVAC) Control
• Entertainment Control And Other Controls
• Smart Speaker
• Home Healthcare
• Smart Kitchen
• Home Appliances
• Smart Furniture

6.2. Global Smart Homes Market, Segmentation By Software and Services, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Behavioural
• Proactive

6.3. Global Smart Homes Market, Segmentation By Sales Channel, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Direct
• Indirect

6.4. Global Smart Homes Market, Segmentation By Technology, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Wireless Technology
• Cellular Network Technology

6.5. Global Smart Homes Market, Segmentation By Standards and Protocols, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Wireless Protocols
• Wired Protocols
• Hybrid Protocols

7. Smart Homes Market Regional And Country Analysis
7.1. Global Smart Homes Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Smart Homes Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/erl8de-homes?w=5

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