Smart Home Devices Market Size Worth USD 205.60 Billion in 2030 | Emergen Research

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Feb 22, 2023, 12:00 ET

VANCOUVER, BC, Feb. 22, 2023 /PRNewswire/ -- The Global Smart Home Devices Market is expected to grow at a CAGR of 10.4% during the forecast period, according to the latest analysis by Emergen Research. The market size of the Smart Home Devices Market was valued at USD 84.52 Billion in 2021 and is expected to reach USD 205.60 Billion in 2030. Smart home devices are electronic devices connected to the internet, allowing for remote access and control. These devices can be operated through mobile phones or other internet-enabled devices, making it possible for users to control them from anywhere, at any time.

Drivers:

The demand for home automation solutions and the growth of the Internet of Things (IoT) are key factors driving the growth of the Smart Home Devices Market. With the rise in consumer spending on technology and the increasing demand for convenience, safety, and energy efficiency, the adoption of smart home devices is on the rise. Smart home devices provide users with the ability to control their home appliances, lighting, security systems, and other systems remotely, using a smartphone or other internet-enabled device. This is driving the demand for smart home devices across the globe.

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Restraints:

The high initial cost of smart home devices is one of the major factors restraining the growth of the market. The cost of smart home devices is higher than traditional devices, making them less affordable for many consumers. Additionally, the lack of standardization of smart home devices and the security concerns related to the use of such devices may hinder market growth.

Growth Projections:

The Smart Home Devices Market is expected to grow at a CAGR of 10.4% during the forecast period. The market size is projected to increase from USD 84.52 Billion in 2021 to USD 205.60 Billion in 2030. The growth of the market is driven by the increasing demand for convenience, safety, and energy efficiency, coupled with the growth of the Internet of Things (IoT).

Current Trends and Innovations:

The Smart Home Devices Market is undergoing gradual changes during the forecast period. Currently, there is a trend towards the development of new and advanced smart home devices that are more energy-efficient, cost-effective, and convenient. The introduction of voice-controlled smart home devices has also gained significant traction in recent years. Furthermore, the development of smart home automation systems that can be integrated with existing home appliances is a key trend driving the growth of the market.

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Strategic Initiatives:

Major companies included in the market report are Amazon Inc., Google LLC, Apple Inc., Samsung Electronics Co. Ltd., LG Electronics Inc., Sony Corporation, Xiaomi Corporation, ADT Inc., Control4 Corporation, and Honeywell International Inc.

These companies are increasingly investing in research and development of smart home devices to enhance their market presence and stay competitive. For instance, in October 2022, Amazon launched new Echo devices, including Echo Dot, Echo Dot with clock, and Echo Dot Kids, designed to provide a more personalized and improved user experience. Furthermore, in September 2022, Samsung Electronics launched the Samsung SmartThings Hub, an AI-powered smart home automation system that is designed to work with a range of smart home devices.

In conclusion, the Smart Home Devices Market is expected to witness significant growth during the forecast period, driven by the increasing demand for convenience, safety, and energy efficiency, and the growth of the Internet of Things (IoT). The trend towards the development of new and advanced smart home devices and the increasing investments in research and development by major companies are also expected to contribute to the growth of the market. However, the high initial cost and security concerns related to the use of smart home devices may act as a restraint to market growth.

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Scope of Research

Report Details	Outcome
Market Size in 2021	USD 84.52 Billion
CAGR (2022–2030)	10.4 %
Size forecast to 2030	USD 205.60 Billion
Base year for estimation	2021
Historical data	2019–2020
Forecast period	2022–2030
Quantitative units	Revenue in USD Billion and CAGR in % from 2022 to 2030.
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends.
Segments covered	Product, price range, sales channel, and region
Regional scope	North America; Europe; Asia Pacific; Latin America; Middle East & Africa.
Country scope	U.S., Canada, Germany, U.K., France, Spain, Rest of Europe, China, India, Japan, Rest of APAC, Brazil, Rest of LATAM, UAE, South Africa, Saudi Arabia, Rest of MEA.
Key companies profiled	SAMSUNG, LG Electronics, Honeywell International Inc., Koninklijke Philips N.V, Amazon.com, Inc., Robert Bosch GmbH, Apple Inc, Panasonic Holdings Corporation, Sony Corporation.
Customization scope	10 hours of free customization and expert consultation.

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Emergen Research has segmented the global smart home devices market on the basis of product, price range, sales channel, and region:

Product Outlook (Revenue, USD Billion; 2019–2030)

Fire Suppression
Lighting Control

Relays
Occupancy Sensors
Daylight Sensors
Timers
Dimmers
Switches
Accessories and Other Products

Security and Access Control

Video Surveillance
Hardware
Software/Video Analytics
Price Ranges

Access Control

Biometric Access Control
Non-Biometric Access Control

HVAC Control

Smart Thermostats
Sensors
Control Valves
Heating & Cooling Coils
Dampers
Actuators
Pumps & Fans
Smart Vents

Entertainment and Other Controls

Entertainment Control
Other Controls

Smart Speaker
Home Healthcare

Health Status Monitors
Physical Activity Monitors

Smart Kitchen

Smart Refrigerators
Smart Coffee Makers
Smart Kettles
Smart Dish Washers
Smart Ovens
Smart Cooktops
Smart Cookers

Home Appliances

Smart Washers
Smart Dryers
Smart Water Heaters
Smart Vacuum Cleaners

Smart Furniture

Smart Tables
Smart Desks
Smart Stools & Benches
Smart Sofas
Smart Chairs

Price Range Outlook (Revenue, USD Billion; 2019–2030)

Below USD 25 Smart Home Device
USD 25-50 Smart Home Device
Above USD 50 Smart Home Device

Sales Channel Outlook (Revenue, USD Billion; 2019–2030)

Online
Offline

Regional Outlook (Revenue, USD Billion; 2019–2030)

North America
a. U.S.
b. Canada
Europe
a. Germany
b. U.K.
c. France
d. Spain
e. Rest of Europe
Asia Pacific
a. China
b. India
c. Japan
d. Rest of APAC
Latin America
a. Brazil
b. Rest of LATAM
Middle East & Africa
a. UAE
b. South Africa
c. Saudi Arabia
d. Rest of MEA

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