Smart Home Market to expand by USD 188.3 Billion (2024-2028), driven by rising interest in home automation, with a report on AI-driven transformation - Technavio

NEW YORK, Dec. 4, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global smart home market size is estimated to grow by USD 188.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 21.21% during the forecast period. Growing consumer interest in home automation is driving market growth, with a trend towards rising number of strategic partnerships and alliances. However, increase in issues related to interoperability poses a challenge. Key market players include 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, Legrand SA, LG Corp., Lutron Electronics Co. Inc., Panasonic Holdings Corp., RTX Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schneider Electric SE, Snap One LLC, and Vivint Inc..

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Key Market Trends Fueling Growth

The smart home market is experiencing significant growth, driven by trends in home monitoring, energy-saving, and convenience. The smart home industry offers various solutions, including safety and security systems, lighting and temperature control, audio/video systems, and access control. Smart home devices, such as lighting controllers, cameras, and intrusion detection systems, are becoming increasingly popular. Compatibility issues with different IoT platforms and devices are being addressed through proactive software and behavioral versions. Modular kitchens, house batteries, high-power solar inverters, smart electrical panels, EV chargers, and connected electrical outlets are also gaining traction. The market is witnessing the integration of AI and machine learning into various appliances, including smartphones, digital assistants, and virtual assistants. However, cyberattacks and security threats are concerns for standalone smart devices. IoT connections and 5G technology are enabling the integration of various smart devices, from smart speakers and Bluetooth speakers to smart TVs and entertainment centers. Semiconductors are a critical component in the development of these devices. The smart home market caters to the needs of over 4.5 billion Internet users, offering solutions for energy management, home automation, and security. Smart features are now common in appliances, from smart thermostats and smart sprinkler systems to smart bulbs and smart meters. Carbon emission reduction is a key focus area, with smart composters and smart power strips helping homeowners save energy. Security cameras, Wi-Fi, and Bluetooth are essential technologies for smart home systems, ensuring peace of mind for homeowners. 

The smart home market is experiencing significant growth, attracting numerous vendors to form strategic partnerships. Smart home product and system manufacturers collaborate with technology providers and home automation platform providers to ensure interoperability with other solutions. In April 2022, Samsung Electronics announced a partnership with ABB Group to expand the reach of Samsung SmartThings integration. Such collaborations increase, contributing to the expansion of the smart home market. 

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Market Challenges

• The smart home market is experiencing rapid growth as more consumers seek home monitoring, energy-saving solutions, and enhanced convenience. The smart home industry offers safety and security through intrusion detection systems, access control, and smart surveillance systems. Lighting and temperature control, as well as audio/video systems, provide added comfort and entertainment. Compatibility issues with various IoT devices, such as modular kitchen appliances, house batteries, high-power solar inverters, smart electrical panels, and EV chargers, can be challenging. Proactive software, behavioral versions, and machine learning technologies help address these issues. Cyberattacks and security threats are concerns for standalone smart devices like cameras, smart lights, streaming devices, dishwashers, and smart TVs. IoT platforms, 5G technology, and semiconductors play a crucial role in connecting and powering these devices. Home automation and control systems require smartphones, digital assistance, and virtual assistants for seamless integration. Bluetooth speakers and blockchain technology add to the market's diversity. Carbon emission reduction is a growing focus, with smart thermostats, smart sprinkler systems, smart bulbs, smart meters, smart composters, and smart power strips leading the way.
• The global smart home market is experiencing significant growth, with vendors focusing on creating dependable home automation solutions for various applications, including energy management, lighting control systems, home entertainment, HVAC, smart appliances, and safety and security systems. To meet the increasing demand for smart home systems and products, vendors are consistently upgrading their offerings to maintain a competitive edge. However, compatibility issues between smart home devices can negatively impact both customers and manufacturers. Some devices have encountered challenges with Wi-Fi connectivity, video feed, and video streaming. The absence of connectivity can adversely affect product performance, leading to video streaming problems. Vendors are working diligently to address these concerns and ensure seamless integration of their devices for optimal user experience.

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Segment Overview 

This smart home market report extensively covers market segmentation by

1. Application 
• 1.1 Home entertainment
• 1.2 Smart appliances
• 1.3 Energy management
• 1.4 Lighting control system and HVAC
• 1.5 Safety and security system
2. Technology 
• 2.1 Wireless
• 2.2 Wired
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Home entertainment- The home entertainment segment leads the global smart home market, driven by the widespread adoption of digital voice assistants or smart speakers. Smart speakers, such as Amazon Echo and Google Home, have revolutionized voice user interfaces, offering an easily accessible, user-friendly interface for entertainment and information retrieval. Applications include music playback, games, answering queries, weather updates, and setting alarms. Notable vendors like Alphabet, Amazon, IKEA Systems, Harman International, and SONOS are capitalizing on this trend, launching innovative products like Amazon's Echo Pop and Google's Nest Hub. In the realm of smart TVs, advancements in technology have led to features like on-demand content, internet browsing, voice or gesture control, and socializing in real-time. Key players like Xiaomi, Samsung, BBK Electronics, Sony, and LG are responding with innovative product launches, such as OnePlus' new Android smart TV and Xiaomi's Smart TV X series. These developments and the increasing demand for home entertainment systems will fuel the growth of the smart home market through the home entertainment segment.

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Research Analysis

The smart home market is experiencing rapid growth as more and more Internet users embrace the convenience, safety, and energy-saving benefits of IoT-connected devices. From home monitoring systems that keep an eye on temperature, lighting, and energy usage to advanced security systems that detect intrusions and provide real-time alerts, the smart home industry is revolutionizing the way we manage our homes. Smart lighting and temperature control systems offer energy savings and added convenience, while audio/video systems and streaming devices bring entertainment right into the living room. Smart home devices, including cameras, dishwashers, and even refrigerators, are being integrated with AI and machine learning capabilities to provide personalized experiences and automate daily tasks. However, with the increasing number of IoT connections, cybersecurity threats and potential cyberattacks are a growing concern. 5G technology is expected to further boost the growth of the smart home market by enabling faster and more reliable connectivity for IoT devices. Virtual assistants and digital assistance on smartphones and smart speakers add an extra layer of convenience, allowing users to control their homes with voice commands. The future of the smart home industry looks bright, with endless possibilities for innovation and integration of new technologies.

Market Research Overview

The smart home market is a rapidly growing industry that focuses on enhancing home living through technology. It offers various solutions for home monitoring, energy-saving, and convenience. Smart home systems include safety and security features such as intrusion detection, access control, and home automation control systems. Lighting and temperature control are essential components, along with audio/video systems and compatibility with various IoT devices. Smart homes utilize proactive software, machine learning, and artificial intelligence for behavioral versions. Modular kitchens, house batteries, high-power solar inverters, smart electrical panels, EV chargers, and connected electrical outlets are part of the energy-saving solutions. The market includes smart speakers, modular switches, and Internet users connected through IoT platforms. IoT devices, such as cameras, smart lights, streaming devices, dishwashers, and smartphones, offer digital assistance and virtual assistants. 5G technology and semiconductors enable faster connectivity and advanced functionality. However, cyberattacks and security threats are concerns, requiring security measures. Standalone smart devices like smart bulbs, smart meters, smart composters, smart power strips, and security cameras offer various smart features. Wi-Fi and Bluetooth connectivity are common for most devices. The smart home market encompasses various smart devices, including smart TVs, entertainment centers, and even smart surveillance systems. Carbon emission reduction is a priority, with smart thermostats, smart sprinkler systems, and smart bulbs contributing to energy efficiency. Smart home systems aim to provide a more convenient, secure, and energy-efficient living experience.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Home Entertainment
• Smart Appliances
• Energy Management
• Lighting Control System And HVAC
• Safety And Security System
• Technology
• Wireless
• Wired
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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