Smart Home Technologies Market Projected to Reach $166.7 Billion by 2028: BCC Research

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Mar 01, 2024, 10:01 ET

BCC Research Study Anticipates Robust Growth in Smart Home Technologies Market, with a Compound Annual Growth Rate (CAGR) of 10.3% Expected from 2023 to 2028, Surpassing $166.7 Billion by the End of the Forecast Period

BOSTON, March 1, 2024 /PRNewswire/ -- Step into the world of Smart Home Technologies: Global Markets, where innovation meets convenience and transforms the way we live. From lights that respond to your voice commands to security systems that ensure peace of mind, smart homes are redefining our relationship with technology. Imagine walking into a room and the lights coming on automatically or unlocking your door with just a tap on your phone – these are just a glimpse of the incredible possibilities this market offers. With companies worldwide creating new and exciting ways to make our homes safer, more efficient, and simply more enjoyable, there's something here for everyone. Whether you dream of a home that knows your preferences or one that can entertain you with a simple command, this global market promises to make your vision a reality.

"According to the latest research study, the demand for Smart Home Technologies: Global Markets expected to increase from $102.3 billion in 2023 to $166.7 billion by the end of 2028 at a compound annual growth rate (CAGR) of 10.3% during the forecast period 2023 to 2028."

This report offers a thorough examination of the worldwide smart home technologies market, focusing on networking technology, components, applications, and geographic regions. It provides an overview of global market trends, using 2022 as a baseline and projecting estimates for 2023 through 2028, including forecasts of Compound Annual Growth Rate (CAGR). Additionally, it discusses technological advancements, regulations, competition, economic factors, major drivers, regional dynamics, and current industry trends. The report concludes with detailed profiles of key vendors in the global smart home technologies market.

Voice-controlled smart home devices like Amazon's Alexa and Google Assistant are gaining popularity, simplifying tasks for millions of households. This surge highlights the increasing reliance on voice as a primary means of interacting with technology at home. Meanwhile, the advent of smart home security systems equipped with advanced computer vision and facial recognition is revolutionizing home security. These systems can distinguish between family members and intruders, offering customized alerts and bolstering security and convenience. Notably, software incorporating these technologies is expected to see rapid growth, at 11.5% during the forecast period. Additionally, the emphasis on interoperability and open standards in the smart home sector is fostering compatibility between devices from different brands, empowering consumers to create comprehensive smart home setups tailored to their preferences.

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Key Market Drivers of Smart Home Technologies: Global Markets:

Growing Acceptance of Smart Home Technology: simply means that more and more people are embracing and using smart devices in their homes. These devices can do cool things like controlling the lights with your voice or adjusting the thermostat from your phone. As technology improves and becomes more affordable, people are finding smart home gadgets helpful and convenient for everyday life. Whether it's for saving energy, increasing security, or just making life easier, the growing acceptance of smart home technology shows that it's becoming a normal part of modern living.
Enhanced Cellular Network and Internet Connectivity: mean that our phones and devices can connect to the internet faster and more reliably than before. This improvement allows us to do things like stream videos, make video calls, and download files more quickly without interruptions. With better connectivity, we can stay connected to the internet even in areas where signals were weak before. This enhancement makes it easier for us to use our devices wherever we are, making our online experiences smoother and more enjoyable.
Growing Impact of Early Adopters as Trendsetters: as Trendsetters means that people who try new things early on have a big influence on what becomes popular later. Early adopters are like pioneers who try out new technologies or trends before others. When they like something and start using it, their friends and family often follow suit. This trendsetting effect spreads the word and makes the new thing more popular. So, the choices of these early adopters can shape what becomes trendy or widely accepted in the future.
Increase in Demand for Convenience and Accessibility at Home: means that more people want things in their homes that make life easier and more convenient. This could be anything from smart devices that automate tasks like turning off lights to features that make homes more accessible for people with disabilities. As our lives get busier, we look for ways to save time and effort, and having convenient and accessible features in our homes helps us do just that.
Heightened Focus on Enhanced Energy Management Strategies and Practices: means that people are paying more attention to how they use energy and are looking for ways to use it more efficiently. This could involve things like using smart thermostats to regulate heating and cooling, switching to energy-efficient appliances, or installing solar panels to generate renewable energy. By managing energy better, people can save money on their utility bills and reduce their environmental impact by using less electricity and gas.

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Report Synopsis

Report Metrics	Details
Base year considered	2022
Forecast Period considered	2023-2028
Base year market size	$93.5 billion
Market Size Forecast	$166.7 billion
Growth Rate	CAGR of 10.3% for the forecast period of 2023-2028
Segment Covered	Networking Technology, Component, Application, Region
Regions covered	North America, Europe, Asia-Pacific, Rest of the World (RoW)
Key Market Drivers	• Growing Acceptance of Smart Home Technology • Enhanced Cellular Network and Internet Connectivity • Growing Impact of Early Adopters as Trendsetters • Increase in Demand for Convenience and Accessibility at Home • Heightened Focus on Enhanced Energy Management Strategies and Practices

Report Segmentation & Focus Areas:

Networking Technology: Networking technology refers to how devices in a smart home connect and communicate. Wireless systems, like Wi-Fi and Bluetooth, enable devices to link without physical cables. Wired systems use cables for connections, offering reliability but may require installation. Computing networks integrate devices through shared servers or the internet. Power lines facilitate communication through electrical wiring. Other methods may include emerging technologies or proprietary systems designed for specific purposes.

Component: Components in smart home technology are the essential building blocks that make everything work smoothly. Hardware includes physical devices like smart speakers and sensors. Software comprises the programs and applications that control these devices, enabling them to perform various tasks. Services encompass the support, maintenance, and additional features provided by companies to enhance the functionality of smart home systems. Together, these components form the backbone of the smart home ecosystem, creating seamless and interconnected experiences for users.

Application: Applications in smart home technology represent the different functions and uses of smart devices within a household. Safety and surveillance applications include security cameras and motion sensors to protect homes from intruders. HVAC systems regulate heating, ventilation, and air conditioning for comfort and energy efficiency. Entertainment applications involve smart TVs and audio systems for immersive media experiences. Lighting controls enable users to adjust brightness and colour for ambiance and energy savings. Fire safety devices detect and respond to smoke or carbon monoxide threats. Elevator and parking systems streamline transportation and convenience within smart buildings. Water management solutions monitor and control water usage to prevent waste and damage. Other applications may include health monitoring, smart appliances, or home automation for specific tasks. Together, these applications enhance convenience, efficiency, and safety in modern homes.

this report on the smart home technologies: global markets provide comprehensive insights and analysis, addressing the following key questions:

What is the projected market size and growth rate of the market?

The market is projected to reach $ 166.7 billion by 2028, growing at a CAGR of 10.3%
What are the key factors driving the growth of the market?

The key factors driving the market include the growing acceptance of smart home technology, enhanced cellular network and internet connectivity, increasing influence of early adopters, increase in demand for convenience and accessibility at home, increasing usage of managed smart home services, increasing awareness of energy management, etc.
What segments are covered in the market?

By Networking Technology
By Component
By Application
By Region
By Networking Technology, which segment will dominate the market by the end of 2028?

By Networking Technology, Wireless segment is expected to dominate the market by the end of 2028.
Which region has the highest market share in the market?

North America holds the highest share of the global market.

Some of the Key Market Players Are:

ABB LTD.
ACUITY BRANDS INC.
ADVANTECH CO. LTD.
AMAZON.COM INC.
APPLE INC.
ASSA ABLOY AB
CLIPSAL ELECTRIC PTY LTD. (SCHNEIDER ELECTRIC SE)
CONTROL4 CORP. (SNAP ONE LLC)
CRESTRON ELECTRONICS INC.
CYTECH TECHNOLOGY PTE. LTD.
CENTRICA PLC
GENERAL ELECTRIC
GOOGLE INC. (ALPHABET INC.)
HONEYWELL INTERNATIONAL INC.
IBM CORP.
INGERSOLL-RAND
JOHNSON CONTROLS INTERNATIONAL PLC
LEGRAND S.A.
LUTRON ELECTRONICS CO. INC.
SIGNIFY HOLDING
SAVANT SYSTEMS INC.
SCHNEIDER ELECTRIC SE
SIEMENS
SYNAPSE WIRELESS INC.
TELETASK BVBA
VIVINIT INC.

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