Smart Homes Market to Surpass $196.5 Billion Revenue by 2030, Says P&S Intelligence

NEW YORK, Dec. 14, 2022 /PRNewswire/ -- The global smart homes market was worth around $82.0 billion in 2021, which is set to touch $196.5 billion by 2030, growing at a 10.2% CAGR from 2021 to 2030, according to P&S Intelligence. This is owing to the surging disposable income in emerging economies, mounting significance of remote home monitoring, escalating count of active internet users, and increasing acceptance of smart devices.

APAC Is Budding Hub for Smart Homes

The APAC region will advance at an 11.1% CAGR in the years to come. Product sales in the region are primarily driven by the rising demand for intelligent home appliances in developing nations, including India, China, and South Korea.

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North America is predicted to lead the industry in the coming years. The regional market is driven by the surging need for affordable and reliable home management systems, including cutting-edge security and safety systems.

Smart Entertainment Device Sales Continue To Boom Globally

Entertainment device sales account for the largest share, and they will also maintain their position in the coming years. This is a result of the broad variety of options provided by technology vendors for managing and operating home entertainment systems.

For example, Alexa, an Amazon device, gives news and sports scores, manages lights, TVs, and alarms and provides customers with other information.

Adoption of Technology Is Surging due to Development of Smart Cities

Various nations are applying policies of green building, thus creating great opportunities for intelligent residential appliances and related software vendors.

Future green construction projects would be outfitted with cutting-edge eco-friendly technologies, with an emphasis on energy saving. The significant steps taken by governments in various countries to promote the development of green buildings, as well as improve data communication technologies and associated devices, are driving the demand for such gadgets.

Use of Cost- and Energy-Efficient Home Appliances Is Growing

Through automated function settings and operations of smart gadgets, users may reduce energy usage and the bills.

Browse detailed report on  Smart Homes Market Share, Growth and Demand Forecast to 2030

The market is also expanding as a result of the sharp increase in the need for smart home healthcare solutions, expansion in the use of new technologies in homes, such as IoT, and the global need for less-carbon-emitting solutions.

One of the main factors contributing to the growth of the smart homes sector is the effective integration of automation technologies in domestic appliances by professional and managed service providers. A significant increase in the adoption of such solutions would be possible with the wide availability of professional services.

Global Smart Homes Market Report Coverage

By Product

• Lighting Control
• Relays
• Occupancy Sensors
• Daylight Sensors
• Timers
• Dimmers
• Switches
• Accessories and Other Products
• Security and Access Control
• Video Surveillance
• Hardware
• Cameras
• Storage Devices
• Monitors
• Other Accessories
• Software/Video Analytics
• Services
• Access Control
• Biometric Access Control
• Fingerprint
• Palm Recognition
• Iris Recognition
• Face Recognition
• Voice Recognition
• Non-Biometric Access Control
• Card-based Readers
• Multi-technology Readers
• Electronic locks
• Controllers
• HVAC Control
• Smart Thermostats
• Sensors
• Control Valves
• Heating & Cooling Coils
• Dampers
• Actuators
• Pumps & Fans
• Smart Vents
• Entertainment
• Audio & Volume Controls
• Home Theatre System Controls
• Touch Screen & Keypads
• 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

By Software & Services

• Behavioral
• Proactive

By Sales Channel

• Direct
• Indirect

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa
• U.A.E.

Browse More Reports Published by P&S

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 About P&S Intelligence

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SOURCE P&S Intelligence