Smart Home Market size to grow by USD 133.01 billion from 2022 to 2027, Growth Driven by Growing consumer interest in home automation – Technavio

The potential growth difference for the smart home market between 2022 and 2027 is USD 133.01 billion. The Smart Home Market is rapidly expanding, driven by increased consumer fascination with home automation.

New York, Jan. 10, 2024 (GLOBE NEWSWIRE) — The smart home market by application (home entertainment, smart appliances, energy management, lighting control system and HVAC, and safety and security system), technology (wireless and wired), and geography (North America, Europe, APAC, Middle East and Africa, and South America) – Forecast and Analysis 2023-2027″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the smart home market between 2022 and 2027 is USD 133.01 billion. The Smart Home Market is rapidly expanding, driven by increased consumer fascination with home automation. This rise is evident in the increasing adoption of Smart Thermostats, Security Systems, Energy Management solutions, Wearable Devices, and Entertainment Systems within households. Integrating Smart Speakers and Home Platforms further amplifies this trend. As consumers prioritize convenience, efficiency, and connectivity, the market experiences robust growth, reflecting the evolving lifestyle preferences centered around seamless, automated home experiences. For brief insights on market size, current market, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Trend

The Smart Home Market is witnessing emerging trends owing to rising smartphone penetration and enhanced internet speeds. This evolution paves the way for increased adoption of Digital Assistants, IoT Devices, and Intelligent Appliances. Furthermore, Voice Assistants, Smart Hubs, Automated Blinds, Smart Door Locks, Wireless Sensors, Ambient Intelligence, and Smart Plugs leverage the benefits of these advancements. With heightened connectivity and accessibility, these trends redefine the landscape of smart living experiences.

Market Challenge

The Smart Home Market faces a significant hurdle in ensuring comprehensive network coverage, hindering its growth trajectory. This challenge directly impacts IoT Connectivity, Remote Monitoring, Home and Health Monitoring, Intelligent Irrigation Systems, Smart Mirrors, Blockchain integration, and Connected Lighting, HVAC Systems, and Cameras. The reliance on seamless connectivity for efficient operations, energy management, and remote access poses a barrier, demanding robust solutions to optimize and expand network coverage for a truly interconnected smart home experience.

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The smart home market is segmented by application (home entertainment, smart appliances, energy management, lighting control system and HVAC, and safety and security system), technology (wireless and wired), and geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• The smart home market share growth by the home entertainment segment will be significant during the forecast period. Technological development and the creation of utility for smart speakers in the Smart Home Market have been given a great opportunity by advances in voice assistant functionality and technical skills, such as Google Home1.

• North America is estimated to contribute 37% to the growth of the global market during the forecast period.

View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the smart home market:

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 International Plc., Legrand SA, LG Corp., Lutron Electronics Co. Inc., Panasonic Holdings Corp., Raytheon Technologies Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schneider Electric SE, Snap One LLC, Vivint Smart Home Inc

Related Reports:

The smart home appliances market is estimated to grow at a CAGR of 14.45% between 2022 and 2027. The size of the market is forecast to increase by USD 39.91 billion. 

The smart home cameras market size is estimated to grow at a CAGR of 14.88% between 2022 and 2027. The market size is forecast to increase by USD 3,991.67 million. 

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