Smart Homes Market - Forecast(2024 - 2030)

Report Code: ITR 0021 Report Format: PDF + Excel

Smart Homes Market Overview:

The Smart Homes Market size is estimated to reach $289 billion by 2030, growing at a CAGR of 14.5% during the forecast period of 2023–2030. Smart home technology is also known as "home automation," which provides homeowners with security, comfort, convenience and energy efficiency by allowing them to control smart devices.

Rising use of IoT-based electronic devices, increasing consumer demands for secure and convenient smart home technology and appliances and the adoption of wireless communication technologies are set to drive the Smart Homes Market growth. According to Security Today, India's smart home security camera market would grow 116% year-on-year by 2022. In Q2 of 2022, home security cameras grew 7%. The top brands such as Xiaomi and EZViZ put more efforts towards offline retail channels, which greatly increased their customer reach. This represents the Smart Home Industry Outlook.

Market Snapshot:

Smart Homes Market

Smart Homes Market - Report Coverage:

The “Smart Homes Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Smart Homes Market.

Attribute

Segment





























By Component

  1. Hardware § Security

  2. Video Surveillance System

           2.1 Cameras

           2.2 Storage Devices

           2.3 Monitors

           2.4 Servers

           2.5 Accessories & Others

  1. Access Control

3.1 Biometric Access Control

3.2 Facial Recognition

3.3 Iris Recognition

3.4 Fingerprint Recognition

3.5 Other & Home Automation

  1. Lighting Control

4.1 Relays

4.2 Occupancy Sensors

4.3 Timers

4.4 Dimmers

4.5 Switches

4.6 Others

  1. HVAC control

5.1 Smart Thermostat

5.2 HVAC Sensors

5.3 Control Valves

5.4 Dampers

5.5 Actuators

5.6 Pumps and Fans

5.7 Smart Vents

  1. Other Control

6.1 Smart Meters

6.2 Smart Plugs

6.3 Smart Locks

6.4 Smoke Detectors & Home Entertainment

  1. Smart Remote Control

  2. Smart Speakers

  3. Smart Hubs

  4. Smart TV

  5. Smart Projectors

  6. Streaming Devices

  7. Others & Home Healthcare

  8. Health Status Monitors

14.1 Fitness and Heart Rate Monitor

14.2 Blood Pressure Monitor

14.3 Blood Glucose Monitor

14.4 Continuous Glucose Monitor

14.5 Pulse Oximeter

14.6 Fall Detector § Physical Activity Monitors

  1. Smart Home Appliances

15.1 Smart Furniture

15.2 Smart Refrigerators

15.3 Smart Dishwashers

15.4 Smart Water Heaters

15.5 Smart Vaccum Cleaners

15.6 Smart Air Conditioner

15.7 Smart Laundry

15.8 Smart Oven

15.9 Smart Air Purifier

15.10 Others

  1. Services

  2. Energy Consumption & Management Services

17.1 Energy Efficiency Services

17.2 Ambient-Assisted Services

17.3 Energy Security Services

  1. Security Services

18.1 Fire Protection Services

18.2 Intrusion Detection Services

18.3 Assisted Living Services

  1. Healthcare Services

19.1 e-health Services

19.2 Emergency Response Services

  1. Entertainment Services

20.1 Communication Services

20.2 Streaming Services

20.3 Professional Installation Services

  1. Others









By Protocols & Standards

  1. Wired Protocols

1.1 UPB

1.2 X10

1.3 Bacnet

1.4 LonWorks

1.5 Dali

1.6 Modbus

1.7 Ethernet

1.8 KNX

  1. Wireless Protocols

2.1 Zigbee

2.2 Wi-fi

2.3 Bluetooth

2.4 Z-wave

2.5 Enocean

2.6 Thread

  1. Hybrid Protocols

3.1 Insteon

3.2 C-bus




By Sales Channel

  1. Direct Sales

  2. Mono Brands

  3. Supermarkets & Hypermarkets

  4. Department Stores

  5. Speciality Stores

  6. Online Retailers

  7. Others







By Geography

  1. North America (the US, Canada and Mexico)

  2. Europe (Germany, France, the UK, Italy, Spain, Russia, the Netherlands and the Rest of Europe),

  3. Asia-Pacific (China, Japan, South Korea, India, Australia, Indonesia, Malaysia and the Rest of Asia-Pacific),

  4. South America (Brazil, Argentina, Chile, Colombia and the Rest of South America)

  5. The Rest of the World (the Middle East and Africa).


COVID-19 / Ukraine Crisis - Impact Analysis: 

  • The COVID-19 pandemic positively impacted the Smart Homes Market. Demand for smart electronic devices increased as remote work conditions improved. Smart lighting, security and health devices with internet-connected remote monitoring systems were in high demand. However, the increased demand for smart home automation products post-pandemic would cause the smart home industry to grow.
  • The conflict between Russia and Ukraine resulted in significant losses of life and property. It also caused supply chain disruptions, a rise in commodity prices and a global impact on many markets. It also significantly affected the market for smart home hardware (displays, cameras, smart lighting, sensors and others).

Key Takeaways:

The Dominance of the North America Region

Geographically, North America held the largest Smart Homes Market share with 41% of the overall market in 2022. It is poised to dominate the market over the period 2023–2030. This is due to increased security concerns among consumers due to the availability of technologically advanced monitoring systems.

Hardware Segment Had the Largest Share

According to the Smart Homes Market forecast, the hardware segment held the largest market share in 2022, i.e., $61 billion and it is anticipated to reach $173 billion by 2030. This is due to the growing need for security & access control and the ongoing transition from traditional security cameras and other security devices to smart IoT-based security devices.

Increasing Accessibility of Interruption-free Internet Services

Based on Protocols and Standards, the wireless protocol segment is estimated to grow at the fastest CAGR of 15.4% during the forecast period of 2023–2030. The increasing switch to wireless communication technologies such as 5G technology with digitalization and enhancements in global internet services with fewer interruptions would drive the Smart Homes Market growth.

Increasing Demand for Aesthetic Home Interiors among Consumers

Advanced smart home automation, such as security & access control, entertainment and lighting control systems and HVAC control systems, comes in a variety of ranges and is loved by consumers due to its efficient service and aesthetic designs. According to a recent study, more than 220 million smart home devices were shipped worldwide in the third quarter of 2021. The majority of them were video entertainment devices, with 78.3 million units, which significantly contributed to market growth.

Initiatives by Global Authorities to Promote the Use of Energy-efficient Smart Devices

The world is widely transitioning towards sustainable resources and options for energy-efficient smart home products such as speakers, lighting systems and security systems. In August 2022, ETCIO stated in its article that in 2021, global shipments of smart speakers were estimated at 195 million units, followed by lighting and other connected devices. It also stated that the global installed base of smart home devices was estimated to exceed 2 billion by 2022.

Lack of Infrastructure and Internet Facilities in the Least Developed Countries to Hamper Market Growth

According to Smart Homes market analysis, lack of infrastructure is one of the primary factors hampering the market growth. As per the recent Connectivity in the Least Developed Countries (LCDs): Status Reports 2021, 46 LCDs with a combined population of 1.06 billion people are highly vulnerable due to low levels of human development. There is a significant gap in national transmission networks, Internet exchange points (IXPs) and data centres. The lack of basic facilities would not allow consumers to opt for smart home devices and would hamper the market's growth.

Smart Homes Market: Market Share (%) by Region, 2022


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Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Smart Homes Market. The top 10 companies in the Smart Homes Market are:

  1. ABBLtd(AC500-eCoV3)
  2. HoneywellInternationalInc.(T6PROSMARTTHERMOSTAT)
  3. SamsungElectronicsCo.Ltd.(Bixby)
  4. Control4Corporation(CA-10Controller)
  5. GeneralElectricCompany(CYNCSmartThermostat)
  6. SchneiderElectricSE(KNXsystem)
  7. SonyCorporation(BRAVIAXRMASTERSeriesZ9J)
  8. LGElectronics(LGThinQappliances)
  9. EmersonElectricCo.(Sensi™thermostat)
  10. SiemensAG(ConnectedHomesystem)

Scope of Report: 

Report Metric

Details

Base year considered

2022

Forecast period

2023–2030

CAGR

Growing at the rate of 14.5%

Market Size

289 billion USD

Segments Covered

Component, Protocols & Standards, Sales Channel and Region





Geographies covered

North America (the US, Canada and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, the Netherlands and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Indonesia, Malaysia and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and the Rest of the World (the Middle East and Africa).





Key Market Players

1. ABB Ltd.

2. Honeywell International Inc.

3. Samsung Electronics Co. Ltd.

4. Control4 Corporation

5. General Electric Company

6. Schneider Electric SE

7. Sony Corporation

8. LG Electronics

9. Emerson Electric Co.

10. Siemens AG.

Frequently Asked Questions:

i. What is the growth rate of the Smart Homes Market during the forecast period?

The Smart Homes Market is projected to grow at a CAGR of 14.5% during the forecast period 2023-2030.

ii. What is the predicted growth of the Global Smart Homes Market size from 2022 to 2030?

The global Smart Homes Market size is estimated to be $98 billion in 2022. It is projected to reach $289 billion by 2030.

iii. What are the leading market players in the Smart Homes Market?
ABB Ltd., Honeywell International Inc., Samsung Electronics Co. Ltd., Control4 Corporation and General Electric Company are some of the leading market players in the Smart Homes Market.

iv. What are the major trends that would shape the market in future?
The development of voice assistant technology, the growing adoption of video-enabled devices and the switch towards energy-efficient AI-based devices are some of the major trends in the Smart Homes market.

v. What are the driving factors and opportunities in the market?
Increasing import and export activities of smart devices, government initiatives to encourage people to switch to energy-efficient smart home devices and rising consumer inclination towards smart aesthetic home appliances are some of the drivers posing opportunities for the market.

Relevant Reports:

Smart Home Automation Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: ITR 67656

Smart Home Appliances Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: ESR 0138

Smart Energy Devices Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: ESR 0077

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1. Smart Homes Market Overview
    1.1 Definitions and Scope
2. Smart Homes Market – Executive Summary
3. Smart Homes Market – Market Landscape
    3.1 Company Benchmarking – Key Companies
    3.2 Key Company Financial Analysis
    3.3 Market Value split by Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis (Comparison of General Price Offerings in the Market)
4. Smart Homes Market – Startup Company Scenario (Premium)
    4.1 Investment
    4.2 Revenue
    4.3 Venture Capital and Funding Scenario
5. Smart Homes Market – Market Entry Scenario Premium (Premium)
    5.1 Regulatory Scenario
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Smart Homes Market – Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter’s Five Force Model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Smart Homes Market – by Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle Analysis
8. Smart Homes Market – by Component (Market Size - $Million/$Billion)
    8.1 Hardware
        8.1.1 Security
        8.1.1.1Video Surveillance System
        8.1.1.1.1 Cameras
        8.1.1.1.2 Storage Devices
        8.1.1.1.3 Monitors
        8.1.1.1.4 Servers
        8.1.1.1.5 Accessories & Others
        8.1.1.2Access Control
        8.1.1.2.1 Biometric Access Control
        8.1.1.2.2 Facial Recognition
        8.1.1.2.3 Iris Recognition
        8.1.1.2.4 Fingerprint Recognition
        8.1.1.2.5 Others
        8.1.2 Home Automation
        8.1.2.1Lighting Control
        8.1.2.1.1 Relays
        8.1.2.1.2 Occupancy Sensors
        8.1.2.1.3 Timers
        8.1.2.1.4 Dimmers
        8.1.2.1.5 Switches
        8.1.2.1.6 Others
        8.1.2.2HVAC control
        8.1.2.2.1 Smart Thermostat
        8.1.2.2.2 HVAC Sensors
        8.1.2.2.3 Control Valves
        8.1.2.2.4 Dampers
        8.1.2.2.5 Actuators
        8.1.2.2.6 Pumps and Fans
        8.1.2.2.7 Smart Vents
        8.1.2.3Other Control
        8.1.2.3.1 Smart Meters
        8.1.2.3.2 Smart Plugs
        8.1.2.3.3 Smart Locks
        8.1.2.3.4 Smoke Detectors
        8.1.3 Home Entertainment
        8.1.3.1Smart Remote Control
        8.1.3.2Smart Speakers
        8.1.3.3Smart Hubs
        8.1.3.4Smart TV
        8.1.3.5Smart Projectors
        8.1.3.6Streaming Devices
        8.1.3.7Others
        8.1.4 Home Healthcare
        8.1.4.1Health Status Monitors
        8.1.4.1.1 Fitness and Heart Rate Monitor
        8.1.4.1.2 Blood Pressure Monitor
        8.1.4.1.3 Blood Glucose Monitor
        8.1.4.1.4 Continuous Glucose Monitor
        8.1.4.1.5 Pulse Oximeter
        8.1.4.1.6 Fall Detector
        8.1.4.2Physical Activity Monitors
    8.2 Smart Home Appliances
        8.2.1 Smart Furniture
        8.2.2 Smart Refrigerators
        8.2.3 Smart Dishwashers
        8.2.4 Smart Water Heaters
        8.2.5 Smart Vaccum Cleaners
        8.2.6 Smart Air Conditioner
        8.2.7 Smart Laundry
        8.2.8 Smart Oven
        8.2.9 Smart Air Purifier
        8.2.10 Others
    8.3 Services
        8.3.1 Energy Consumption and Management Services
        8.3.1.1 Energy Efficiency Services
        8.3.1.2 Ambient Assisted Services
        8.3.1.3 Energy Security Services
        8.3.2 Security Services
        8.3.2.1 Fire Protection Services
        8.3.2.2 Intrusion Detection Services
        8.3.2.3 Assisted Living Services
        8.3.3 Healthcare Services
        8.3.3.1 E-health Services
        8.3.3.2 Emergency Response Services
        8.3.4 Entertainment Services
        8.3.4.1 Communication Services
        8.3.4.2 Streaming Services
        8.3.4.3 Professional Installation Services
    8.4 Others
9. Smart Homes Market – by Protocols & Standards (Market Size - $Million/$Billion)
    9.1 Wired Protocols
        9.1.1 UPB
        9.1.2 X10
        9.1.3 Bacnet
        9.1.4 LonWorks
        9.1.5 Dali
        9.1.6 Modbus
        9.1.7 Ethernet
        9.1.8 KNX
    9.2 Wireless Protocols
        9.2.1 Zigbee
        9.2.2 Wi-fi
        9.2.3 Bluetooth
        9.2.4 Z-wave
        9.2.5 Enocean
        9.2.6 Thread
        9.3 Hybrid Protocols
        9.3.1 Insteon
        9.3.2 C-bus
    9.4 Others
10. Smart Homes Market – by Sales Channel (Market Size - $Million/$Billion)
    10.1 Direct Sales
    10.2 Mono Brands
    10.3 Supermarkets/Hypermarkets
    10.4 Department Stores
    10.5 Speciality Stores
    10.6 Online Retailers
    10.7 Others
11. Smart Homes Market – by Geography (Market Size - $Million/$Billion)
    11.1 North America
        11.1.1 The U.S.
        11.1.2 Canada
        11.1.3 Mexico
    11.2 South America
        11.2.1 Brazil
        11.2.2 Argentina
        11.2.3 Chile
        11.2.4 Colombia
        11.2.5 The Rest of South America
    11.3 Europe
        11.3.1 Germany
        11.3.2 France
        11.3.3 The UK
        11.3.4 Italy
        11.3.5 Spain
        11.3.6 Russia
        11.3.7 The Netherlands
        11.3.8 The Rest of Europe
    11.4 Asia-Pacific
        11.4.1 China
        11.4.2 Japan
        11.4.3 South Korea
        11.4.4 India
        11.4.5 Australia
        11.4.6 Indonesia
        11.4.7 Malaysia
        11.4.8 Others
    11.5 The Rest of the World
        11.5.1 The Middle East
        11.5.2 Africa
12. Smart Homes Market – Market Entropy
    12.1 New product launches
    12.2 M&As, collaborations, JVs and partnerships
13. Smart Homes Market – Market Competition Landscape (Premium)
    13.1 Market Share Analysis
    13.1.1 Market Share by Component – Key Companies
    13.1.2 Market Share by Country – Key Companies
    13.1.3 Market Share by Region – Key Companies
    13.2 Competition Matrix
    13.3 Best Practices for Companies
14. Smart Homes Market – Key Company List by Country Premium (Premium)
15. Smart Homes Market – Company Analysis
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
* "Financials would be provided to private companies on best-efforts basis." 
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List of Tables

Table 1 Product Benchmarking
Table 2 Venture Capital Scenario
Table 3 Regulatory Framework
Table 4 Smart Bulbs, Product Benchmarking
Table 5 Smart Locks, By Connectivity 
Table 6 Smart Oven, Product Benchmarking
Table 7 Primary Sources:  U.S. Water System Market (Partial List)
Table 8 Secondary Sources for U.S. Water System Market (Partial List)


List of Figures

Figure1: Geography– Market Data
Figure2: Average Cost of IoT Sensors Value, 2014-2018 ($)
Figure3: By Application– Market Data
Figure4: No of Smart Home Investments, 2015-2018
Figure5: Smart Home Market Share, By Key Players, 2018 (%)
Figure6: Samsung Electronics Co Ltd
Figure7: Siemens AG
Figure8: Emerson Electric Co 
Figure9: Honeywell International Inc
Figure10: Smart Home: No of Patents Granted, 2015–2019*
Figure11: Smart Home, Granted Patents Share, By Country (%)
Figure12: Smart Home: No of Patents Granted, By Company (2015-2019*)
Figure13: AI & Natural Language Processing Investments Value, 2015–2018 ($m)
Figure14: Smart Homes Investments Share, By Technology 2018 (%)
Figure15: Smart Energy Investments Value, 2015–2018 ($m)
Figure16: Home Energy Consumption Share, By Type (%)
Figure17: No of Smart Home Investments, By Technology (2018)
Figure18: Average Financial Damage to Business due to Cyber Attacks, 2018 ($m)
Figure19: Smart Home Market, Value Chain Analysis
Figure20: Worldwide Internet Users, 2014-2018 (Bn)
Figure21: Smart Home Market Growth Rate- By Application, 2019-2025 (%)
Figure22: Increase in Disposable Incomes, 2018 (%)
Figure23: Smart Security and Safety Systems, Investments, 2013-2018 ($M)
Figure24: Number of Investment in Smart Audio Visual, 2014-2018
Figure25: Connected Health, Investments, 2014-2018 ($M) 
Figure26: Smart Energy, Investments, 2014-2018
Figure27: Connected IoT Devices, Forecast, 2016, 2022 (Billion)
Figure28: U.S. Natural Gas Price, 2016, 2018 ($/MBTU)
Figure29: Global Smart Home Market Growth Rate- By Technology, 2019-2025 (%)
Figure30: Total Ethernet Sales, ($bn), 2018
Figure31: Total Bluetooth Shipments, 2013–17(in billion)
Figure32: Percentage share of Wi-Fi (%), 2016
Figure33: Zigbee Share in Smart Lighting (%), 2018
Figure34: Infrared Sales increment (month wise), 2015(%)
Figure35: Global IoT Connections, 2015–18, (billion)
Figure36: Smart Homes Revenue generated, 2016
Figure37: Smart home protocol market share, 2018 (%) 
Figure38: Smart homes connected devices, 2015–18, (million)
Figure39: Adoption of Smart Broadband Devices in Households
Figure40: South America Smart Home Market CAGR, By Country, 2019-2025 (%)
Figure41: Europe Smart Homes Market CAGR, By Country, 2019-2025 (%)
Figure42: Energy savings in the UK from energy efficient smart home deployment, 2014-2018, (Mteo)
Figure43: Netherlands Unit Sales of Smart Home Controllers & Selected Smart Home Devices, 2014-2018
Figure44: Estimated shipments of Smart Devices in Europe (Million Units), 2015-2020 
Figure45: APAC Smart Home Market CAGR, By Country, 2019-2025 (%)
Figure46: Japan Current and future take-up of smart home products and services(%)
Figure47: India Usage of Smart devices by Applications, 2018(%)
Figure48: RoW Smart home Market CAGR, By Region, 2019-2025 (%)
Figure49: Smart Home Market Development Share, By Strategies, 2016-2019* (%)
Figure50: Breakdown of Primary Interviews, By Designation, %
Figure51: Breakdown of Primary Interviews, By Region, %