The smart home services market size is projected to be valued at USD 7.5 billion in 2023 and is expected to rise to USD 31.41 billion by 2033. The sales of smart home services are expected to record a significant CAGR of 15.4% during the forecast period. Various trends influencing smart home services are:
Attributes | Details |
---|---|
Smart Home Services Market CAGR (2023 to 2033) | 15.4% |
Smart Home Services Market Valuation (2023) | USD 7.5 billion |
Smart Home Services Market Valuation (2033) | USD 31.41 billion |
According to Future Market Insights, a market research and competitive intelligence provider, the market value of the smart home service market increased at a CAGR of around 15.1% from 2018 to 2022.
Based on service, the integrated service is rapidly affecting the smart home service industry. This segment's revenue is expected to record a CAGR of 16.1% through 2033.
The increasing use of cognitive solutions in smart homes is driving up demand for maintenance and installation services, propelling the industry forward. Furthermore, the growing demand for energy management services is expected to drive market growth. Smart home services have witnessed tremendous improvements in recent years to provide optimal safety and comfort to occupants. As traditional technologies such as open protocols are taking a backseat, market players are keen on launching novel connective technologies and systems to facilitate advanced automation metrics.
These factors are indicative of lucrative growth prospects in the smart home services market during the forecast period. Furthermore, rapid advancements may lead the market towards a value of USD 31.41 billion with a progressive growth rate of 15.4% by 2033.
The increasing need for monitoring and robust security is likely to aid the growth of the smart home services business in the coming years. Smart homes improve entertainment capabilities such as content sharing and aid consumers in operating their entertainment equipment from remote places.
Additionally, the rising demand to reduce energy utility costs due to the adoption of gadgets in residences drives market expansion throughout the forecast period. Furthermore, the widespread use of smart lighting, smart outlets, smart fans, and smart ACs are more likely to drive the demand for smart home services in the coming years. Nonetheless, the high cost of smart home technology, as well as rising worries about privacy and abuse of smart home services, may be averse to industry growth. However, the robust connection provided by smart home services is expected to counteract the adverse impact of market restraints in the coming years.
According to Icontrol Network's 2015 'State of the Smart Home' research, around 46% of respondents claimed that entertainment is a significant component in smart home adoption. As a result, these factors are projected to fuel the growth of the worldwide smart home services industry over the forecast period.
The implementation of building automation components, particularly HVAC systems and renewable energy sources, improves the possibility to increase the energy efficiency quotient of buildings further than intended.
Increasing concerns regarding greenhouse emissions and frequent climatic changes have urged manufacturers to implement BAS (breach and attack system) to smartly monitor and control electricity consumption in residential and commercial complexes.
By integrating these technologies, it is possible to control the thermal settings of centralized heating and cooling systems and improve thermal storage capabilities and electrical characteristics to meet the electricity grid needs.
Apart from this, smart home services potentially manage and control water and gas supply, further correcting any inefficiencies and excess waste. Sensors, sub-meters, and alerting systems detect water and gas leakage, facilitate uninterrupted supply and ensure appropriate consumption of electricity to improve decarbonization capabilities.
Alternatively, BAS can help mitigate unprecedented problems in real time, which in turn creates a more preventive posture in residential and commercial spaces. These solutions can be tailored according to the size and capacity of facilities, helping managers and supervisors to control and provide an uninterrupted supply of electricity, water, and gas.
The United States is expected to lead the market, valued at USD 11.37 billion by the end of 2033, with a CAGR of 16.0%. A recent poll conducted in the United States found that safety-focused smart home services are in high demand. Customers are integrating smart home technologies such as smart lighting solutions and energy management services to make their lives easier and more convenient. The North American market benefits from the presence of several key companies, in addition to being an early adopter of modern technologies. The growing demand for modern innovations like intelligent homes, and electronic gadgets, and the increasing incorporation of IoT devices in the United States has resulted in the expansion of the smart home services market.
The markets in the Middle East and Latin America are expected to grow steadily. According to a Ciena study report released in June 2021, more than half of adults in the Kingdom of Saudi Arabia (57%) and the United Arab Emirates (54%) believe the future of the internet is likely to be driven by their desire to become more energy efficient. A huge proportion of people in both countries (94 percent in each) are considering engaging in more virtual activities to reduce their carbon footprint.
The use of smart home systems and consumption control devices is increasing (40 percent in the UAE and 46 percent in the KSA). Metro and edge networks are being asked to meet ever-increasing demand as a result of these key market trends. To become more efficient and reduce energy consumption, the network must, of course, evolve in response to consumer demand.
In this region, rising demand for connected home services is supplementing industry growth. Additionally, the demands for emerging technology, the desire for lifestyle up-gradation, and the popularity of voice technology in emerging markets are anticipated to surge the development of smart home services. The region's key players are concentrating their efforts on collaborating with other well-known companies to develop and deploy innovative smart home products. For example, Vivint Smart Home, Inc. and Mosaic Acquisition Corp. announced a merger in January 2020. The merger's goal was to turn the organization into a publicly traded company while also improving the smart home platform.
Existing industrial and service companies are integrating with IT to create new value while also influencing industry and service structure. By integrating smart concepts through IT convergence, it is possible to deliver integrated services such as home environment, transportation, online service, and healthcare.
As a result of information technology convergence technologies, the smart home sector is evolving in a variety of ways. Smart technology can be used in any industry to provide integrated services by leveraging previously unavailable services or partnerships. Smart home services are constantly evolving as a result of the advancement of ICT and the proliferation of various IoT devices. Smart home services can provide a variety of services through a single device.
As more people work or study from home, a variety of IoT devices are expected to make work and study more pleasant during and after the epidemic. The home now has a special meaning for consumers in the post-Covid era, with space for business, recreation, and study. As a result, families are increasingly seeking integrated solutions that improve their quality of life.
These factors have resulted in a massive industry for smart home services, which is anticipated to drive market growth. Schneider Electric, for example, and Livspace, a home interior and remodeling platform, agreed to collaborate in August 2021.
The market for smart home services is neither fragmented nor consolidated. The companies are developing business strategies that reflect an increased emphasis on expanding their existing global distributor networks. To expand their reach and maintain their market position, the key players employ strategies such as product innovation, mergers, and acquisitions.
Attribute | Details |
---|---|
Forecast Period | 2023 to 2033 |
Historical Data Available for | 2018 to 2022 |
Market Analysis | USD billion for Value |
Key Countries Covered | United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Türkiye, Northern Africa, and South Africa |
Key Segments Covered | By Services, By Solution, Region |
Key Companies Profiled | Honeywell International; Beijer Electronics; ABB; Siemens AG; Johnson Controls; Schneider Electric; General Electric; Legrand; Lutron Electronics Co; Control4 Corporation |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Customization & Pricing | Available upon Request |
Table 1: Global Market Value (US$ Million) Forecast by Region, 2018 to 2033
Table 2: Global Market Value (US$ Million) Forecast by Services, 2018 to 2033
Table 3: Global Market Value (US$ Million) Forecast by Solution, 2018 to 2033
Table 4: North America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 5: North America Market Value (US$ Million) Forecast by Services, 2018 to 2033
Table 6: North America Market Value (US$ Million) Forecast by Solution, 2018 to 2033
Table 7: Latin America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 8: Latin America Market Value (US$ Million) Forecast by Services, 2018 to 2033
Table 9: Latin America Market Value (US$ Million) Forecast by Solution, 2018 to 2033
Table 10: Europe Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 11: Europe Market Value (US$ Million) Forecast by Services, 2018 to 2033
Table 12: Europe Market Value (US$ Million) Forecast by Solution, 2018 to 2033
Table 13: South Asia Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 14: South Asia Market Value (US$ Million) Forecast by Services, 2018 to 2033
Table 15: South Asia Market Value (US$ Million) Forecast by Solution, 2018 to 2033
Table 16: East Asia Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 17: East Asia Market Value (US$ Million) Forecast by Services, 2018 to 2033
Table 18: East Asia Market Value (US$ Million) Forecast by Solution, 2018 to 2033
Table 19: Oceania Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 20: Oceania Market Value (US$ Million) Forecast by Services, 2018 to 2033
Table 21: Oceania Market Value (US$ Million) Forecast by Solution, 2018 to 2033
Table 22: MEA Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 23: MEA Market Value (US$ Million) Forecast by Services, 2018 to 2033
Table 24: MEA Market Value (US$ Million) Forecast by Solution, 2018 to 2033
Figure 1: Global Market Value (US$ Million) by Services, 2023 to 2033
Figure 2: Global Market Value (US$ Million) by Solution, 2023 to 2033
Figure 3: Global Market Value (US$ Million) by Region, 2023 to 2033
Figure 4: Global Market Value (US$ Million) Analysis by Region, 2018 to 2033
Figure 5: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 6: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 7: Global Market Value (US$ Million) Analysis by Services, 2018 to 2033
Figure 8: Global Market Value Share (%) and BPS Analysis by Services, 2023 to 2033
Figure 9: Global Market Y-o-Y Growth (%) Projections by Services, 2023 to 2033
Figure 10: Global Market Value (US$ Million) Analysis by Solution, 2018 to 2033
Figure 11: Global Market Value Share (%) and BPS Analysis by Solution, 2023 to 2033
Figure 12: Global Market Y-o-Y Growth (%) Projections by Solution, 2023 to 2033
Figure 13: Global Market Attractiveness by Services, 2023 to 2033
Figure 14: Global Market Attractiveness by Solution, 2023 to 2033
Figure 15: Global Market Attractiveness by Region, 2023 to 2033
Figure 16: North America Market Value (US$ Million) by Services, 2023 to 2033
Figure 17: North America Market Value (US$ Million) by Solution, 2023 to 2033
Figure 18: North America Market Value (US$ Million) by Country, 2023 to 2033
Figure 19: North America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 20: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 21: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 22: North America Market Value (US$ Million) Analysis by Services, 2018 to 2033
Figure 23: North America Market Value Share (%) and BPS Analysis by Services, 2023 to 2033
Figure 24: North America Market Y-o-Y Growth (%) Projections by Services, 2023 to 2033
Figure 25: North America Market Value (US$ Million) Analysis by Solution, 2018 to 2033
Figure 26: North America Market Value Share (%) and BPS Analysis by Solution, 2023 to 2033
Figure 27: North America Market Y-o-Y Growth (%) Projections by Solution, 2023 to 2033
Figure 28: North America Market Attractiveness by Services, 2023 to 2033
Figure 29: North America Market Attractiveness by Solution, 2023 to 2033
Figure 30: North America Market Attractiveness by Country, 2023 to 2033
Figure 31: Latin America Market Value (US$ Million) by Services, 2023 to 2033
Figure 32: Latin America Market Value (US$ Million) by Solution, 2023 to 2033
Figure 33: Latin America Market Value (US$ Million) by Country, 2023 to 2033
Figure 34: Latin America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 35: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 36: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 37: Latin America Market Value (US$ Million) Analysis by Services, 2018 to 2033
Figure 38: Latin America Market Value Share (%) and BPS Analysis by Services, 2023 to 2033
Figure 39: Latin America Market Y-o-Y Growth (%) Projections by Services, 2023 to 2033
Figure 40: Latin America Market Value (US$ Million) Analysis by Solution, 2018 to 2033
Figure 41: Latin America Market Value Share (%) and BPS Analysis by Solution, 2023 to 2033
Figure 42: Latin America Market Y-o-Y Growth (%) Projections by Solution, 2023 to 2033
Figure 43: Latin America Market Attractiveness by Services, 2023 to 2033
Figure 44: Latin America Market Attractiveness by Solution, 2023 to 2033
Figure 45: Latin America Market Attractiveness by Country, 2023 to 2033
Figure 46: Europe Market Value (US$ Million) by Services, 2023 to 2033
Figure 47: Europe Market Value (US$ Million) by Solution, 2023 to 2033
Figure 48: Europe Market Value (US$ Million) by Country, 2023 to 2033
Figure 49: Europe Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 50: Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 51: Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 52: Europe Market Value (US$ Million) Analysis by Services, 2018 to 2033
Figure 53: Europe Market Value Share (%) and BPS Analysis by Services, 2023 to 2033
Figure 54: Europe Market Y-o-Y Growth (%) Projections by Services, 2023 to 2033
Figure 55: Europe Market Value (US$ Million) Analysis by Solution, 2018 to 2033
Figure 56: Europe Market Value Share (%) and BPS Analysis by Solution, 2023 to 2033
Figure 57: Europe Market Y-o-Y Growth (%) Projections by Solution, 2023 to 2033
Figure 58: Europe Market Attractiveness by Services, 2023 to 2033
Figure 59: Europe Market Attractiveness by Solution, 2023 to 2033
Figure 60: Europe Market Attractiveness by Country, 2023 to 2033
Figure 61: South Asia Market Value (US$ Million) by Services, 2023 to 2033
Figure 62: South Asia Market Value (US$ Million) by Solution, 2023 to 2033
Figure 63: South Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 64: South Asia Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 65: South Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 66: South Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 67: South Asia Market Value (US$ Million) Analysis by Services, 2018 to 2033
Figure 68: South Asia Market Value Share (%) and BPS Analysis by Services, 2023 to 2033
Figure 69: South Asia Market Y-o-Y Growth (%) Projections by Services, 2023 to 2033
Figure 70: South Asia Market Value (US$ Million) Analysis by Solution, 2018 to 2033
Figure 71: South Asia Market Value Share (%) and BPS Analysis by Solution, 2023 to 2033
Figure 72: South Asia Market Y-o-Y Growth (%) Projections by Solution, 2023 to 2033
Figure 73: South Asia Market Attractiveness by Services, 2023 to 2033
Figure 74: South Asia Market Attractiveness by Solution, 2023 to 2033
Figure 75: South Asia Market Attractiveness by Country, 2023 to 2033
Figure 76: East Asia Market Value (US$ Million) by Services, 2023 to 2033
Figure 77: East Asia Market Value (US$ Million) by Solution, 2023 to 2033
Figure 78: East Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 79: East Asia Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 80: East Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 81: East Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 82: East Asia Market Value (US$ Million) Analysis by Services, 2018 to 2033
Figure 83: East Asia Market Value Share (%) and BPS Analysis by Services, 2023 to 2033
Figure 84: East Asia Market Y-o-Y Growth (%) Projections by Services, 2023 to 2033
Figure 85: East Asia Market Value (US$ Million) Analysis by Solution, 2018 to 2033
Figure 86: East Asia Market Value Share (%) and BPS Analysis by Solution, 2023 to 2033
Figure 87: East Asia Market Y-o-Y Growth (%) Projections by Solution, 2023 to 2033
Figure 88: East Asia Market Attractiveness by Services, 2023 to 2033
Figure 89: East Asia Market Attractiveness by Solution, 2023 to 2033
Figure 90: East Asia Market Attractiveness by Country, 2023 to 2033
Figure 91: Oceania Market Value (US$ Million) by Services, 2023 to 2033
Figure 92: Oceania Market Value (US$ Million) by Solution, 2023 to 2033
Figure 93: Oceania Market Value (US$ Million) by Country, 2023 to 2033
Figure 94: Oceania Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 95: Oceania Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 96: Oceania Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 97: Oceania Market Value (US$ Million) Analysis by Services, 2018 to 2033
Figure 98: Oceania Market Value Share (%) and BPS Analysis by Services, 2023 to 2033
Figure 99: Oceania Market Y-o-Y Growth (%) Projections by Services, 2023 to 2033
Figure 100: Oceania Market Value (US$ Million) Analysis by Solution, 2018 to 2033
Figure 101: Oceania Market Value Share (%) and BPS Analysis by Solution, 2023 to 2033
Figure 102: Oceania Market Y-o-Y Growth (%) Projections by Solution, 2023 to 2033
Figure 103: Oceania Market Attractiveness by Services, 2023 to 2033
Figure 104: Oceania Market Attractiveness by Solution, 2023 to 2033
Figure 105: Oceania Market Attractiveness by Country, 2023 to 2033
Figure 106: MEA Market Value (US$ Million) by Services, 2023 to 2033
Figure 107: MEA Market Value (US$ Million) by Solution, 2023 to 2033
Figure 108: MEA Market Value (US$ Million) by Country, 2023 to 2033
Figure 109: MEA Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 110: MEA Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 111: MEA Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 112: MEA Market Value (US$ Million) Analysis by Services, 2018 to 2033
Figure 113: MEA Market Value Share (%) and BPS Analysis by Services, 2023 to 2033
Figure 114: MEA Market Y-o-Y Growth (%) Projections by Services, 2023 to 2033
Figure 115: MEA Market Value (US$ Million) Analysis by Solution, 2018 to 2033
Figure 116: MEA Market Value Share (%) and BPS Analysis by Solution, 2023 to 2033
Figure 117: MEA Market Y-o-Y Growth (%) Projections by Solution, 2023 to 2033
Figure 118: MEA Market Attractiveness by Services, 2023 to 2033
Figure 119: MEA Market Attractiveness by Solution, 2023 to 2033
Figure 120: MEA Market Attractiveness by Country, 2023 to 2033
The smart home service market CAGR for 2033 is 15.4%.
The market is estimated to reach USD 31.41 billion by 2033.
Key smart home service market players are developing it by entering new markets.
The market is estimated to secure a valuation of USD 7.5 billion in 2023.
The key market players are Amazon, Apple, and Google.
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