The global smart home solutions market is likely to be valued at USD 78,342.6 Million in 2022 and is predicted to secure a rapid-paced CAGR of 12.3% during the forecast period. The market is expected to grow at a value of USD 2,50,456.9 Million by 2032.
The adoption and demand of smart home solutions are on the rise as they are anticipated to be favorable home automation techniques that are triggered by computing devices and information technology, connecting various gadgets and instruments in the house, which respond to the needs of the occupants.
| Report Attribute | Details |
|---|---|
| Smart Home Solutions Market Value (2022) | USD 78,342.6 Million |
| Smart Home Solutions Market Anticipated Value (2032) | USD 2,50,456.9 Million |
| Smart Home Solutions Projected Growth Rate (2022 to 2032) | 12.3% |
Energy-saving-oriented solutions are taking over the market, owing to the rising disposable income of consumers in developing economies, the increasing importance of home monitoring in remote areas, low carbon emissions solutions, and a growing number of internet users who are likely to expand the market for smart home solutions.
Therefore, it is anticipated that the smart home solutions market is likely to witness significant growth during the forecast period.
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The advanced security features are the prime reasons that are driving the market growth for smart home solutions. Its implementation of security features like gas leakage detectors, fire detection systems in the house, and more are driving people towards further adoption of smart home solutions.
They perform basic functions like turning off the lights, dimming lights, and other complex functions like automatically lighting up the exit route in the event of a fire alarm, and more, which is propelling the demand for smart home solutions globally.
It is witnessed that connectivity has emerged as a high-end novelty across a wide range of home devices that include security cameras, thermostats, and utility meters. It is expected that in the coming years connectivity is likely to become a more pervasive trend to the extent of being an embedded standard in every household device and equipment virtually.
The sales of smart home solutions are rapidly increasing probing to the easy and convenient remote access of every device from other locations. One can keep a watch on the activities that are going around within the house through video surveillance systems.
The use of data analytics software and solutions with home automation systems helps the owners determine the electrical equipment in the home is operating efficiently and achieving the targeted usage goals. This helps in the identification of the areas that require improvement and energy efficiency upgrades.
It is also anticipated that the integration of power line communication technology in smart homes is likely to add a positive contribution to the expansion of the smart home solutions market globally.
It is identified that there are some factors that are likely to curb the growth of the smart home solutions market in the upcoming years. The cost of smart home solutions is high compared to the existing devices.
Consumers are most likely to choose products that offer convenience and energy efficiency. The shipment usually depends on the utilization and requirements of homeowners and the smart home devices involve other upfront costs like installation charges and maintenance costs. These costs limit the adoption and acceptance of smart home solutions by customers, as well as many other organizations, and are projected to curb the growth of the smart home solutions market during the forecast period.
It is projected that North America is going to dominate the global smart home solutions market during the forecast period. Currently, the North American region is cumulatively accountable for 42.3% of the total market share for smart home solutions.
Owing to the increased awareness about the concept of home automation, the populace of North America is highly spending on the adoption of smart home devices. There is an increased number of working individuals in a house, and the families of the North American regions are financially capable of using these solutions at home and are driving the smart home solutions market size in North America.
Europe is anticipated to acquire a significant share of the smart home solutions market in the upcoming years. Due to its broad range of products and the advancement of technology in this region, the market size is substantially increasing.
At present, Europe is accountable for 20.4% of the tot market share of smart home solutions. This growth is also backed by the presence of some of the prominent market players in the European regions, coupled with initiatives like the alignment of core communication technologies with residential facilities to maximize benefits.
There are rigorous innovations made to the smart home solutions market by emerging companies. They are cooperating with other well-known organizations to create and deploy unique smart home solutions. They are focusing on building cutting-edge technology that allows them to operate with minimal consumption of energy and in an efficient manner.
For instance, in January 2020, Vivint Smart Home, Inc. and Mosaic Acquisition Corp. announced a merger, with the aim of the merger to make the organization a public-traded company along with enhancing smart home platform offerings.
Some of the other start-up companies gaining momentum in the smart home solutions market are Latch, House, SimpliSafe, Sense, Wyze Labs, Pro.com, Openpath, Nanoleaf, Notion, Ring, Endel, and more.
What is Trending amongst the Key Market Players in the Smart Home Solutions Market?
Recent Development
The key start-up companies are seeking solutions that make the end user’s life more comfortable, and meaningful and provide a higher quality of life. They are getting indulged in mergers and acquisitions for further development of smart home solutions.
For Instance, In August 2021, Schneider Electric and Livspace, a home interiors and renovation platform announced a partnership. The partnership aims to create a smarter house for the future. The alliance is going to use Schneider Electric’s superior home automation technology and Livspace’s interior design experience to revolutionize the Indian home interior market. This experience is likely to include a wise home automation solution.
In the same month, August 2021, SmartRet.com, LLC, a provider of smart home and smart building automation, announced a merger with Fifth Wall Acquisition Corp. This was aimed at expanding the company and going public.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 12.3% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2014 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product, Application, End-User, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled | Honeywell; Siemens; Johnson Controls; Schneider Electric; ASSA ABLOY; Amazon; Apple; ADT; ABB; Robert Bosch; Sony; Samsung Electronics; Ooma; Delta Controls; Control4; Axis Communications; Comcast; Smarthome; Crestron Electronics; SimpliSafe; Armorax; Canary; LG Electronics; Lutron; Legrand |
| Customization | Available Upon Request |
The growth outlook for the smart home solutions meter market is predicted to advance at a CAGR of 10.0% from 2022 to 2032.
The North American region is anticipated to lead the smart home solutions market during the forecast period.
The smart home solutions market is likely to hold a valuation of USD 54,254.7 Million by 2032.
The residential sector is the key driver in the smart home solutions market.
Smart Home Solutions Market
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