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.
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 |
Table 1: Global Market Value (US$ Million) Forecast by Region, 2017 to 2032
Table 2: Global Market Volume (Units) Forecast by Region, 2017 to 2032
Table 3: Global Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 4: Global Market Volume (Units) Forecast by Application, 2017 to 2032
Table 5: Global Market Value (US$ Million) Forecast by End-User, 2017 to 2032
Table 6: Global Market Volume (Units) Forecast by End-User, 2017 to 2032
Table 7: Global Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 8: Global Market Volume (Units) Forecast by Technology, 2017 to 2032
Table 9: North America Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 10: North America Market Volume (Units) Forecast by Country, 2017 to 2032
Table 11: North America Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 12: North America Market Volume (Units) Forecast by Application, 2017 to 2032
Table 13: North America Market Value (US$ Million) Forecast by End-User, 2017 to 2032
Table 14: North America Market Volume (Units) Forecast by End-User, 2017 to 2032
Table 15: North America Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 16: North America Market Volume (Units) Forecast by Technology, 2017 to 2032
Table 17: Latin America Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 18: Latin America Market Volume (Units) Forecast by Country, 2017 to 2032
Table 19: Latin America Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 20: Latin America Market Volume (Units) Forecast by Application, 2017 to 2032
Table 21: Latin America Market Value (US$ Million) Forecast by End-User, 2017 to 2032
Table 22: Latin America Market Volume (Units) Forecast by End-User, 2017 to 2032
Table 23: Latin America Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 24: Latin America Market Volume (Units) Forecast by Technology, 2017 to 2032
Table 25: Europe Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 26: Europe Market Volume (Units) Forecast by Country, 2017 to 2032
Table 27: Europe Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 28: Europe Market Volume (Units) Forecast by Application, 2017 to 2032
Table 29: Europe Market Value (US$ Million) Forecast by End-User, 2017 to 2032
Table 30: Europe Market Volume (Units) Forecast by End-User, 2017 to 2032
Table 31: Europe Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 32: Europe Market Volume (Units) Forecast by Technology, 2017 to 2032
Table 33: Asia Pacific Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 34: Asia Pacific Market Volume (Units) Forecast by Country, 2017 to 2032
Table 35: Asia Pacific Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 36: Asia Pacific Market Volume (Units) Forecast by Application, 2017 to 2032
Table 37: Asia Pacific Market Value (US$ Million) Forecast by End-User, 2017 to 2032
Table 38: Asia Pacific Market Volume (Units) Forecast by End-User, 2017 to 2032
Table 39: Asia Pacific Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 40: Asia Pacific Market Volume (Units) Forecast by Technology, 2017 to 2032
Table 41: Middle East and Africa Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 42: Middle East and Africa Market Volume (Units) Forecast by Country, 2017 to 2032
Table 43: Middle East and Africa Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 44: Middle East and Africa Market Volume (Units) Forecast by Application, 2017 to 2032
Table 45: Middle East and Africa Market Value (US$ Million) Forecast by End-User, 2017 to 2032
Table 46: Middle East and Africa Market Volume (Units) Forecast by End-User, 2017 to 2032
Table 47: Middle East and Africa Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 48: Middle East and Africa Market Volume (Units) Forecast by Technology, 2017 to 2032
Figure 1: Global Market Value (US$ Million) by Application, 2022 to 2032
Figure 2: Global Market Value (US$ Million) by End-User, 2022 to 2032
Figure 3: Global Market Value (US$ Million) by Technology, 2022 to 2032
Figure 4: Global Market Value (US$ Million) by Region, 2022 to 2032
Figure 5: Global Market Value (US$ Million) Analysis by Region, 2017 to 2032
Figure 6: Global Market Volume (Units) Analysis by Region, 2017 to 2032
Figure 7: Global Market Value Share (%) and BPS Analysis by Region, 2022 to 2032
Figure 8: Global Market Y-o-Y Growth (%) Projections by Region, 2022 to 2032
Figure 9: Global Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 10: Global Market Volume (Units) Analysis by Application, 2017 to 2032
Figure 11: Global Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 12: Global Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 13: Global Market Value (US$ Million) Analysis by End-User, 2017 to 2032
Figure 14: Global Market Volume (Units) Analysis by End-User, 2017 to 2032
Figure 15: Global Market Value Share (%) and BPS Analysis by End-User, 2022 to 2032
Figure 16: Global Market Y-o-Y Growth (%) Projections by End-User, 2022 to 2032
Figure 17: Global Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 18: Global Market Volume (Units) Analysis by Technology, 2017 to 2032
Figure 19: Global Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 20: Global Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 21: Global Market Attractiveness by Application, 2022 to 2032
Figure 22: Global Market Attractiveness by End-User, 2022 to 2032
Figure 23: Global Market Attractiveness by Technology, 2022 to 2032
Figure 24: Global Market Attractiveness by Region, 2022 to 2032
Figure 25: North America Market Value (US$ Million) by Application, 2022 to 2032
Figure 26: North America Market Value (US$ Million) by End-User, 2022 to 2032
Figure 27: North America Market Value (US$ Million) by Technology, 2022 to 2032
Figure 28: North America Market Value (US$ Million) by Country, 2022 to 2032
Figure 29: North America Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 30: North America Market Volume (Units) Analysis by Country, 2017 to 2032
Figure 31: North America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 32: North America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 33: North America Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 34: North America Market Volume (Units) Analysis by Application, 2017 to 2032
Figure 35: North America Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 36: North America Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 37: North America Market Value (US$ Million) Analysis by End-User, 2017 to 2032
Figure 38: North America Market Volume (Units) Analysis by End-User, 2017 to 2032
Figure 39: North America Market Value Share (%) and BPS Analysis by End-User, 2022 to 2032
Figure 40: North America Market Y-o-Y Growth (%) Projections by End-User, 2022 to 2032
Figure 41: North America Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 42: North America Market Volume (Units) Analysis by Technology, 2017 to 2032
Figure 43: North America Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 44: North America Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 45: North America Market Attractiveness by Application, 2022 to 2032
Figure 46: North America Market Attractiveness by End-User, 2022 to 2032
Figure 47: North America Market Attractiveness by Technology, 2022 to 2032
Figure 48: North America Market Attractiveness by Country, 2022 to 2032
Figure 49: Latin America Market Value (US$ Million) by Application, 2022 to 2032
Figure 50: Latin America Market Value (US$ Million) by End-User, 2022 to 2032
Figure 51: Latin America Market Value (US$ Million) by Technology, 2022 to 2032
Figure 52: Latin America Market Value (US$ Million) by Country, 2022 to 2032
Figure 53: Latin America Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 54: Latin America Market Volume (Units) Analysis by Country, 2017 to 2032
Figure 55: Latin America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 56: Latin America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 57: Latin America Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 58: Latin America Market Volume (Units) Analysis by Application, 2017 to 2032
Figure 59: Latin America Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 60: Latin America Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 61: Latin America Market Value (US$ Million) Analysis by End-User, 2017 to 2032
Figure 62: Latin America Market Volume (Units) Analysis by End-User, 2017 to 2032
Figure 63: Latin America Market Value Share (%) and BPS Analysis by End-User, 2022 to 2032
Figure 64: Latin America Market Y-o-Y Growth (%) Projections by End-User, 2022 to 2032
Figure 65: Latin America Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 66: Latin America Market Volume (Units) Analysis by Technology, 2017 to 2032
Figure 67: Latin America Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 68: Latin America Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 69: Latin America Market Attractiveness by Application, 2022 to 2032
Figure 70: Latin America Market Attractiveness by End-User, 2022 to 2032
Figure 71: Latin America Market Attractiveness by Technology, 2022 to 2032
Figure 72: Latin America Market Attractiveness by Country, 2022 to 2032
Figure 73: Europe Market Value (US$ Million) by Application, 2022 to 2032
Figure 74: Europe Market Value (US$ Million) by End-User, 2022 to 2032
Figure 75: Europe Market Value (US$ Million) by Technology, 2022 to 2032
Figure 76: Europe Market Value (US$ Million) by Country, 2022 to 2032
Figure 77: Europe Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 78: Europe Market Volume (Units) Analysis by Country, 2017 to 2032
Figure 79: Europe Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 80: Europe Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 81: Europe Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 82: Europe Market Volume (Units) Analysis by Application, 2017 to 2032
Figure 83: Europe Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 84: Europe Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 85: Europe Market Value (US$ Million) Analysis by End-User, 2017 to 2032
Figure 86: Europe Market Volume (Units) Analysis by End-User, 2017 to 2032
Figure 87: Europe Market Value Share (%) and BPS Analysis by End-User, 2022 to 2032
Figure 88: Europe Market Y-o-Y Growth (%) Projections by End-User, 2022 to 2032
Figure 89: Europe Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 90: Europe Market Volume (Units) Analysis by Technology, 2017 to 2032
Figure 91: Europe Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 92: Europe Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 93: Europe Market Attractiveness by Application, 2022 to 2032
Figure 94: Europe Market Attractiveness by End-User, 2022 to 2032
Figure 95: Europe Market Attractiveness by Technology, 2022 to 2032
Figure 96: Europe Market Attractiveness by Country, 2022 to 2032
Figure 97: Asia Pacific Market Value (US$ Million) by Application, 2022 to 2032
Figure 98: Asia Pacific Market Value (US$ Million) by End-User, 2022 to 2032
Figure 99: Asia Pacific Market Value (US$ Million) by Technology, 2022 to 2032
Figure 100: Asia Pacific Market Value (US$ Million) by Country, 2022 to 2032
Figure 101: Asia Pacific Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 102: Asia Pacific Market Volume (Units) Analysis by Country, 2017 to 2032
Figure 103: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 104: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 105: Asia Pacific Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 106: Asia Pacific Market Volume (Units) Analysis by Application, 2017 to 2032
Figure 107: Asia Pacific Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 108: Asia Pacific Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 109: Asia Pacific Market Value (US$ Million) Analysis by End-User, 2017 to 2032
Figure 110: Asia Pacific Market Volume (Units) Analysis by End-User, 2017 to 2032
Figure 111: Asia Pacific Market Value Share (%) and BPS Analysis by End-User, 2022 to 2032
Figure 112: Asia Pacific Market Y-o-Y Growth (%) Projections by End-User, 2022 to 2032
Figure 113: Asia Pacific Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 114: Asia Pacific Market Volume (Units) Analysis by Technology, 2017 to 2032
Figure 115: Asia Pacific Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 116: Asia Pacific Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 117: Asia Pacific Market Attractiveness by Application, 2022 to 2032
Figure 118: Asia Pacific Market Attractiveness by End-User, 2022 to 2032
Figure 119: Asia Pacific Market Attractiveness by Technology, 2022 to 2032
Figure 120: Asia Pacific Market Attractiveness by Country, 2022 to 2032
Figure 121: Middle East and Africa Market Value (US$ Million) by Application, 2022 to 2032
Figure 122: Middle East and Africa Market Value (US$ Million) by End-User, 2022 to 2032
Figure 123: Middle East and Africa Market Value (US$ Million) by Technology, 2022 to 2032
Figure 124: Middle East and Africa Market Value (US$ Million) by Country, 2022 to 2032
Figure 125: Middle East and Africa Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 126: Middle East and Africa Market Volume (Units) Analysis by Country, 2017 to 2032
Figure 127: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 128: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 129: Middle East and Africa Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 130: Middle East and Africa Market Volume (Units) Analysis by Application, 2017 to 2032
Figure 131: Middle East and Africa Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 132: Middle East and Africa Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 133: Middle East and Africa Market Value (US$ Million) Analysis by End-User, 2017 to 2032
Figure 134: Middle East and Africa Market Volume (Units) Analysis by End-User, 2017 to 2032
Figure 135: Middle East and Africa Market Value Share (%) and BPS Analysis by End-User, 2022 to 2032
Figure 136: Middle East and Africa Market Y-o-Y Growth (%) Projections by End-User, 2022 to 2032
Figure 137: Middle East and Africa Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 138: Middle East and Africa Market Volume (Units) Analysis by Technology, 2017 to 2032
Figure 139: Middle East and Africa Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 140: Middle East and Africa Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 141: Middle East and Africa Market Attractiveness by Application, 2022 to 2032
Figure 142: Middle East and Africa Market Attractiveness by End-User, 2022 to 2032
Figure 143: Middle East and Africa Market Attractiveness by Technology, 2022 to 2032
Figure 144: Middle East and Africa Market Attractiveness by Country, 2022 to 2032
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.
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Smart Home Solutions Market
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