According to a new report by Expert Market Research titled, “Global Smart Home Market Share, Size, Report and Forecast 2024-2032″, the global smart home market size is being aided by the growth of global smart home appliances market. Aided by the global shift towards energy efficiency and the rising ownership and use of smart speakers, the global smart home appliances market is expected to grow in the forecast period of 2024-2032 at a CAGR of 15.0%.
A smart home refers to a residential setting equipped with interconnected devices and systems that can be controlled remotely or autonomously to enhance comfort, efficiency, security, and convenience. This technological integration includes a wide array of products such as smart thermostats, lighting, security cameras, and voice-activated assistants, all connected through the Internet of Things (IoT).
The smart home market growth is primarily fuelled by the increasing consumer demand for convenience, safety, and energy efficiency in their living spaces. This demand aligns with the rising trend of digitalisation and the growing availability of high-speed internet globally.
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One of the key drivers of the smart home market is the advancements in AI and IoT technologies. These technologies enable seamless integration and automation of various home systems, providing users with unprecedented control and monitoring capabilities. For instance, smart thermostats can learn a homeowner’s preferences and adjust the temperature accordingly, leading to enhanced comfort and energy savings.
Another significant factor contributing to the smart home market demand is the rising awareness and concern for energy conservation and sustainability. Smart home devices, such as energy-efficient lighting and intelligent HVAC systems, play a vital role in reducing energy consumption and carbon footprint, aligning with global environmental goals.
The growing adoption of voice assistants like Amazon Alexa, Google Assistant, and Apple’s Siri has also been pivotal in driving the market forward. These assistants serve as central hubs for controlling various smart home devices, making interaction with the home ecosystem more intuitive and user-friendly.
According to the smart home market analysis, security and safety concerns are another area where smart homes are making a substantial impact. Advanced surveillance systems, smart locks, and sensors provide homeowners with real-time alerts and remote monitoring capabilities, enhancing the security of their homes.
Geographically, North America is a dominant player in the market for smart home, owing to the high adoption rate of smart home devices, well-established internet infrastructure, and the presence of leading technology companies. Europe and the Asia Pacific region are also witnessing rapid growth, driven by increasing consumer awareness and government initiatives promoting smart home technologies.
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Market Segmentation
The market can be divided based on product, software and services, and region.
Market Breakup by Product
• Lighting Control
• Security and Access Control
• HVAC Control
• Entertainment
• Home Healthcare
• Smart Kitchen
• Home Appliances
• Smart Furniture
• Others
Market Breakup by Software and Services
• Proactive
• Behavioural
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart home market. Some of the major players explored in the report by Expert Market Research are as follows:
• Honeywell International, Inc
• Johnson Controls International.
• Schneider Electric
• Siemens AG
• United Technologies Corporation
• Others
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