Smart Home market size to reach $537 billion by 2030
A new study by Grand View Research reveals how the global smart home market size is expected to reach US $537 billion by 2030, registering a CAGR of 27.07% up until 2030
The study shows that the smart home market growth is driven by the rising penetration of the Internet of Things (IoT) and internet connectivity in homes. Additionally, the integration of modern technologies, such as Artificial Intelligence (AI), with smart homes has enabled more advanced and digitally smart devices for better living.
The security and access controls segment recorded the highest revenue share in 2022 due to increased demand for advanced security solutions and the need to restrict access to rooms or safes with valuable items and goods. Moreover, the wireless protocols segment is expected to grow at the highest CAGR over the forecast period, while the new construction application segment is expected to register the fastest CAGR. The Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period, owing to improved standards of living, increased consumer disposable income levels, and the rapid penetration of the internet and smartphones.
Furthermore, the growing penetration of smartphones is driving the market, as smart home devices can be controlled through a smartphone, thereby enabling ease of access and usage. The trend of automation in daily mundane tasks is also expected to support market growth significantly. The rising need for home security has prompted the use of AI-powered smart home devices. Facial recognition and threat analysis are among the features included in these gadgets that are expected to drive the demand for smart home solutions.
The report segments the global smart home market on the basis of products, protocols, application, and region. The products outlook includes Security & Access Controls, Lighting Control, Entertainment Devices, HVAC, Smart Kitchen Appliances, Home Appliances, Smart Furniture, Home Healthcare, and Other Devices. The protocols outlook includes Wireless Protocols and Wired Protocols, while the application outlook includes New Construction and Retrofit. The regional outlook covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key players in the smart home market include LG Electronics, Siemens AG, Amazon.com, Google Nest (Google LLC), Samsung Electronics, Schneider Electric SE, Legrand SA, Robert Bosch GmbH, Assa Abloy AB, Sony Group Corporation, ABB, Philips Lighting BV, and Honeywell International.