Understanding the Smart Home Market Size, Share, Analysis Forecast 2028

Global Smart Home Market Overview:

According to MarkNtel Advisors study the Global Smart Home Market is projected to grow at a CAGR of around 23.8% during the forecast period, i.e., 2023-28. Most of the market expansion would be driven by the growing penetration of the internet & smartphones worldwide, coupled with the ever-increased focus of several countries on reducing carbon emissions & promoting the use of energy-efficient appliances & devices. Besides, the rising adoption of security cameras, video door alarms, facial-recognition devices, ultra-modern burglar alarms, and remote-controlled locks by households is another prominent aspect projecting a significant boost for the market.

Key Findings of the Study: Smart Home market

Key Driver: Rising Need for Energy Efficiency to Reduce Running Costs

With alarming levels of carbon emissions as a result of rising warming, energy efficiency is a crucial aspect of any country’s development. As smart Home account for a considerable portion of the world’s total energy consumption, the mounting consumer need for enhanced energy savings & minimized living costs is the prime aspect projected to drive the market during 2023-28. Additionally, the rising number of smart buildings owing to rapid urbanization, the increasing penetration of smartphones & the internet, growing adoption of intelligent technologies in Home, such as video doorbells, voice-assistants (Alexa and Google Home), & surveillance systems, among others, are also projected to fuel the market growth through 2028.

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Scope of the Smart Home Market Report Segmentation

-By Technology

Cellular Network Technologies
Protocols and Standards
Wireless Communication Technologies

-By Software & Service

Behavioral
Proactive

-By Product Type

Entertainment Controls
Security & Access Control
HVAC Control
Smart Home Appliances
Smart Kitchen
Smart Lighting Control
Smart Furniture
Others (Smart Plugs, Smoke Detectors, Smart Meters)

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Geographical analysis:

-By Region

North America
South America
Europe
The Middle East & Africa
Asia Pacific

Of all regions globally, North America holds the largest share of the Smart Home Market. It owes to the rapidly rising adoption of MIS (Minimally Invasive Surgeries), the well-established healthcare infrastructure, particularly in the US, coupled with the high adoption rate of advanced medical technologies and increasing R&D investments in new products. Besides, the presence of various medical equipment brands & healthcare training centers and the growing awareness among surgeons of the benefits of loupes are other prominent aspects driving the regional market.

Current Landscape of Smart Home Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Smart Home market. The research report profiles major players, including

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ABB Ltd.
AMX
Johnson Controls
United Technologies Corporation
Emerson Electronics Co.
Honeywell
Ingersoll-Rand PLC
Legrand S.A.
Lutron Electronics, Inc.
Schneider Electric S.A.
Siemen AG
Tyco International Ltd.
Robert Bosch GmbH
Siemens
Samsung

Recent Developments in the Global Smart Home Market

In January 2022, Samsung Electronics Co., Ltd. joined forces with Home Connectivity Alliance (HCA) in line with its aim to enhance the smart home experience through interoperability in home appliances, HVAC systems, & TVs. This partnership shall be aimed mainly at providing consumers with more options to customize their ecosystems while improving data privacy & device safety.
In September 2021, Amazon.com, Inc. launched its long-awaited home robot, Astro. Equipped with cameras and a screen, it can autonomously drive around your home, map the home’s layout, recognize objects, and check on loved ones & pets remotely.

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