Smart Home Device Market Size and Analysis
The smart home device market size is likely to touch USD 380.76 Billion at an 19.21% CAGR in the forecast period 2022- 2030, according to the latest Market Research Future (MRFR) analysis. Smart home devices or home automation devices includes use of internet-connected devices for managing and monitoring several home systems and appliances. This is a highly advanced technology which helps in making operations of different home appliances more energy saving and convenient.
Various factors are fuelling the global smart home device market share. As per the recent MRFR market estimates, such factors include the rapid advances in IoT and AI, adoption of integrated devices and self-assembly, rising home security theft and accidents, people’s rising discretionary income, availability of a wide range of smart devices, and rising consumer preference for surveillance systems, voice-assisted technologies, and video doorbells, adoption of consumer IoT. The additional factors adding market growth include the rising penetration of the internet, increasing use of smartphones, expansion of social network platforms, and growing adoption of internet-enabled smart devices like mobile computers, barcode scanners, and radio frequency identification.
On the contrary, technical complexities and concerns for network connectivity may limit the global smart home device market growth over the forecast period. Besides, the COVID-19 impact owing to lockdowns, restrictions on production activities, and fluctuations in the global economy may also impact market growth.
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The smart home device market is a rapidly growing industry that provides various products to automate and enhance the functionality of homes. With the increasing adoption of IoT (Internet of Things) technology and the desire for convenience and energy efficiency, the demand for smart home devices has been growing steadily.
Smart Home Device Market Key Players
The notable players profiled in the smart home device market report include Apple Inc. (US), Google LLC (US), Honeywell International Inc (US), Cree Inc. (US), PHILIPS LTG N V/ADR (Signify) (Netherlands), Robert Bosch GmbH (Germany), SimpliSafe Inc. (US), Vivint Inc. (US), ADT Inc. (US), Nest Labs (US), SkyBell Technologies Inc. (US), NetGear Inc. (US), Samsung Electronics Co. Ltd (Republic of Korea), Logitech International SA (Switzerland), Brilliant Home Technology Inc (US), Wink Labs Inc. (US), and Amazon.com Inc. (US).
Other players profiled in the market include Canary Connect Inc. (US), Distech Controls Inc (US), Axis Communications AB (Sweden), General Electric Company (US), Lennox International Inc. (US), Control4 Corp (US), Delta Controls Inc (US), Hitachi Ltd (Japan), Creston Electronics Inc (US), Lutron Electronics Co Inc (US), LG Electronics Inc (South Korea), Panasonic Corporation (Japan), Sony Corporation (Japan), Huawei Technologies Co. Ltd (China), Hubbell Incorporated (US), Comcast Corporation (US), Ingersoll-Rand PLC (Ireland), ABB Ltd (Switzerland), Legrand SA (France), ASSA ABLOY AB (Sweden), United Technologies Corporation (US), Schneider Electric SE (France), Johnson Controls International PLC (US), and Siemens AG (Germany), among others.
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Smart Home Device Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global smart home device market based platform/virtual assistant, connectivity, and product.
By product, the global smart home device market is segmented into smart kitchen appliances (microwaves/ovens, smart coffee makers, precision cookers), smart lighting (smart wall switch, smart bulb and light), smart HVAC (smart wall panels, smart thermostat), smart locks and security system (fire control system, biometric controlled locks, and others), smart surveillance cameras (video doorbell camera, standalone security camera, and others), and smart hubs and controllers (smart remote control, smart panels and switches, smart speakers, and others), and other home appliances (smart bed, fitness devices, vacuum cleaners, and others).
By connectivity, the smart home device market is segmented into Zigbee, Wi-Fi, Bluetooth, and others.
By platform/virtual assistant, the smart home device market is segmented into Samsung Bixby, Apple Siri, Google Assistant, Amazon Alexa, and others.
Smart Home Device Industry Updates
April 2021- Project CHIP smart home devices are expected to roll out some time later this year.
Smart Home Device Market Regional Analysis
By region, the global smart home device market covers the recent trends and growth opportunity across Europe, Central & South America, North America, Asia Pacific, and the Middle East and Africa (MEA). Of these, North America will dominate the market over the forecast period. The presence of major integrators, early adoption of technologies like AI and IoT, growing demand for reliable home energy management systems, enhanced home security levels, and the growing popularity of smart devices like smartphones and tablets are adding to the global smart home device market growth in the region. US hold the utmost market share.
In the APAC region, the smart home device market will have a promising growth over the forecast period. Technological advances, rapidly changing economical development, large number of ongoing smart home projects, favorable government policies, new urbanization plan, Made in China 2025 strategy, and smart city projects in China, and market players establishing strong footprint in AIoT market are adding to the global smart home device market growth in the region.
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