The global smart home market was surpassed at USD 62.8 billion in 2021 and is expected to hit around USD 537.2 billion by 2030, growing at a CAGR of 26.93% from 2022 to 2030.
The rising focus on energy conservation and reduced carbon emissions are anticipated to drive market growth during the forecast period. The improved regulatory initiatives by governments for deploying smart home devices to save energy are encouraging people to adopt these products, thereby significantly impacting the market growth.
For instance, in June 2020, the government of the U.K. released new plans to deploy smart meters in homes across the region, guaranteeing that consumers may continue to save money on their energy bills and carbon emissions once the coronavirus pandemic-induced lockdown is removed. The growing elderly population is expected to significantly impact the market growth for smart homes due to an increasing demand for smart devices to monitor and control their health and set reminders for their medicines and appointments with physicians.
Increasing awareness regarding smart grids, higher personal income in developing economies, power line communication assistance, and the rise of the consumer electronics industry are factors likely to impact market growth positively. In developed and developing countries, smart home devices pose significant potential in the overall smart home industry.
Increased adoption of IoT has led to a faster deployment of smart devices, such as control lights, thermostats, heating equipment, door locks, and others, to streamline the control and management of basic household chores. Furthermore, the growing need for a luxurious lifestyle in developing nations owing to increased disposable income and preference among consumers for energy-efficient devices is propelling the market growth
Scope of The Report
Report Coverage | Details |
Market Size in 2021 | USD 62.8 billion |
Revenue Forecast by 2030 | USD 537.2 billion |
Growth rate from 2022 to 2030 | CAGR of 26.93% |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Segmentation | Application, region |
Companies Covered | Honeywell International Inc.; LG Electronics, Inc.; Lutron Electronics Co., Inc.; Google Nest; Netgear Inc.; Ring LLC; Robert Bosch GmbH; Samsung Electronics Co., Ltd.; Schneider Electric SE; Philips Lighting B.V. |
Application Insights
The smart kitchen segment is expected to advance with the highest CAGR of 30.5% in the forecast period. The rapid deployment of smart kitchen appliances, such as automatic composters, smart water purifiers, smart air fryers, juice extractors, and others, is impacting the growth of the market positively.
The intelligent features remember and recollect the users’ favorite cooking mode and have sensors that detect and send an alert if something goes wrong. Smart refrigerators have inbuilt cameras, which allow users to see what is inside the refrigerator from anywhere and alert the users about the expiry date of food.
The security & surveillance segment registered the highest revenue share of around 31.0% in 2021. The increasing demand for digitally connected devices in the market leads to a subsequent rise in demand for security systems in the smart homes market. Devices such as video assist doorbells and smart security cameras provide advanced security solutions. The integration of IoT has made it easy to set up smart home security, in which users have the ability to control lights, thermostats, heating equipment, door locks, and lawn movers through smartphone applications.
Smart security cameras make it simple to observe your home from anywhere, and they are well equipped and feature customizable solutions. Smart security cameras are also available with do-it-yourself kits. The user can set up security alerts as per his/her requirement or opt to pay the subscription fee for 24/7 surveillance of the smart home by professionals, as well as contact the fire department and police department in case of any emergency.
Regional Insights
Asia Pacific is expected to advance at the highest CAGR of over 32.0% from 2022 to 2030. The ever-increasing demand from the residential sector is expected to propel growth in this region. Regional companies are focusing on innovations and advancements to meet the requirements of potential customers. For instance, in January 2020, Vivint Smart Home, Inc. merged with Mosaic Acquisition Corp. Both companies aim to expand their market presence and thereby strengthen the company product offerings.
North America registered the highest revenue share of over 41.0% in 2021 and is expected to substantially contribute to the smart home industry from 2022 to 2030. This is owing to the increasing presence of an elderly demographic in the region. Of the total population, the segment aged 65 years and above is anticipated to grow by nearly 88 million by 2050. This is expected to increase the demand for healthcare and medical care services.
The demand for smart home devices that support individuals in maintaining, controlling, and managing health problems is anticipated to increase in the coming years. An automatic healthcare remainder system supports the user by reminding doctor’s appointments and medicine. Additionally, IoT healthcare solutions provide higher data accuracy, resulting in a preference for smart devices in diagnosing health conditions.
Key Players
Market Segmentation
Chapter 1.Introduction
1.1.Research Objective
1.2.Scope of the Study
1.3.Definition
Chapter 2.Research Methodology
2.1.Research Approach
2.2.Data Sources
2.3.Assumptions & Limitations
Chapter 3.Executive Summary
3.1.Market Snapshot
Chapter 4.Market Variables and Scope
4.1.Introduction
4.2.Market Classification and Scope
4.3.Industry Value Chain Analysis
4.3.1.Raw Material Procurement Analysis
4.3.2.Sales and Distribution Channel Analysis
4.3.3.Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Smart Home Market
5.1.COVID-19 Landscape: Smart Home Industry Impact
5.2.COVID 19 - Impact Assessment for the Industry
5.3.COVID 19 Impact: Global Major Government Policy
5.4.Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6.Market Dynamics Analysis and Trends
6.1.Market Dynamics
6.1.1.Market Drivers
6.1.2.Market Restraints
6.1.3.Market Opportunities
6.2.Porter’s Five Forces Analysis
6.2.1.Bargaining power of suppliers
6.2.2.Bargaining power of buyers
6.2.3.Threat of substitute
6.2.4.Threat of new entrants
6.2.5.Degree of competition
Chapter 7.Competitive Landscape
7.1.1.Company Market Share/Positioning Analysis
7.1.2.Key Strategies Adopted by Players
7.1.3.Vendor Landscape
7.1.3.1.List of Suppliers
7.1.3.2.List of Buyers
Chapter 8.Global Smart Home Market, By Application
8.1.Smart Home Market, by Application Type, 2020-2027
8.1.1.Security & Surveillance
8.1.1.1.Market Revenue and Forecast (2016-2027)
8.1.2.Lighting
8.1.2.1.Market Revenue and Forecast (2016-2027)
8.1.3.Entertainment
8.1.3.1.Market Revenue and Forecast (2016-2027)
8.1.4.Energy Management
8.1.4.1.Market Revenue and Forecast (2016-2027)
8.1.5.HVAC
8.1.5.1.Market Revenue and Forecast (2016-2027)
8.1.6.Smart Kitchen
8.1.6.1.Market Revenue and Forecast (2016-2027)
8.1.7.Home Fitness & Wellness
8.1.7.1.Market Revenue and Forecast (2016-2027)
Chapter 9.Global Smart Home Market, Regional Estimates and Trend Forecast
9.1.North America
9.1.1.Market Revenue and Forecast, by Application (2016-2027)
9.1.2.U.S.
9.1.3.Rest of North America
9.1.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.2.Europe
9.2.1.Market Revenue and Forecast, by Application (2016-2027)
9.2.2.UK
9.2.2.1.Market Revenue and Forecast, by Application (2016-2027)
9.2.3.France
9.2.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.2.4.Rest of Europe
9.2.4.1.Market Revenue and Forecast, by Application (2016-2027)
9.3.APAC
9.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.3.2.India
9.3.2.1.Market Revenue and Forecast, by Application (2016-2027)
9.3.3.China
9.3.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.3.4.Japan
9.3.4.1.Market Revenue and Forecast, by Application (2016-2027)
9.3.5.Rest of APAC
9.3.5.1.Market Revenue and Forecast, by Application (2016-2027)
9.4.MEA
9.4.1.Market Revenue and Forecast, by Application (2016-2027)
9.4.2.GCC
9.4.2.1.Market Revenue and Forecast, by Application (2016-2027)
9.4.3.North Africa
9.4.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.4.4.South Africa
9.4.4.1.Market Revenue and Forecast, by Application (2016-2027)
9.4.5.Rest of MEA
9.4.5.1.Market Revenue and Forecast, by Application (2016-2027)
9.5.Latin America
9.5.1.Market Revenue and Forecast, by Application (2016-2027)
9.5.2.Brazil
9.5.2.1.Market Revenue and Forecast, by Application (2016-2027)
9.5.3.Rest of LATAM
9.5.3.1.Market Revenue and Forecast, by Application (2016-2027)
Chapter 10.Company Profiles
10.1.Honeywell International Inc.
10.1.1.Company Overview
10.1.2.Product Offerings
10.1.3.Financial Performance
10.1.4.Recent Initiatives
10.2.LG Electronics, Inc.
10.2.1.Company Overview
10.2.2.Product Offerings
10.2.3.Financial Performance
10.2.4.Recent Initiatives
10.3.Lutron Electronics Co., Inc.
10.3.1.Company Overview
10.3.2.Product Offerings
10.3.3.Financial Performance
10.3.4.Recent Initiatives
10.4.Google Nest.
10.4.1.Company Overview
10.4.2.Product Offerings
10.4.3.Financial Performance
10.4.4.Recent Initiatives
10.5.NETGEAR Inc.
10.5.1.Company Overview
10.5.2.Product Offerings
10.5.3.Financial Performance
10.5.4.Recent Initiatives
10.6.Ring LLC
10.6.1.Company Overview
10.6.2.Product Offerings
10.6.3.Financial Performance
10.6.4.Recent Initiatives
10.7.Robert Bosch GmbH
10.7.1.Company Overview
10.7.2.Product Offerings
10.7.3.Financial Performance
10.7.4.Recent Initiatives
10.8.Samsung Electronics Co., Ltd.
10.8.1.Company Overview
10.8.2.Product Offerings
10.8.3.Financial Performance
10.8.4.Recent Initiatives
10.9.Schneider Electric SE
10.9.1.Company Overview
10.9.2.Product Offerings
10.9.3.Financial Performance
10.9.4.Recent Initiatives
10.10.Philips Lighting B.V.
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
Chapter 11.Research Methodology
11.1.Primary Research
11.2.Secondary Research
11.3.Assumptions
Chapter 12.Appendix
12.1.About Us
12.2.Glossary of Terms