The Smart Home market size is projected to grow from USD 126.67 Billion in 2024 to USD 285.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.69% during the forecast period (2024 - 2032). Additionally, the market size for Smart Home was valued at USD 112.8 billion in 2023.
Energy efficiency and low carbon emissions are the key market drivers enhancing the market growth.
Figure 1: Smart Home Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Internet of Things platform is one of the most important economic drivers the market CAGR for smart home. At home, low-energy equipment offers energy-saving features. According to GSMA Intelligence, the worldwide number of loT connections is predicted to reach over 25 billion by 2025, up from 10.3 billion in 2019. This factor indicates that within a few years, there will be large clusters of sensors, devices, and things communicating via high-speed technologies such as 5G. The increasing prevalence of internet of things devices is expected to propel the market to a higher growth trajectory.Key companies are focusing their efforts on the development of loT platforms and related technology (Machine Learning, Artificial Intelligence, and so on) that could be used in smart home products.
According to a survey provided by Bosch in May 2021, 10 million products were already connected in 2020, including power tools, home appliances, and heating systems. That figure will nearly quadruple by the end of 2021. By making the house more user-friendly, Bosch hopes to create a strong position in the smart product market for connected security and climate-control solutions. As a result, the rise in loT usage will undoubtedly assist to enhance the market in the near future.
Furthermore, the demand for clever solutions to security issues has increased. Rising rates of theft, burglary, and other security-related issues are expected to drive market expansion from 2022 to 2032. Furthermore, smart home equipment provides ingenious security alternatives for children. Motion sensors in places such as the kitchen, home entrances and exits, corridors, living rooms, and others enable the capacity to analyse the current status of children at home. Professionals who work from home with children rely heavily on smart home equipment such as smart robots and smart cameras.
In addition, the rising capabilities of digital assistants to allow hands-free channel surfing and manage Bluetooth speakers will boost the smart home appliance industry. Increased company investments in new product design, increased acceptance of technologies such as Blockchain and smart speech recognition, and incorporation of lighting controllers with built-in data communication technology are all contributing to the growth of the Smart Home Market.
The Smart Home Market segmentation, based on type includes hardware (security, home automation, home entertainment, home healthcare), smart appliance and services (energy consumption & management, services, security services, healthcare services, entertainment services). The hardware category dominated the market in 2022 and is expected to dominate the market during the projected period. The rise of the security and access control segment is due to the rising value put on security and the demand to prohibit access to locations or safes storing priceless commodities and things. Smart locks and security cameras aid in monitoring and authorising access only to authorised people by utilising live stream playback, personalised PINs, fingerprint scanners, and other capabilities. These features have recently compelled major players to build smart home security equipment.
In January 2023, The EZVIZ Company introduced the EZVIZ C6N home security camera on Amazon. One of EZVIZ's most recent home security cameras offers two-way communication and 360-degree coverage in FHD. The OEM believes that its Smart Night Vision, which was developed to address some potential concerns with its current IR-enabled competition, distinguishes it. Furthermore, increased self-healthcare awareness following the Covid-19 outbreak is expected to drive the home healthcare product category throughout the forecast period.
Figure 2: Smart Home Market, by Component, 2022 & 2032 (USD Billion)
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Smart Home Market area will dominate this market; due to growing demand for automation solutions in residential applications is expected to boost growth in this region. The region's top players are focusing on collaborating with other well-known enterprises to develop and deploy breakthrough smart home solutions. Moreover, China’s Smart Home Market held the largest market share, and the Indian Smart Home Market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: SMART HOME MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Smart Home Market accounts for the second-largest market share due to a growing number of internet users, an increase in the demand for smart devices, and an increase in the demand for smart homes, the United Arab Emirates (UAE) holds the most outstanding market share. Further, the GermanSmart Home Market held the largest market share, and the UK Smart Home Market was the fastest growing market in the European region
The North America Smart Home Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the high manufacturing capacity of the region and the increasing business expansion and awareness among the customers within the region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Smart Home Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Smart Homeindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Smart Home industry to benefit clients and increase the market sector. In recent years, the Smart Home industry has offered some of the most significant advantages to medicine. Major players in the Smart Home Market, including ABB Ltd. (Switzerland), Honeywell International Inc. (US), United Technologies Corporation (US), Schneider Electric (France) and others, are attempting to increase market demand by investing in research and development operations.
Robert Bosch is a German multinational engineering and technology corporation based in Gerlingen, Germany. Robert Bosch established the company in Stuttgart in 1886. Robert Bosch Stiftung, a charity organisation, owns 94% of Bosch. Despite holding the vast majority of shares, the charity has no voting rights and is active in health and social causes unrelated to Bosch's business. Bosch's primary business sectors are mobility (hardware and software), consumer goods (including household appliances and power tools), industrial technology (including drive and control), and energy and building technology. In March 2021, Robert Bosch GmbH released the first cameras built on their open camera platform Intox, beginning through the MIC Intex 7100i. They work with the surveillance & Safety Things (S&ST) Application Store thanks to the Open Security & Safety Alliance (OSSA) Technology Stack for video surveillance equipment. The cameras also enable it easy to develop unique software programmes that may be loaded on it. The cameras' features include third-party software for specialised applications, neural network-based video analytics, enabling ML-based predictive solutions, high-quality imagery, a robust housing, and others.
A South Korean electronics company, Samsung Electronics Co., Ltd. is situated in Yeongtong-gu, Suwon. As the source of 70% of the group's revenue in 2012, it is now the Samsung chaebol's crown jewel. Lee Jae-yong, on the other hand, has indicated his goal to ensure that his offspring do not inherit major Samsung Electronics posts, which would dramatically alter the chaebol's inner workings. In August 2022, Samsung Electronics broke ground on a new semiconductor research and development centre in Giheung, Korea, with the goal of cementing the company's position as the industry leader in cutting-edge semiconductor technology.
Siemens AG (Germany)
Johnson Controls Inc (US)
Samsung Electronics Co. Ltd (South Korea)
ABB Lid. (Switzerland)
Honeywell International Inc. (US)
United Technologies Corporation (US)
Schneider Electric (France)
General Electric Company (US
Yale Assure Smart Deadbolts acquired with Aly sa system are enlisted as advanced devices that feature a number of kiabs free and touch screen style interfaces along with being compatible with home Alexa, Google Assistant, and Apple Home Kit in August 2023. Different Assure Models are available with differing features, such as the Yale Assure Lock SL, Yale Assure Lock Touchscreen Deadbolt, and so on.
Schneider MoUs with SAMRIDHI GROUP with Smart Homes technological enablement for Non-Solar based power systems and solutions in July 2023. SAMRIDHI GROUP would, under this agreement, build energy and environment-friendly residential units integrated with electrical solutions from Schneider Electric, such as Wiser Smart Home Solution, Unica Pure wiring devices, and low-voltage switchgear.
In January 2023, Schneider Electric made their official entry into the market, opening Schneider Home systems integration solutions for homes and households. The said solution consists of a home battery, a solar inverter, solar switches, a smart electrical panel, electric outlets, and a charger for electric vehicles, which are all applications that promote sustainable energy. All of these functionalities can be operated through the Schneider Home application.
January 2023: Apple Computer came out stating that they are engineering a fresh tablet which is an improved version of iPad at lower costs and an improved version of their Apple TV. The purpose of working on both these devices is to enhance their market share in the smart home devices segment. This is viewed as a strategic threat to Google and Amazon, which are currently ahead in the voice-enabled smart devices segment.
November 2022: Schneider Electric and Smartworld Developers entered into a partnership to develop smart homes. Smartworld Developers will then go on to specialize in building sustainable homes that are not a threat to the environment. This will be made possible by integrating Schneider Electric’s smart product lines, which include Wiser Smart Homes Wiser Modular Switches, among other product lines.
October 2022: Roku Inc., a streaming provider and a developer of smart home solutions, partnered with Walmart to unveil their diverse smart home systems that incorporate video doorbells, big on security, cameras, lights and much more. This enabled the business of Roku to grow due to the introduction of its devices in 3500 stores owned by Walmart in the USA.
April 2022 – ABB Ltd. joined forces with Samsung Electronics Co., Ltd. in an effort to widen the gamut of its home automation offerings. This partnership seeks to make it easier for new customers to reduce costs and positively contribute to the environment.
Hardware
Security
Home Automation
Home Entertainment
Home Healthcare
Smart Appliance
Services
Energy Consumption & Management Services
Security Services
Healthcare Services
Entertainment Services
US
Canada
Germany
France
UK
Italy
Spain
Rest of Europe
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 112.8 Billion |
| Market Size 2024 | USD 126.67 Billion |
| Market Size 2032 | USD 285.4 Billion |
| Compound Annual Growth Rate (CAGR) | 10.69% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Siemens AG (Germany), Jahnson Controls Inc(US), (US), Legrand S.A. (France), Samsung Electronics Co. Ltd (South Korea), ABB Ltd. (Switzerland), Honeywell International Inc. (US).United Technologies Corporation (US), Schneider Electric (France), General Electric Company (US). |
| Key Market Opportunities | The market for smart home devices has grown significantly. |
| Key Market Dynamics | Investment and Technology Penetration. |
Smart Home Market Highlights:
Frequently Asked Questions (FAQ) :
The Smart Home Market size was valued at USD 112.8 Billion in 2023.
The market is projected to grow at a CAGR of 10.69% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the market.
The key players in the market are ABB Ltd. (Switzerland), Honeywell International Inc. (US), United Technologies Corporation (US), Schneider Electric (France).
The security category dominated the market in 2022.
The security had the largest share in the market.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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