Smart Homes Market Size To Hit US$ 363.5 Billion by 2028 | With a 20.9% CAGR

Published August 10, 2023

IMARC Group, a leading market research company, has released a report titled “Smart Homes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global smart homes market size reached US$ 107.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 363.5 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.

Smart Homes Market

Smart homes are residential spaces equipped with advanced technologies and interconnected devices that enhance convenience, security, energy efficiency, and overall comfort for the inhabitants. These cutting-edge systems enable homeowners to control various aspects of their living environment remotely, either through smartphones, tablets, or voice-activated virtual assistants. The foundation of a smart home lies in the Internet of Things (IoT) technology, where a network of devices communicates and collaborates seamlessly. At the heart of a smart home, a central hub serves as the command center, orchestrating the communication and integration of various smart devices like smart thermostats, lighting systems, security cameras, door locks, and appliances. This interconnected ecosystem allows homeowners to create personalized automation scenarios to suit their preferences and routines, such as setting the thermostat to adjust based on occupancy patterns, remotely controlling lighting and entertainment systems, or receiving real-time alerts regarding security breaches.

Request Free Sample Report (Exclusive Offer on this report):

Smart Homes Market Trends and Drivers:

Increasing consumer awareness about the benefits of home automation has fueled demand for smart homes. Homeowners are increasingly seeking solutions that offer convenience, energy efficiency, and enhanced security. The ability to remotely control appliances, lighting, heating, and security systems has become an attractive proposition for modern homeowners. Additionally, with a growing focus on sustainability and energy conservation, smart homes offer practical solutions to reduce energy consumption. Smart thermostats, energy-efficient lighting systems, and smart appliances help homeowners optimize energy usage and lower utility bills, making smart homes an appealing choice for environmentally conscious consumers. Other than this, security concerns are a significant driving force behind the adoption of smart homes. Smart security systems, including surveillance cameras, motion sensors, and smart door locks, provide homeowners with real-time monitoring and remote access, bolstering home safety and peace of mind. Besides this, the development of smart cities and the integration of smart homes with urban infrastructure are expected to boost market growth.

As cities become more connected and data-driven, the demand for smart homes that seamlessly integrate with urban services is likely to rise. In line with this, as technology becomes more affordable and accessible, the cost barrier for smart home adoption has significantly reduced. This affordability factor has widened the customer base and stimulated market growth across various income segments. Furthermore, numerous governments across the globe are introducing initiatives and incentives to promote the adoption of smart homes. These initiatives may include tax benefits, subsidies, or regulatory support aimed at encouraging homeowners to invest in smart technologies. moreover, the convergence of various technologies, such as smart home devices, wearables, and smartphones, is creating seamless and integrated ecosystems. This interconnectedness enhances user experiences and encourages further adoption of smart home solutions. Rapid urbanization and evolving real estate trends have contributed to the growth of smart homes. As urban spaces become denser, the need for efficient and technologically advanced homes is on the rise, making smart home features attractive to property buyers.

Smart Homes Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • ABB Ltd
  • Inc
  • Emerson Electric Co
  • Honeywell International Inc
  • LG Electronics Inc
  • Lutron Electronics Co. Inc
  • Microsoft Corporation
  • Robert Bosch GmbH
  • Schneider Electric SE

The report has segmented the market on the basis on region, platform, tools, deployment model, enterprise size, end user.

Breakup by Component:

  • Hardware
    • Security
    • Home Automation
    • Home Entertainment
    • Home Healthcare
  • Smart Appliances
  • AI Speaker
  • Services
    • Energy Consumption and Management Services
    • Security Services
    • Healthcare Services
    • Entertainment Services

Breakup by Application:

  • Security and Surveillance
  • Lighting
  • Entertainment
  • Energy Management
  • HVAC
  • Smart Kitchen
  • Home Fitness and Wellness

Breakup by Region:

  • North America:( United States, Canada)
  • Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Ask Analyst for Free Sample Report:

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US


Email: [email protected]

USA: +1-631-791-1145 | Asia: +91-120-433-0800

Address: 134 N 4th St. Brooklyn, NY 11249, USA

Follow us on Twitter: @imarcglobal