Smart Home Market Size, Share, Growth, Segmentation, Research Report And Forecast 2023-2030

Published March 21, 2023

Smart Home Market Size, Share & COVID-19 Impact Analysis, By Product (Home Monitoring/Security, Smart Lighting, Entertainment, Smart Appliances, and Others) and Regional Forecast, 2021-2028

The Global Smart Home Market 2023 Size in 2023 was valued at USD 86.48 Billion in 2020 with a growth rate of 21.1% CAGR to a valuation of USD 380.52 Billion by 2028. North America accounted for the maximum share of over market in the year 2023

The global “Smart Home Market” is expected to rise with an impressive CAGR and generate the highest revenue by 2026. Fortune Business Insights™ in its latest report published this information. The report is titled "Smart Home Market Size, Share and Trends Forecast". The report discusses research objectives, research scope, methodology, timeline, and challenges during the entire forecast period. The report evaluates the important characteristics of the market based on present industry scenarios, market demands, and business strategies. Also, the research report separates the industry based on the Smart Home Market share, types, applications, growth factors, key players, and regions.

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This report presents a comprehensive overview, market shares, and growth opportunities of theSmart Home Marketby product/service type, application, key manufacturers, and key regions and countries.

Report Contents

2023-2030 Historical Data

Pages 120

Tables 31

Figures 26

Key Questions Answered in This Report:

  • What is the potential of the Smart Home Market?
  • What is the impact of COVID-19 on the global Smart Home Market?
  • What are the top strategies that companies adopt in Smart Home Market?
  • What are the challenges faced by SMEs and prominent vendors in Smart Home Market?
  • Which region has the highest investments in Smart Home Market?
  • What are the latest research and activities in Smart Home Market?
  • Who are the prominent players in Smart Home Market?
  • What is the potential of the Smart Home Market?

Research Methodology

They are using secondary sources such as company websites, annual reports, press releases, financial data, investor presentations, articles, news, white papers, certified publications, and government publishing sources as a starting point for the research methodology used to estimate and forecast the size of the globalSmart Home Market. In addition, the research takes into account vendor offers in order to categorize the market.

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Smart Home MarketTrends

The rising population, urbanization, and surging economies of developing nations is providing impetus to industry growth. The market players have been investing in research and development. The improved and innovative technologies will drive the market for virtual reality. The network connectivity is expected to improve sharply with the healthy adoption of 5G technology. The low latency and very high network speed will propel the market demand for virtual reality. The demand from security forces will further propel the virtual reality industry. This is because of the advantage of the three-dimensional simulation for the training of personnel along with the preparation and formulation of strategy for military missions.

Factors affecting the growth ofSmart Home Market (2023-2029):

  • Increasing adoption of smart home technology: As consumers become more aware of the convenience and efficiency benefits of smart home technology, there is likely to be an increasing demand for smart home products and services.
  • Technological advancements: The development of new smart home technologies, such as voice assistants and home automation systems, can drive the growth of the smart home market.
  • Government incentives: Governments may offer incentives, such as tax credits or rebates, to encourage the adoption of smart home technology, which could drive market growth.
  • Economic conditions: Economic conditions, such as GDP growth and employment levels, can impact the demand for smart home technology. When the economy is strong, consumers may be more likely to invest in smart home products.
  • Competition: The level of competition in the smart home market can also affect its growth. If there are many companies offering similar products, it may be more difficult for individual firms to stand out and attract business.
  • Consumer attitudes: Consumer attitudes towards smart home technology can also affect the market. If consumers are hesitant to adopt smart home technology, it may slow the growth of the market.

Companies Key Players

  • ABB Ltd.
  • Assa Abloy
  • Centrica Connected Home Limited
  • Control4 Corporation
  • Crestron Electronics
  • Emerson Electric Co.
  • General Electric Company
  • Honeywell International
  • Johnson Controls, Inc.
  • Samsung Group
  • Schneider Electric SE
  • Sony Corporation
  • Other key market players

Increasing Rate of Recovery of Financial Losses to Stimulate Market Growth

The increase in the rate of recovery of financial losses is anticipated to augment the growth of the Smart Home Market within the estimated period. Smart Home Market helps all organizations and enterprises mitigate losses from a variety of incidents that take place every day, from a data breach involving sensitive customer information to network damage and disruption. Though does not protect any organization against the hack itself, it does offer help before, during, and after an attack. Further, it also helps with the costs associated with remediation, including payment for legal assistance, crisis communicators, investigators, and customer credits or refunds. However, the lack of awareness related to Smart Home Market Moreover, the increasing adoption of artificial intelligence and blockchain technology for risk analytics is further anticipated to support the growth in the years to come.

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Report Highlights:

  • A comprehensive overview of theSmart Home Marketin 2023
  • Significant factors boosting, restricting, challenging, and providing an opportunity to the market
  • Key insights and major industry developments
  • Significant players functioning in theSmart Home Market 2023
  • Major strategies adopted by players such as the launch of new products for better revenue generation, company collaborations, and others
  • Other market trends

Table of Contents

1 Market Overview
1.1 Product Definition and Market Characteristics
1.2 Global Smart Home Market Size 2023
1.3 Market Segmentation
1.4 Global Macroeconomic Analysis
1.5 SWOT Analysis

Market Dynamics
2.1 Market Drivers
2.2 Market Constraints and Challenges
2.3 Emerging Smart Home Market Trends 2023
2.4 Impact of COVID-19
2.4.1 Short-term Impact
2.4.2 Long-term Impact

3 Associated Industry Assessment 2023
3.1 Supply Chain Analysis
3.2 Industry Active Participants
3.2.1 Suppliers of Raw Materials
3.2.2 Key Distributors/Retailers
3.3 Alternative Analysis
3.4 The Impact of Covid-19 From the Perspective of the Industry Chain

4 Market Competitive Landscape
4.1 Industry Leading Players
4.2 Industry News 2023
4.2.1 Key Product Launch News
4.2.2 Smart Home Market Expansion Plans

5 Analysis of Leading Companies

TOC Continued......

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