The global smart home market size is expected to reach USD 184.10 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research.
Steady market revenue growth can be attributed to rising need for improved energy efficiency in homes to minimize energy bills and carbon emissions. Consumers are increasingly adopting smart home systems as these allow monitoring and control of energy usage more efficiently. Home automation systems allow homeowners to control their appliances with the help of smartphone apps and eliminate power consumption of unattended appliances and devices when not in use.
The ability of home automation system to monitor electricity consumption helps in minimizing energy bills through more efficient usage of appliances. Precise control over heating and cooling of a home with a programmable smart thermostat is achieved through utilization of smart home technology.
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The Global Smart Home Market is highly consolidated due to the presence of a large number of companies across this industry. The report discusses the current market standing of these companies, their past performances, demand and supply graph, production and consumption patterns, sales network, distribution channels, and growth opportunities in the market at length. The report scrutinizes the strategic approach of key market players towards expanding their product offerings and fortifying their market foothold.
Some major companies in the global market report include Honeywell, Siemens, Johnson Controls, Schneider Electric, Amazon, Apple Inc., ADT Security Services, Robert Bosch, Assa Abloy, and ABB.
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Key Findings From the Report:
In August 2020, Google announced that it had taken an investment stake in alarm company ADT and also signed a deal to tie ADT’s installer network to the Google ecosystem of smart home products. The deal is expected to help Google by bringing professional installers into the homes of consumers to resell and install Google’s products and also help ADT by giving it a lower cost-cost security offering.
Behavioral segment accounted for largest revenue share in 2020. Behavioral software and service is increasingly utilized in smart homes as it helps in increasing energy efficiency of homes and minimizes energy bills based on behavioral data analysis.
Entertainment control segment revenue is expected to expand at a rapid CAGR during the forecast period. Rising disposable income among consumers in developing countries is boosting demand for volume & multimedia controls, and home theater system controls.
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Emergen Research has segmented the global smart home market on the basis of software and service, product, and region:
Software and Service Outlook (Revenue, USD Billion; 2018–2028)
Product Outlook (Revenue, USD Billion; 2018–2028)
Security & Surveillance
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Smart Home market?
What are the key product types and applications of the Smart Home industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
How is the competitive landscape of the Smart Home market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
What will be the valuation of the Smart Home Market by 2028?
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