Categories: Market Research

Global Smart Home Devices Market Size and Forecast 2023-2032|ABB Ltd., General Electric Company, Johnson ControlsInc., Siemens AG, Schneider Electric SE,

The Smart Home Devices Global Market Report 2023 by The Business Research Company, provides smart home devices market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Smart Home Devices Global Market Report 2023, the market size will grow from $92.48 billion in 2022 to $108.83 billion in 2023 at a compound annual growth rate (CAGR) of 17.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global smart home devices market is expected to grow to $209.25 billion in 2027 at a CAGR of 17.8%.

The rise in the need to save energy and decrease carbon emissions drives the smart home devices market. This increase in the need for sustainable solutions has been initiated by strict government regulations that introduced a cap on maximum carbon emissions allowed for each company. Conventional devices continuously use electricity until someone turns them off. However, in the case of smart home devices, they are equipped with motion sensors that can detect the absence of people in the room for a given time and automatically turn it off, thus saving money and electricity. Saving unnecessary usage of electric devices and decreasing the power demand on the power plants help reduce carbon emissions.

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The smart home devices market is segmented:

1) By Technology: Wi-Fi Technology, Bluetooth Technology

2) By Application: Energy Management, Climate Control System, Healthcare System, Home Entertainment System, Lighting Control System, Security & Access Control System

3) By Sales Channel: Online, Offline

Companies are developing voice assistants to control smart home devices. Voice assistants are digital assistants that react to voice commands and reply with relevant information. They are different from traditional keyboard-based searches. They put more focus on the conversational phrasing of any content and prioritize the long tail keywords for any search. For example, Amazon and Google have launched their voice assistants in their respective smart speakers. Amazon has launched Alexa Voice Assistant in its Echo smart speaker while Google has launched ‘Google Assistant voice assistant for its Google Home smart speaker.

The smart home devices market report table of contents includes:

1. Executive Summary

2. Smart Home Devices Market Characteristics

3. Smart Home Devices Market Trends And Strategies

4. Smart Home Devices Market – Macro Economic Scenario

5. Smart Home Devices Market Size And Growth

26. Africa Smart Home Devices Market

27. Smart Home Devices Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Smart Home Devices Market

29. Smart Home Devices Market Future Outlook and Potential Analysis

30. Appendix

Top Major Players: