The Smart Homes Global Market Report 2023, provides comprehensive information on the smart homes market 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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As per The Business Research Company’s Smart Homes Global Market Report 2023, the market size is expected to grow from $91.03 billion in 2022 to $110.02 billion in 2023 at a compound annual growth rate (CAGR) of 20.9%. 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 market size of the smart homes is expected to grow to $234.86 billion in 2027 at a CAGR of 20.9%.
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The growing adoption of smart devices is expected to propel the growth of the smart home market. Smart devices are defined as the objects used in everyday life, that is made intelligent through advanced computing techniques such as machine learning and artificial intelligence, that are networked to form the internet of things. These smart home devices can be interconnected and accessed through laptops, smartphones, tablets, or others. For instance, according to MediaPost, a US-based integrated publishing and conference company, 15% of households across the world are predicted to have a smart home device installed by 2023. Moreover, 69% of households in the US have at least one smart device. Therefore, the rising adoption of smart devices is driving the smart homes market growth.
The smart homes market is segmented:
1) By Product: Lighting Control, Security And Access Control, Heating, Ventilation, And Air Conditioning (HVAC) Control, Entertainment Control And Other Controls, Smart Speaker,
Home Healthcare, Smart Kitchen, Home Appliances, Smart Furniture
2) By Software And Services: Behavioural, Proactive
3) By Sales Channel: Direct, Indirect
4) By Technology: Wireless Technology, Cellular Network Technology
5) By Standards And Protocols: Wireless Protocols, Wired Protocols, Hybrid Protocols
Asia-Pacific was the largest region in the smart homes market in 2022.
The table of contents in TBRC’s smart homes market report includes:
1. Executive Summary
2. Smart Homes Market Characteristics
3. Smart Homes Market Trends And Strategies
4. Smart Homes Market – Macro Economic Scenario
5. Smart Homes Market Size And Growth
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26. Africa Smart Homes Market
27. Smart Homes Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Homes Market
29. Smart Homes Market Future Outlook and Potential Analysis
30. Appendix
Top Major Player:
- Honeywell International Inc
- Siemens AG
- Johnson Controls International
- Schneider Electric SE
- United Technologies Corporation
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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