The Smart Apartments Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart Apartments Global Market Report 2024, The smart apartments market size has grown rapidly in recent years. It will grow from $3.1 billion in 2023 to $3.61 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to urbanization and housing trends, energy efficiency and sustainability, rising consumer expectations, security and safety concerns, property value enhancement.
The smart apartments market size is expected to see rapid growth in the next few years. It will grow to $5.97 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to aging population and accessibility, integration with smart cities, health and wellness technologies, remote work and home automation, smart home as a service (shaas). Major trends in the forecast period include iot connectivity and interoperability, smart parking solutions, focus on data security and privacy, efficient waste management systems, community engagement platforms.
The smart apartment market is driven by the increased use of IoT (Internet of Things) devices by people in every aspect of their daily routine. IoT involves sending and receiving data through a network of sensors, appliances, meters, and other devices. IoT-enabled sensors and devices are used to increase the efficiency of the appliances in a smart apartment, making it more efficient, sustainable, and safer. For example, a few IoT-enabled sensors are capable of automatically turning the lights on after sensing the presence in a room, thus adding a distinctive attribute to the smart apartments. Thus, the increased adoption of IoT technology boosts the growth of the smart apartment market. For instance, overall enterprise IoT spending grew 21.5% in 2022 to $201 billion. Thus, the increased demand for IoT devices that help ease the lifestyle boosts the smart apartments market growth.
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The smart apartments market covered in this report is segmented –
1) By Product: Building Management System (BMS), Heating, Ventilating, And Air Conditioning (HVAC), Lighting Control, Security And Access Control, Emergency Alarm And Evacuation System, Audio And Visual Effects
2) By Technology: Wi-Fi, Bluetooth, GSM/GPRS, RFID, Other Technologies
3) By Application: Residential, Hotel, Other Applications
The concept of using an apartment as a service (AaaS) is the latest trend driving the smart apartment market. In the apartment as a service concept (AaaS), fully furnished smart apartments are rented for very short to long periods of time. It helps to offer a cost-effective solution for tenants to live in a smart apartment. Using apartments as a service enables the rental operators to streamline their operations and costs, thus enhancing the resident’s experience and discovering new revenue streams for the owner. For instance, as reported by Entrata, a USA-based provider of property management software, in the USA, almost 57% of apartment tenants can pay up to $20 per month if smart technology is installed in an apartment.
The smart apartments market report table of contents includes:
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