Smart Home concept,
The Smart Home Devices 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 Home Devices Global Market Report 2024, The smart home devices market size has grown rapidly in recent years. It will grow from $108.85 billion in 2023 to $128.19 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to consumer convenience and automation, security and surveillance needs, energy efficiency and cost savings, aging population and accessibility, integration with mobile devices.
The smart home devices market size is expected to see rapid growth in the next few years. It will grow to $251.16 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to health and wellness monitoring, smart home ecosystem integration, environmental sustainability, voice-activated and ai-powered devices, affordability and mass market appeal. Major trends in the forecast period include customization and personalization features for users, smart home security and surveillance innovation, integration of augmented reality (ar) and virtual reality (vr), enhanced privacy measures, rise of subscription-based business models.
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. For example, according to a study in Europe in 2021, smart building technology can save up to 23% of the energy used in office buildings.
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The smart home devices market covered in this report is segmented –
1) By Technology: Wi-Fi Technology, Bluetooth Technology
2) By Sales Channel: Online, Offline
3) By Application: Energy Management, Climate Control System, Healthcare System, Home Entertainment System, Lighting Control System, Security & Access Control System
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:
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