Smart Homes Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Smart homes are defined as a system that connects with the appliances in the house for automating various tasks. Smart homes offer homeowners comfort, security, energy efficiency, and convenience by allowing them to control their smart devices. They are remotely controlled through a smart home app on the smartphone or various other networked devices.

Sizing and Forecast
The smart homes market size has grown exponentially in recent years. It will grow from $107.52 billion in 2023 to $129.57 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to consumer awareness and demand, home automation for energy efficiency, advancements in voice assistants, security and surveillance concerns, interoperability challenges, entertainment and home theater integration..

The smart homes market size is expected to see exponential growth in the next few years. It will grow to $269.11 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. The growth in the forecast period can be attributed to customization and personalization, edge computing for local processing, health and wellness monitoring, enhanced security features, focus on sustainability, multi-modal interfaces.. Major trends in the forecast period include integration of voice assistants, expansion of iot devices and connectivity, smart home security solutions, energy management and sustainability, focus on interoperability and standards, enhanced connectivity with 5g technology, smart home appliances and kitchen gadgets..

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Segmentation & Regional Insights
The smart homes market covered in this report 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 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart homes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the smart homes market report are Honeywell International Inc., Siemens Aktiengesellschaft, Johnson Controls International plc, Schneider Electric SE, United Technologies Corporation, Amazon. com Inc., Apple Inc., Google LLC, ADT Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., LG Electronics Inc., ABB Ltd, Sony Group Corporation, Control4 Corporation, Comcast Corporation, Lutron Electronics Co. Inc., Legrand SA, Smart home Inc., General Electric Company, Ingersoll Rand plc, Xiaomi Corporation, Ooma Inc., Delta Controls Inc., Axis Communications AB, Crestron Electronics Inc., SimpliSafe Inc., Armorax Corporation, Canary Connect Inc., Leviton Manufacturing Co. Inc.

The smart homes market report table of contents includes:

1. Executive Summary
2.Smart Homes  Market Characteristics
3Smart Homes . Market Trends And Strategies
4.Smart Homes  Impact Of COVID-19
5.Smart Homes  Market Size And Growth
6.Smart Homes  Segmentation
7.Smart Homes  Regional And Country Analysis
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27.Smart Homes  Competitive Landscape And Company Profiles
28.Smart Homes  Key Mergers And Acquisitions
29.Smart Homes  Future Outlook and Potential Analysis

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