Smart Home Market - Industry Analysis, size, Share and Upcoming Trends (2021-2027)

Research report presented by UnivDatos, Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating and Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users) and Geographical analysis (key regions and country).

As per the research report, Global Smart Home Market is expected to exceed the market valuation of US$ 208 billion by 2027 expanding at a reasonable CAGR of 19.7% during the forecast period (2021-2027) from US$ 57.6 billion in 2020.

As homes become more intelligent and effective, the surge in smartphone and tablet use, which engage with connected devices, is accelerating overall adoption. Because of advances like cloud computing, IoT technology, and artificial intelligence, smart or embedded systems are advancing at an accelerated pace, Smartphone and internet adoption are growing, accelerating the digital revolution of homes and influencing the development of new smart goods and services.

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The overall increase in demand for smart home appliances, including devices related to safety and protection, smart home entertainment, and energy efficiency, is being driven by rising market comfort, safety and security, and energy use. With growing customer protection consciousness and rising disposable income, homeowners are willing to invest more on smart security technologies. In the United States, more than 45 percent of homeowners are willing to spend more than US$500 on a smart monitoring system at their home. According to the Quid visualisation tool, which uses artificial intelligence (AI) to draw correlations within vast collections of text data, the smart home ecosystem has about 1,500 businesses. These businesses are divided into three categories: defence, wellness, and smart energy. At the end of 2018, these businesses had secured almost $12 billion in funding.

COVID-19 Impact

Several countries have placed lockdowns across the world since the pandemic to prevent COVID-19 from spreading widely. The number of people living at home or close to home has risen during this period, resulting in a greater acceptance of smart technology. As more users update themselves or select new solutions, this introduction of technology contributes to market development. Furthermore, providers build on these demands by offering appropriate, easy-to-use, and easy-to-adopt solutions that are simple to deploy and integrate. As more users update themselves or select new solutions, this introduction of technology contributes to market development. Furthermore, providers build on these demands by offering appropriate, easy-to-use, and easy-to-adopt solutions that are simple to deploy and integrate. According to new data, almost one-third of smart device owners in broadband households in the United States increased their smart device use during the COVID-19 pandemic, including 46% of smart door lock owners.

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Insights Presented in the Report

“Amongst technology, wireless network is anticipated to dominate the market during the analyzed period”

The market is mostly divided between broadband and cellular networks based on infrastructure. Due to the high transmission speed and low power usage, ease of expansion and configuration, and in line with the new "green low-carbon" appeal, wireless networks accounted for a maximum market sales share of 83.3 percent in 2020 and are projected to remain dominant throughout the studied timeframe. The cellular networks market, on the other hand, is expected to rise at the fastest CAGR during the forecast period. Wifi Technology, Bluetooth, Zigbee, Z-Wave, and other cellular networks are all listed (EnOcean, We Mo, Insteon). Often included in the wireless network section are ethernet, power line networking, fibre optics, and other technologies.

“Amongst product, smart appliances segment holds the major share”

The market is segmented into safety and protection, smart appliances, hvac, home entertainment, lighting systems, and energy efficiency, depending on the product category. The smart appliances segment led the industry in 2020, with a share of 26.4 percent, and is predicted to continue to do so throughout the forecast period, owing to an unparalleled degree of energy consumption efficiency due to both their design and their ability to dynamically monitor energy currents according to consumer use and needs.

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“North America signifies one of the largest markets of Smart Home Technology Market”

A thorough study of the market dynamics of the Smart Home Technology market was performed for various regions around the world, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and North Africa (MENA). Because of its first-mover advantage, North America dominated the market in 2020, generating sales of US$ 27,084.4 million. North America currently dominates the smart home industry due to rising demand for mobile homes and strong mobile and internet penetration. However, due to the disposable income and government initiatives, the Asia-Pacific region is projected to rise the fastest during the study period.

“Amongst end-user, commercial segment is expected to grow at the highest CAGR during the forecast period”

Smart home hardware is used by a variety of end-users, including residential and industrial customers. Residential end-users dominated the market in 2020, with sales of US$ 43,862.4 million, and this domination is projected to continue over the forecast era, as customers increasingly recognise the importance of connected devices that help them simplify their homes and save electricity. Consumers can now access affordable tools to create more intelligent homes that try to enhance their comfort, security, and efficiency, thanks to the widespread adoption of smartphones and the proliferation of connectivity within their homes, as well as the soaring IoT trend. Furthermore, the market is divided into luxury villas, luxury apartments, mid-range apartments, assisted homes, and low-energy homes, depending on the end-users. In addition, hotel, hospital, and other commercial buildings are classified as commercial end-users.

The Smart Home Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.