CHICAGO, Aug. 6, 2024 /PRNewswire/ -- The global smart home market was valued at USD 84.5 billion in 2024 and is projected to reach USD 116.4 billion by 2029; it is expected to register a CAGR of 6.6% during the forecast period according to a new report by MarketsandMarkets. The growing need for energy-saving and low carbon emission-oriented solutions and concerns about safety, security, and convenience among general population is attributed to the demand for smart homes. Increasing number of internet users and growing adoption of smart devices, increasing disposable income of people in developing economies, increasing importance of home monitoring in remote locations, growing need for energy-saving and low carbon emission-oriented solutions, and growing concerns about safety, security, and convenience among general population are attributed to the demand of smart home.
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Browse in-depth TOC on "Smart Home Market"
319 - Tables
70 - Figures
330 - Pages
Smart Home Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 84.5 billion |
Estimated Value by 2029 | $ 116.4 billion |
Growth Rate | Poised to grow at a CAGR of 6.6% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, Offering, Installation Type and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Difficulties in linking disparate systems, limited functionalities, and lack of open standards |
Key Market Opportunities | Favourable government regulations to promote green buildings |
Key Market Drivers | Increasing number of internet users and growing adoption of smart devices |
By Installation type: new installations segment to account for the larger market share in the forecasted year.
The new installation segment accounted for the largest share of the smart home market in 2029. New installations involve the installation of state-of-the-art lighting systems with modern LED drivers and ballasts, sensors, switches, dimmers, and gateways. While retrofit installations do not, new installations entail the complete replacement of a traditional lighting system by phasing out an existing conventional lamp and its associated controls and fixtures and the introduction of new lamps and associated controls and fixtures. A new installation transforms the whole system, resulting in an entirely different setup.
By Sales Channel: Indirect sales accounted for a larger market share in the forecasted year.
Indirect sales channels or third-party service providers hold a major share of ~64% of the smart home market. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales include the sales of smart home products through both online and offline modes. The offline sales channel comprises third-party cellular network carriers, wholesalers, retailers, and value-added resellers, whereas the online sales channel involves sales through e-commerce platforms and third-party retailers.
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By Smart Kitchen: Smart Refrigerators are expected to hold the largest share of the smart home market during the forecast period.
Smart refrigerators are expected to capture the largest share in the smart home industry during the forecast period. Smart refrigerators find huge adoption in smart kitchens owing to advanced features that raise convenience, efficiency, and connectivity. These refrigerators provide functions such as remote temperature control, inventory tracking, and automatic grocery ordering, all of which make household management easier. The devices are integrated into touchscreens and voice assistants that can grant access to recipes, shopping list management, and other smart home devices. Smart refrigerators are also in great demand due to their energy efficiency and the ability to reduce food wastage by monitoring expiration dates.
Key Players
The key companies that offer smart home companies include Johnson Controls Inc. (Ireland), Honeywell International Inc. (US), Schneider Electric (France), Siemens (Germany), ASSA ABLOY (Sweden).
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