REDDING, Calif., Aug. 26, 2024 /PRNewswire/ -- According to a new market research report titled, 'Smart Homes Market by Offering (Compute, Storage, Others), Deployment (Public, Private, Hybrid), Organization Size, Application (Hosting, Others), Sector (IT & Telecommunications, BFSI, Others), and Geography - Global Forecast to 2031,' the smart homes market is projected to reach $354.9 billion by 2031, at a CAGR of 13.5% from 2024-2031.
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A smart home can be defined as a residence using internet-connected devices and appliances, enabling the residents to monitor, control, and manage all the processes across the home. These processes include lighting, HVAC, security & surveillance, entertainment, and other process-participating appliances. Smart home or home automation systems are designed to connect all smart devices and appliances through a common network and operate synchronized per user preferences and habits. The smart home market report provides an in-depth market analysis of smart home systems, components, and standards & protocols.
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The global smart homes market is segmented by product type (into smart lighting systems, smart speakers, smart HVAC control (smart thermostats, smart vents, smart air conditioning), smart security & monitoring systems (security cameras, interface, smart locks & access control), smart entertainment systems, smart home appliances (smart washing machines, smart water heaters, robotic vacuum cleaners), smart kitchen appliances (smart refrigerators, smart coffee makers, smart dishwashers, smart ovens), smart home healthcare systems, and smart furniture (smart sofas and recliners, smart tables & desks), protocol & standard (wireless protocols (ZigBee, Wi-Fi, Bluetooth, Z-Wave, Thread, Enocean), wired protocols (KNX, UPB, X10, BACNET, LONWORKS, DALI, MODBUS, ETHERNET), hybrid protocols (Insteon, C-Bus)). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Based on product type, the global smart homes market is segmented into smart lighting systems, smart speakers, smart HVAC control, smart security & monitoring systems, smart entertainment systems, smart home appliances, smart kitchen appliances, smart home healthcare systems, and smart furniture. In 2024, the smart security & monitoring systems segment is expected to account for the largest share of around 23% of the global smart homes market. The large market share of this segment is attributed to the rising sense of home safety and security. The smart security systems industry is evolving with technological developments, leading to the availability of systems with better security features and improved performance. In March 2023, Google LLC (U.S.) and ADT (U.S.) launched a smart home security system to offer internet-connected security features with their existing smart home ecosystem for consumers. As smartphones and the Internet have gained wider penetration, the security and monitoring systems industry immediately leveraged this and integrated connectivity and remote access into the systems. This ensures that the benefits of these systems are realized without compromising individual rights and privacy.
Based on protocol & standard, the global smart homes market is segmented into wireless protocols, wired protocols, and hybrid protocols. In 2024, the wired protocols segment is expected to account for the largest share of around 47% of the global smart homes market. The large market share of this segment is attributed to the rising need to attain better energy efficiency and changing consumers' preference for stable and reliable wired standards for home automation systems. Wired protocols are crucial in establishing reliable and secure communication within smart home systems. They involve using physical cables to transmit data and signals between devices and components. Ethernet is a well-established wired networking protocol for local area networks (LANs). It provides high-speed data transmission and is commonly used for connecting devices that require fast and reliable internet connectivity, such as smart TVs, computers, and networked security cameras.
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Based on geography, the smart homes market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of around 36% of the global smart homes market. The market growth in North America is driven by the availability of smart appliances and systems in the region, greater adoption of advanced technologies, growing sense of safety and security among consumers, growing need for energy-efficient products and systems, innovation in the field of IoT devices, and presence of major players in this region.
The key players operating in the global smart homes market are Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc. (U.S.), Siemens AG (Germany), United Technologies Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Johnson Controls International plc (Ireland), Schneider Electric SE (France), LG Electronics, Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY AB (Sweden), General Electric Company (U.S.), Legrand SA (France), and Sony Corporation (Japan).
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Scope of the Report:
Smart Homes Market Assessment-by Product Type
- Smart Lightning Systems
- Smart Speakers
- Smart HVAC Control
- Smart Thermostats
- Smart Vents
- Smart Air Conditioning
- Smart Security & Monitoring Systems
- Security Cameras
- Interface
- Smart Locks & Access Control
- Smart Entertainment Systems
- Smart Home Appliances
- Smart Washing Machines
- Smart Water Heaters
- Robotic Vacuum Cleaners
- Smart Kitchen Appliances
- Smart Refrigerators
- Smart Coffee Makers
- Smart Dishwashers
- Smart Ovens
- Smart Home Healthcare Systems
- Smart Furniture
- Smart Sofas and Recliners
- Smart Tables & Desks
Smart Homes Market Assessment-by Protocol & Standard
- Wireless Protocols
- ZigBee
- Wi-Fi
- Bluetooth
- Z-Wave
- Thread
- Enocean
- Wired Protocols
- KNX
- UPB
- X10
- BACNET
- LONWORKS
- DALI
- MODBUS
- ETHERNET
- Hybrid Protocols
- Insteon
- C-Bus
Smart Homes Market Assessment-by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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