Meticulous Research®—a leading global market research company, published a research report titled, ‘Smart Home Market by Product Type (Smart Lightning Systems, Smart Speakers, Smart Security & Monitoring Systems, Smart Home Appliances), Protocol & Standard (Wireless Protocols, Wired Protocols, Hybrid Protocols), and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the global smart home market is projected to reach $308.9 billion by 2030, at a CAGR of 12.7% during the forecast period. The growth of the smart home market is driven by the rising sense of home safety & security, the wider proliferation of the Internet of Things (IoT), and the need for better energy efficiency. However, consumer reluctance towards technology adoption and the high cost of procurement may restrain the market's growth.
Furthermore, the significant growth opportunities in emerging Asia-Pacific and the Middle East & Africa and the need for complete flexibility & customization for consumers are expected to offer significant growth opportunities for the global smart home market. However, data privacy and security concerns and compatibility concerns with old infrastructure may hinder the growth of this market. Additionally, accepting partial automation and collaborations for better interconnectivity are prominent trends in the smart home market.
Meticulous Research® has segmented this market based on product type, protocol & standard, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product type, the global smart home 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 2023, the smart security & monitoring systems segment is expected to account for the largest share of the global smart home market. The large market share of this segment is attributed to the rising sense of home safety & security, growing developments in smartphone technology and remote monitoring, and the growing need for IoT security solutions in the residential sector.
Based on protocol & standard, the global smart home market is segmented into wireless protocols, wired protocols, and hybrid protocols. In 2023, the wired protocols segment is expected to account for the largest share of the global smart home 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.
Based on geography, the global smart home market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2023, North America is expected to account for the largest share of the global smart home market. North America’s large market share can be attributed to 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 home 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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