Redding, California - July 29, 2024
Smart Homes Market to be Worth $354.9 Billion by 2031
Smart Home Market Size, Share, Forecast, & Trends Analysis 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 2031
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 2031.’
According to this latest publication from Meticulous Research®, the global smart home market is projected to reach $354.9 billion by 2031, at a CAGR of 13.5% from 2024–2031. The growth of the smart home market is driven by the rising sense of creating safe and secure home, the high proliferation of the Internet of Things (IoT), and the need for better energy efficiency. However, the low eagerness of consumers toward technology adoption and the high procurement costs restrain the growth of this market.
Furthermore, the significant growth opportunities in Asia-Pacific and Middle East & Africa and the need for flexibility & customization for consumers are expected to generate growth opportunities for the stakeholders in this market. However, data privacy, security, and compatibility concerns with old infrastructure are major challenges impacting the growth of the smart home market.
The global smart home 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.
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 2024, the smart security & monitoring systems segment is expected to account for the largest share of over 23% of the global smart home 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.
However, the smart speakers segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing consumer preference for technologically advanced products, the increasing demand for display-based smart speaker devices, and the growing demand for voice-activated devices.
Based on protocol & standard, the global smart home 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 over 47% 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. 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.
However, the hybrid protocols segment is projected to register the highest CAGR during the period. Hybrid protocols use the capabilities of both wired and wireless protocols and combine them to achieve better outcome. The network is segmented into zones and uses diverse protocols in two different zones such that one protocol is used within the zone and the other is used among them. It offers several advantages over conventional wired, wireless, and hybrid protocols such as C-Bus. It does not interfere with existing Wi-Fi networks and can easily be incorporated with smart devices. The limit to connect smart devices is quite large and can work through power lines, hence eliminating the need for routers. It also offers the flexibility of wireless protocols and the reliability of wired protocols, increasingly drawing consumers' attention.
Based on geography, the smart home 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 over 36% of the global smart home 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 presence of key players is also driving the growth of the smart home market in the region. For instance, in May 2023, Masimo (U.S.) launched Stork, a home baby monitoring system, to provide parents with greater insights into their babies and help them live healthier lives.
However, Asia-Pacific is projected to record the highest CAGR of over 16.9% during the forecast period. The region’s growth is attributed to the growing number of young and tech-savvy population, increasing disposable income, increasing government initiatives for the adoption of smart devices, and significant growth opportunities in emerging countries of Asia-Pacific.
Key Players
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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Key Questions Answered in the Report:
- What are the high-growth market segments in terms of the product type and protocol & standard?
- What is the historical market size for the global smart home market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global smart home market?
- Who are the major players in the global smart home market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global smart home market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global smart home market, and how do they compete with other players?
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