Future-Proofing Homes: Analyzing the USD 133.01 Billion Growth Trajectory of the Smart Home Market and its Link to Rising Consumer Enthusiasm for Home Automation
NEW YORK, NY, December 05, 2023 /24-7PressRelease/ — The “smart home market by application (home entertainment, smart appliances, energy management, lighting control system and HVAC, and safety and security system), technology (wireless and wired), and geography (North America, Europe, APAC, Middle East and Africa, and South America) – Forecast and Analysis 2023-2027″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the smart home market between 2022 and 2027 is USD 133.01 billion. The growing consumer interest in home automation is a key factor driving market growth. Increased comfort and convenience are achieved through smart home technologies such as thermostats and light systems, which have led to greater consumer adoption. The popularity of these devices has also been driven by major companies, such as Amazon and Google, which have set up intelligent nodes that function as a central control system.
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The need for network coverage is a significant challenge restricting market growth. Smart home devices must have a fast Internet connection to operate effectively. Though most countries have state-of-the-art internet infrastructure, there are still several developing countries that do not have basic network infrastructures, like South Korea, Japan, and the UK. This is having an impact on the adoption of these intelligent devices. As a result, there is a need for individual customers to be able to access broadband internet at all their places of residence which does not exist in some cases.
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The smart home market is segmented by application (home entertainment, smart appliances, energy management, lighting control system and HVAC, and safety and security system), technology (wireless and wired), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
• The smart home market share growth by the home entertainment segment will be significant during the forecast period. Technological development and the creation of utility for smart speakers in the Smart Home Market have been given a great opportunity by advances in voice assistant functionality and technical skills, such as Google Home1.
• North America is estimated to contribute 37% to the growth of the global market during the forecast period.
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Key Companies in the smart home market:
ABB Ltd., Allegion Public Ltd. Co., Alphabet Inc., Amazon.com Inc., Apple Inc., ASSA ABLOY AB, Comcast Corp., Honeywell International Inc., Hubbell Inc., Johnson Controls International Plc., Legrand SA, LG Corp., Lutron Electronics Co. Inc., Panasonic Holdings Corp., Raytheon Technologies Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schneider Electric SE, Snap One LLC, Vivint Smart Home Inc
The smart home appliances market is estimated to grow at a CAGR of 14.45% between 2022 and 2027. The size of the market is forecast to increase by USD 39.91 billion.
The smart home cameras market size is estimated to grow at a CAGR of 14.88% between 2022 and 2027. The market size is forecast to increase by USD 3,991.67 million.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Technology
Market Segmentation by Geography
Drivers, Challenges, & Trends
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