Global Smart Home Market Size, Trends & Growth Opportunity and By Component (Hardware, Services, and Smart Appliance), By Application (Security & Surveillance, Lighting, Entertainment, Energy Management, HVAC, Smart Kitchen, and Home Fitness & Wellness), By Region and Forecast till 2027.

Global Smart Home Market

The Global Smart Home Market is expected to grow from US$ 99.89 Billion in 2021 to US$ 380.42 Billion by 2027; it is estimated to grow at a CAGR of 24.97% from 2021 to 2027.

A smart home is the integration of technology and services via a network to improve the quality of life. The technology enables the user to minimise workload and do other things. Smart Homes provide consumers with pleasant living, energy management features, security, and benefits for the disabled. Smart homes have Internet-connected gadgets that regulate, automate, and optimise operations like temperature, lighting, security, and entertainment. A computer, phone, tablet, or a separate system can operate, monitor, and access these devices remotely. Smart technologies for linking gadgets and accessories have enabled autonomous control of building conditions.

Drivers: The rapid adoption of advanced technologies such as AI, IoT, blockchain, machine learning, and others is having a significant impact on market growth. The adoption of IoTs in both developing and developed countries has boosted the smart homes market. The ability of technology to enable device communication has benefited in minimising energy waste.

Growing worries about public convenience, safety, and security are another major factor driving the global market for smart homes. The market for connected safety and security systems and appliances with remote monitoring capabilities is growing. Additionally, users can use their smartphones or tablets to remotely operate and monitor office equipment as well as household appliances thanks to connected gadgets.

Restraints: However, the expensive cost of switching for existing smart device consumers, as well as difficulties with device malfunctioning and breaches in security and privacy, are major restrictions on market expansion.

Impact of Covid-19

In all the major end verticals, the new coronavirus pandemic has had a significant impact on and disrupted supply chain hubs, including China and the European countries. The US is most adversely impacted in the manufacturing sector, while China has seen a decrease in production capacity of over 14% and a decline in shipments of electronic components around the world of almost 40%.

One of the sectors that has been badly damaged by the COVID-19 epidemic is manufacturing, which accounts for roughly 17% of global GDP. The pandemic's epicentre is China, which is also the location of the majority of the raw material suppliers who supply materials and parts to numerous industrial facilities around the world. These manufacturing facilities' output has been constrained by the worldwide lockdown, which has disrupted the whole supply chain.

Segmentation By Component: Smart Home Market is classified on the basis of Component into Hardware, Services, and Smart Appliances.

Segmentation By Application: Smart Home Market is classified on the basis of Application into Security & Surveillance, Lighting, Entertainment, Energy Management, HVAC, Smart Kitchen, and Home Fitness & Wellness.

Segmentation By Region: Smart Home Market is classified on the basis of Region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2020, North America had the greatest market share (36.55% of the worldwide market). One of the factors driving the market is the growing number of government efforts to support energy-efficient building, which provide benefits such as lower lifetime costs, improved energy savings, and lower greenhouse gas emissions.

Competitive Landscape: The key players of Smart Home Market are Honeywell International (US), Johnson Controls (Ireland), Siemens AG (Germany), Schneider Electric (France), UTC (US), Google LLC (US), Amazon (US), Apple Inc.(US), ADT Inc.(US), Assa Abloy (Sweden), Dahua Technology (China), ABB Ltd (Switzerland), Robert Bosch (Germany), Axis Communication (Sweden), Samsung Electronics (South Korea), and Panasonic Corporation (Japan).

Industrial Development

• In order to integrate the new Matter connectivity standard across its connected home & buildings portfolio, Schneider Electric is getting ready to do so. Lighting, speakers, security systems, locks, routers, and HVAC controls are just a few of the smart home and building solutions that Matter, the new open-source, uniform connectivity protocol, may be adapted to. Matter is supported by important ecosystem suppliers and is created with IP, the fundamental network technology of the internet. Native cloud connectivity, improved cyber security, and device compatibility with matter-branded items will be advantageous to buyers, producers, product designers, and developers.

Market Taxonomy

By Component

• Hardware
• Services
• Smart Appliances

By Application

• Security & Surveillance
• Lighting
• Entertainment
• Energy Management
• HVAC
• Smart Kitchen
• Home Fitness & Wellness

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Smart Home Market?
• What will be the growth rate from 2020 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?