The global smart home market is projected to grow from USD 84.5 billion in 2021 to USD 138.9 billion by 2026; it is expected to grow at a CAGR of 10.4% from 2021 to 2026. The most significant factors driving the growth of the smart home market are increasing number of internet users and growing adoption of smart devices, increasing disposable income of people in developing economies, increasing importance of home monitoring in remote locations, growing need for energy-saving and low carbon emission-oriented solutions, and expansion of smart home product portfolio by many players, and growing concern about safety, security, and convenience among general population.
MarketsandMarkets: The global smart home market to reach USD 138.9 billion by 2026; at a CAGR of 10.4% from 2021 to 2026.
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Smart furniture to register highest CAGR in global smart home market during 2021- 2026
The market for smart furniture is expected to grow at the highest CAGR during the forecast period. The shifting trend of the adoption of furniture that can be connected to IoT, coupled with increasing disposable income and changing lifestyle, is expected to contribute to the growth of the market. In addition, due to escalating property prices, many people are opting for smaller living spaces. Owing to space constraints, consumers prefer smart furniture that saves a significant amount of space. Smart furniture offer multiple benefits to consumers as they occupy minimal space, along with being interactive and transformative.
Proactive software to register highest CAGR in global smart home market during 2021- 2026
The proactive software and services facilitate the transmission of energy consumption data to end users along with the best possible solutions to be implemented. The market for proactive software is projected to grow at a higher CAGR during the forecast period. The proactive software enable the transfer of a higher volume of data than the behavioral versions; they can provide end users with inputs on effective energy usage and actions on the physical parameters, such as ambient humidity and temperature, to reduce energy consumption. The algorithms associated with the proactive software and services can also comparatively analyze the energy usage patterns based on the time of the day, historical data, and weather conditions. Proactive software and services are more beneficial than behavioral as they send recommendation signals to end users to take necessary actions to reduce energy consumption; consequently, based on the users’ actions, the measures to control the electronic devices can be implemented.
“Indirect sales channel to hold the largest share of smart home market during forecast period”
The indirect sales channel segment accounted for the larger share of the smart home market. Indirect sales channels or third-party service providers hold a major share of the smart home market. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Online sales channels involve sales through e-commerce platforms. Customers can easily review the product with specifications and design and can order online. Setup and installation services for smart home products and systems are usually provided when customers purchase products online. Apart from this, individual distributors procure devices from a variety of suppliers for sale to end users within their geographic areas.
APAC to register highest CAGR in global smart home market during 2021- 2026
The smart home market in APAC is expected to grow at the highest CAGR during the forecast period. The growing inclination toward smart building infrastructure in developing economies of the region, such as Japan, South Korea, and China, a huge customer base, and rapid technological advancements in smart home products are driving the development of the market in APAC. Moreover, in developed countries, including Japan and South Korea, government initiatives such as net-zero homes are driving the smart home market. Furthermore, the market in Australia is mainly driven by consumer interest, while rapid housing developments in China are expected to increase the penetration of smart home systems in the country.
Major players in the smart home market are Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), Crestron Electronics (US), SimpliSafe (US), Armorax (US), Canary (US), LG Electronics (South Korea), Lutron (US) and Legrand (France). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global smart home market.
The report describes the detailed information regarding the major factors such as drivers, restraints, challenges, and opportunities influencing the growth of the smart home market. It also includes technology trends, trade data, and patent analysis. This research report categorizes the smart home market based on product, software and services, sales channel, and geography. A detailed analysis of the key industry players was carried out to provide insights into their business overviews; solutions and services offered; key strategies adopted that include new product; mergers; and partnerships, agreements, and collaborations, recent developments, and COVID-19 specific developments associated with the smart home market.
Brief information on the research methodology for the report can be found in the report description provided on the website.
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