Newark, July 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 90 billion in 2022 global smart home market will reach USD 657.41 billion in 2032. The rising disposable income of consumers and the desirability to improve and upgrade the quality of life is being driven by the rising demand for smart home appliances. Middle-class homeowners are constantly upgrading their homes by investing in smart home appliances like dishwashers, washing machines, refrigerators, HVAC systems, security systems etc. This is the first step towards renovating and retrofitting traditional homes into smart homes. The increasing capital investment in developing and manufacturing smart home products is driving down retail costs and widening the product portfolio in the market. The real estate developers are offering smart homes with high-end security systems, access controls, and waste management systems as part of new projects. Smart features are becoming the new norm in the construction and building industry. Therefore, the gradual shift towards smart homes will bode well for future market growth.
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Key Insight of the Global Smart Home Market
North America is expected to rise the fastest during the forecast period.
The region's high per capita income drives the desire for smart homes. The regional market is expanding in part due to people's increasing reliance on technology and smart devices. The market is expanding thanks to the established internet infrastructure. The expansion of the regional market is aided by key market players providing a broad range of products through an extensive distribution network. The real estate market's expansion and rising homeownership rates are positive signs for the industry.
In 2022, the security and access controls segment dominated the market with the largest market share of 38% and market revenue of 34.20 billion.
The product type segment is divided into lighting controls, security and access controls, HVAC controls, entertainment controls, smart home appliances, smart furniture, and others. In 2022, the security and access controls segment dominated the market with the largest market share of 38% and market revenue of 34.20 billion.
In 2022, the wireless segment dominated the market with the largest market share of 46% and market revenue of 41.40 billion.
The protocols segment is divided into wired, hybrid and wireless. In 2022, the wireless segment dominated the market with the largest market share of 46% and market revenue of 41.40 billion.
In 2022, the speciality stores segment dominated the market with the largest market share of 43% and market revenue of 38.70 billion.
The sales channel segment is divided into direct sales, supermarkets/hypermarkets, speciality stores, department stores, online and others. In 2022, the speciality stores segment dominated the market with the largest market share of 43% and market revenue of 38.70 billion.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 90 Billion |
| Market Size in 2032 | USD 657.41 Billion |
| CAGR | 22% |
| No. of Pages in Report | 236 |
| Segments covered | Product Type, Protocols and Sales Channel |
| Drivers | The increasing disposable income of consumers |
| Opportunities | The development and integration of new technologies |
| Restraints | The lack of interoperability between different brands |
Advancement in market
The future of smart homes is now, and it is being driven by WiFi 6, the newest and most advanced WiFi standard that aims to change how users interact with their smart homes completely. The WiFi 6 standard, commonly known as 802.11ax, replaces the WiFi 5 (802.11ac) standard currently in use. It offers greater storage, faster speeds, and more power-efficient operation. The capacity of WiFi 6 to manage numerous devices at once is one of its most important benefits. Using OFDMA technology, WiFi 6 can serve numerous devices simultaneously, lowering latency and enhancing network performance.
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Market Dynamics
Driver: the rising consumer disposable income.
The population's rising standard of living has created a demand for smart technologies in various settings, including offices, homes, and commercial utility areas. Consumers are more eager and interested in high-end products like smart home appliances, security systems, etc., due to their increased discretionary money. These goods suit the time-constrained modern world since they are convenient, simple to use, involve less work, and save time. Consumers' increased environmental consciousness also drives the desire for smart homes due to their energy efficiency. Significant market participants are there to meet the growing customer demand. Therefore, the expansion of the global smart home market will be fuelled by customers' rising disposable income.
Restraints: Lack of brand compatibility
smart homes integrate various smart products, including thermostats, lamps, doorbells, cameras, refrigerators, HVAC systems, etc. Most of the time, consumers purchase these products from different brands. Ultimately, several brands are represented in selecting the best items for their needs and requirements. Different brands employ various technologies, software, operating systems, etc. There's no guarantee that they'll work well together. Due to the absence of brand interoperability, it is challenging to integrate various devices, which hinders the market's expansion. It is typically more limiting when people retrofit old homes versus when similar items are placed in new homes.
Opportunities: the creation and adoption of novel technologies.
The idea of smart houses is still relatively new. Most smart home equipment is still controlled manually by the user via their phones. They manually set the temperature, lighting, and alarm systems according to their habits. However, because of technical developments in artificial intelligence and the adoption of the Internet of Things, users' experiences with smart homes can be completely automated. AI, for example, may gather information from all connected devices, streamline it, process it, and create a routine around the user's daily activities. As a result, AI-integrated smart home equipment could run without a prompt in accordance with the user's regular routines. IoT uses sensors to react to changes and notice them when they occur automatically. An illustration would be automatic lighting controls when there are people around. Consequently, the creation and adoption of new technologies may present profitable opportunities in the global market for smart homes.
Challenges: The rising threat of cyberattacks.
The extent of automation and digitization that goes into making a smart home connects every electronic device with the internet and each other. These devices connected to the open internet are highly vulnerable to cyber-attacks without proper preventive and curative cyber security measures. These cyber-attacks can hold home owner's hostage, hand out threats, extort money, and invade their privacy, among other inconveniences. Therefore, the rising threat of cyberattacks will challenge the market's growth.
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Some of the major players operating in the global smart home market are:
• ABB Ltd.
• Amazon
• Centrica Connected Home Ltd.
• Crestron Electronics
• Honeywell International
• Johnson Controls Inc.
• Samsung Group
• Schneider Electric SE
• Siemens
• Sony Corporation
Key Segments cover in the market:
By Product Type
• Lighting Controls
• Security and Access Controls
• HVAC Controls
• Entertainment Controls
• Smart Home Appliances
• Smart Furniture
• Others
By Protocols
• Wired
• Hybrid
• Wireless
By Sales Channel
• Direct Sales
• Supermarkets/Hypermarkets
• Specialty Stores
• Department Stores
• Online
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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