Dubai, UAE, July 26, 2023 (GLOBE NEWSWIRE) -- As per the recent research published by Extrapolate, the Global Smart Home Market is projected to reach USD 790.19 billion by 2030 from USD 136.14 billion in 2021 to, exhibiting a staggering CAGR of 25.06% through the forecast period. The mounting significance of home monitoring in remote locations, rising public concern over convenience, security, and safety, growing energy-saving requirements, burgeoning internet user base, and accelerated adoption of smart devices are fostering market demand.
Additionally, the progressing trend of incorporating AI into smart home devices for smart features and the widespread use of smartphones and the internet is also boosting market growth. AI-enhanced digital assistance is providing customers with hands-free and more user-friendly smart device deployment, which has a substantial impact on consumer preferences.
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Market Segmentation
By Product
- Lighting Control
- Security and Access Control
- Entertainment
- Smart Appliances
- Other
Surging Disposable Income Leads to Increased Smart Appliance Sales
The smart appliances segment dominates the global smart home market due to an increasing preference for modular kitchens and an upsurge in disposable income in developing countries. Consumer interest in smart kitchens has grown due to changes in lifestyles and an increase in time spent outside of the home. The number of kitchen restoration projects has also proliferated, especially in less developed countries where modular kitchens are becoming more popular.
Additionally, as internet, smartphone, and tablet users are increasing, it has become easier for customers to monitor their appliances using mobile devices, which is particularly appealing to individuals with busy lifestyles. Subsequently, widespread adoption of smart devices in everyday lives is set to augment segment growth in the coming years.
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By Sales Channel
- Direct
- Indirect
One-Stop-Shop Experience by Indirect Sales Boosts Product Expansion
The indirect sales channels segment dominated the market with the highest CAGR during the forecast period. The driving factor for segmental growth is attributed to e-commerce systems, which offer customers a comprehensive and convenient one-stop-shop experience. This streamlined approach allows customers to access and purchase a wide range of products from a single platform, enhancing their convenience significantly. With the ability to thoroughly study product features and designs before placing online orders, customers benefit from an informed purchasing process.
Moreover, e-commerce systems commonly provide setup and installation services for smart home systems and devices, which enhances customer experience. Additionally, the presence of individual distributors who procure products from various providers and cater to customers in their local areas contributes to the overall growth of the segment. This diverse network of distributors helps extend the reach of e-commerce platforms and boost sales across different regions.
Adoption of Smart Products to Augment Market Growth
The expanding geriatric population, improved Machine-to-Machine (M2M) communication networks, the introduction of new products, and developments in the Internet of Things (IoT) are all supplementing industry expansion. Technology facilitates effective energy-saving solutions, particularly in industrialized nations such as Europe and North America. These solutions are also promoted by a variety of government initiatives and favorable developments that provide substantial support.
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Presence of Major Manufacturers in North America to Spur Market Development
North America is anticipated to capture the largest market share by the end of the review timeline. This growth is due to the presence of key manufacturers in the region such as Crestron, Honeywell International Ltd., Amx, and Control4 Corporation. Other factors complementing growth include the rising use of essential communication technologies including Wi-Fi, Zigbee, Bluetooth, NFC, and the upcoming 5G network. Key firms in this area are pursuing strategic mergers and acquisitions to expand their business divisions internationally.
Competitive Landscape
Prominent firms in the global smart home market utilize strategies such as partnerships, takeovers, ventures, innovations, R&D activities, and regional expansions to strengthen their market positions. In order to remain competitive, businesses are also putting more effort into diversifying their product offerings in order to satisfy the changing needs of their customers. For instance, as part of the company's yearly model upgrade, Amazon.com, Inc. debuted its wall echo, sound bot, and home robot in August 2022 in a move to compete with up-and-coming rival companies. Leading corporations are making large investments in enterprises, product development, and technological research.
To cite another instance, in January 2022, Samsung Electronics Co., Ltd. and Oracle Corp. collaborated to create smart energy solutions for their clients. These solutions incorporated Oracle's contextual and behavioral energy insights within Samsung's SmartThings products and automation services. With this partnership, the firms aimed to add innovative and useful features to their product offerings. In order to facilitate their use in both newly constructed homes and retrofitted homes, major manufacturers are also creating additional capabilities for smart home devices, which is foreseen to help them gain a competitive edge in the business.
Key participants in the global smart home market include:
- Emerson Electric Co.
- Samsung Group
- Honeywell International
- General Electric
- Schneider Electric SE
- SmartRent Technologies, Inc
- Legrand
- Vivint, Inc.
- ABB Ltd.
- Centrica plc
- Snap One, LLC
- Johnson Controls, Inc.
- Sony Corporation
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Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Component
2.3.1. Secondary Component
2.3.1.1. Preliminary data mining
2.3.2. Primary Component
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Smart Home Market
Chapter 5. Global Smart Home Market Overview, By Product, 2017 - 2030(USD Million)
Chapter 6. Global Smart Home Market Overview, By Software & Services, 2017 - 2030(USD Million)
Chapter 7. Global Smart Home Market Overview, By Sales Channel, 2017 - 2030(USD Million)
Chapter 8. Global Smart Home Market Overview, By Geography, 2017 - 2030(USD Million)
...
Chapter 14. Competitive Landscape
14.1. Competitive environment, 2021
14.2. Strategic framework
14.2.1. Partnership/agreement
14.2.2. Expansion
14.2.3. Mergers & Acquisitions
14.2.4. New Size development
Chapter 15. Key Vendor Analysis
15.1. Emerson Electric Co.
15.1.1. Company overview
15.1.2. Financial performance
15.1.3. Product Benchmarking
15.1.4. Recent initiatives
15.1.5. SWOT analysis
15.2. Samsung Group
15.2.1. Company overview
15.2.2. Financial performance
15.2.3. Product Benchmarking
15.2.4. Recent initiatives
15.2.5. SWOT analysis
...
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
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