CHICAGO, Aug. 6, 2024
/PRNewswire/ -- The global smart home
market was valued at USD 84.5
billion in 2024 and is projected to reach USD 116.4 billion by 2029; it is expected to
register a CAGR of 6.6% during the forecast period according to a
new report by MarketsandMarkets™. The growing need for
energy-saving and low carbon emission-oriented solutions and
concerns about safety, security, and convenience among general
population is attributed to the demand for smart homes. 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 growing concerns about safety, security, and
convenience among general population are attributed to the demand
of smart home.
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Browse in-depth TOC on "Smart Home
Market"
319 – Tables
70 – Figures
330 – Pages
Smart Home Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 84.5
billion
|
Estimated Value by
2029
|
$ 116.4
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 6.6%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Product, Offering,
Installation Type and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Difficulties in linking
disparate systems, limited functionalities, and lack of open
standards
|
Key Market
Opportunities
|
Favourable government
regulations to promote green buildings
|
Key Market
Drivers
|
Increasing number of
internet users and growing adoption of smart devices
|
By Installation type: new installations segment to account
for the larger market share in the forecasted year.
The new installation segment accounted for the largest share of
the smart home market in 2029. New installations involve the
installation of state-of-the-art lighting systems with modern LED
drivers and ballasts, sensors, switches, dimmers, and gateways.
While retrofit installations do not, new installations entail the
complete replacement of a traditional lighting system by phasing
out an existing conventional lamp and its associated controls and
fixtures and the introduction of new lamps and associated controls
and fixtures. A new installation transforms the whole system,
resulting in an entirely different setup.
By Sales Channel: Indirect sales accounted for a larger
market share in the forecasted year.
Indirect sales channels or third-party service providers hold a
major share of ~64% of the smart home market. Most players in the
market have strong sales channels and distribution networks to
provide services to their end users. Indirect sales include the
sales of smart home products through both online and offline modes.
The offline sales channel comprises third-party cellular network
carriers, wholesalers, retailers, and value-added resellers,
whereas the online sales channel involves sales through e-commerce
platforms and third-party retailers.
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By Smart Kitchen: Smart Refrigerators are expected to hold
the largest share of the smart home market during the forecast
period.
Smart refrigerators are expected to capture the largest share in
the smart home industry during the forecast period. Smart
refrigerators find huge adoption in smart kitchens owing to
advanced features that raise convenience, efficiency, and
connectivity. These refrigerators provide functions such as remote
temperature control, inventory tracking, and automatic grocery
ordering, all of which make household management easier. The
devices are integrated into touchscreens and voice assistants that
can grant access to recipes, shopping list management, and other
smart home devices. Smart refrigerators are also in great demand
due to their energy efficiency and the ability to reduce food
wastage by monitoring expiration dates.
Key Players
The key companies that offer smart home companies include
Johnson Controls Inc. (Ireland),
Honeywell International Inc. (US), Schneider Electric (France), Siemens (Germany), ASSA ABLOY (Sweden).
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