Global Smart Home Market to attain market value of US$ 140.5 billion by 2024, growing at a CAGR of 24%. US to be the largest market for Smart home devices

The global report on smart home market published by UnivDatos Market Insights (UMI) anticipates that the market is anticipated to reach a valuation of US$ 140.5 billion by 2024 expanding at reasonable CAGR of 24.0% in the course of forecasted period (2018-2024). The global smart home market grew at a CAGR of 17.3% between 2014-2017 periods. Rapid adoption of smart home devices can be attributed to the burgeoning smart device installation, rapid uptake in smartphone penetration and changing lifestyle of the consumers. Rising demand for comfort and convenience along with proliferation of internet of things has considerably surged the demand for smart home devices ranging from energy efficient solutions, home entertainment devices, lighting control systems and security systems among other smart appliances. Moreover, with the rising IoT connected devices and enormous demand for technologically advanced solutions, massive opportunity displayed by Internet of Things has propelled the wireless innovation which has further driven the smart home devices adoption rate. Wifi and Bluetooth have become popular wireless connections to operate the smart home via smart devices. The benefits of smart home technology can also be witnessed extensively among various end-users wherein adoption of the smart home devices has been the game changer for the residential and commercial end-users. Hence, in 2017, smart appliances including smart washing machines, smart refrigerators and smart dryers, smart microwaves and ovens among others held major share in the global smart home appliances market. The segment is anticipated to bring in earnings of US$ 14,950.7 million by 2020.

Alternatively, under wireless technology, Wi-Fi enabled device is projected to expand rapidly throughout the analyzed period, owing to drastic technological advancements in terms of cloud computing, BYOD and artificial intelligence. Moreover, robust security, reliable connectivity and other parameters have further influenced the embracement of wireless technology among the smart device consumers. Moreover, mid-range house apartments dominated the residential end-user segment with highest adoption of smart home devices, and is expected to remain dominant throughout the forecasted period. Rapid adoption of smart devices among home owners and renters owing to the benefits that smart devices offer would propel wide adoption of such devices, especially in the developed and developing countries. In addition, disruption is constantly occurring, as smart home technology is gaining prominence among hospitality sector. Hotels as well as hospital industry have also adopted smart devices to deliver quality services to their end customers.

Growing recognition of economic and operational benefits offered by smart home devices has resulted in robust growth potential of the technology. Usage of smart home services has significantly benefitted the organizations and enterprises in terms of cost efficiency, energy management along with fostering information technology. Rising demand for energy saving solutions has dramatically fostered the smart home technology at global scale. Additionally, information technology has also witnessed explosive growth over the past decades. IoT along with artificial intelligence and increased smartphones penetration have gained wide prominence and continue to attract huge spending. Global IoT spending is anticipated to reach US$ 1.2 trillion by 2022 and worldwide smartphone penetration is expected to hit beyond 50% by 2020. Substantial Surge in adoption of smart home devices ranging from smart speakers, security devices and smart appliances among medium income consumers has further provided enormous growth opportunities for the companies operating in the smart home technology industry.

Unique variations of smart home technology is bifurcated extensively into applications, technology type and end users. Determined by application type, smart home technology market is bifurcated into safety and security systems, smart appliances, home entertainment, HVAC, lighting and control systems and energy management systems. By 2024, smart appliances segment is to command the global smart home market. The segment is projected to bring in sales revenue of US$ 38,048.6 million by 2024. While Wi Fi, bluetooth, Zigbee and Z-Wave are significant wireless services of wireless technology available in the market. Wi Fi is anticipated to witness rapid adoption and bluetooth is predicted to enjoy CAGR of 24.2% throughout the forecast period of time. Residential and commercial buildings ranging from luxury homes, mid-range apartments, assisted home, low energy homes, hotels, hospitals are some of the major end-users of the smart home technology. Mid-range apartments segment held the major market share in residential smart home end-user segment, wherein assisted homes and low energy homes are conversely anticipated to showcase maximum CAGR during the forecast time period.

Additionally, for better investigation and penetration of smart home technology the report bifurcates the respective market into distinct landscapes such as North America, Europe, Asia-Pacific, Latin America and Middle East and North Africa (MENA). In 2017, North America was the largest market for smart home devices, attributed to the intense competition, innovation paired with rapid adoption of smart devices across country such as US and Canada. Moreover, Europe and Asia Pacific are also poised to register drastic advancement in smart home technology throughout the forecast time period attributed to influx of numerous players, rapid smartphone penetration, growing adoption of smart devices owing to rising need for comfort and energy saving solutions. Rising disposable income along growing urbanization and smart city initiative undertaken by government entities in different countries such as China, Japan and India constitute as some of the key catalyst factors towards wide adoption of smart home devices.

Some of the major companies profiled in the report includes Haier Electronics, ABB Limited, Acuity Brands, Inc., AMX, LLC, ASSA ABLOY, Cisco Systems, Inc., Control4 Corporation, Crestron Electronics Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Honeywell International Inc., IBM Corporation, LG Electronics Inc., Monitronics International Inc., Schneider Electric S.E., Siemens AG, United Technologies Corporation, Vivint, Inc. and Samsung Electronics. The players consistently aim to focus on product development, launch new products and enhance their existing portfolios to expand their customer base and strengthen their market position through partnerships and collaborations which further offers them growth opportunities for geographic expansion in smart home domain. 

Market Segmentation

Market Insight, by Application

  • Safety and Security Systems
  • Smart Appliances
  • HVAC
  • Home Entertainment
  • Lighting Systems
  • Energy Management

Market Insights, by Technology

  • Wireless Technology
  • Wired Technology

Wireless Technology Market Insight, by Technology Type

  • Wifi
  • Bluetooth
  • Zigbee
  • Z- Wave
  • Others

Wired Technology Market Insight, by Technology Type

  • Ethernet
  • Power Line Communication
  • Fiber Optics
  • Others

Market Insights, by End Users

  • Residential End Users
  • Commercial End Users

Residential End Users, by Type of Residential Buildings

  • Luxury Villas
  • Luxury Apartments
  • Mid-range Houses/ Apartments
  • Assisted Homes
  • Low Energy Homes

Commercial End Users, by Type of Commercial Buildings

  • Hotels
  • Hospitals
  • Other Commercial Buildings

Market Insight, by Region

  • North America Smart Home Market Insight
  • Europe Smart Home Market Insight
  • Asia-Pacific Smart Home Market
  • Middle East Africa Smart Home Market
  • Latin America Smart Home Market

Top Company Profiled

  • Haier Electronics
  • ABB Limited
  • Acuity Brands, Inc.
  • AMX, LLC
  • ASSA ABLOY
  • Cisco Systems, Inc.
  • Control4 Corporation
  • Crestron Electronics Inc.
  • Deutsche Telekom AG
  • Emerson Electric Co.
  • General Electric Company
  • Samsung Electronics
  • Honeywell International Inc.
  • IBM Corporation
  • LG Electronics Inc.
  • Monitronics International Inc.
  • Schneider Electric S.E.
  • Siemens AG
  • United Technologies Corporation
  • Vivint, Inc.