Smart Home Market: Current Analysis and Forecast (2022-2028)

Report Description

The smart home market is expected to grow at a strong CAGR of around 26% during the forecast period owing to the increasing awareness among customers, the proliferation of IoT in emerging economies, and surging disposable incomes and urbanization. Moreover, with increasing awareness about the need and benefits of smart home technology, spending on product development and R&D activities has increased globally. Burgeoning competition in terms of new players foraying into the smart home landscape along with evolving governmental energy and emission policies, growing demand for smart home energy management systems, and development of smart gas metering services are some of the major drivers for the increased penetration of smart home devices among consumers, especially in the developed and developing countries. Additionally, the rising investments and product launches in the smart home market are further contributing to the growth of the market. For instance, in June 2019, Vivint Smart Home announced the launch of a Summer of Smart Home Sweepstakes. Vivint will give away a smart home system per week during the sweepstakes, and one lucky winner will receive a grand prize of USD 50,000, plus an ultimate smart home package and four years of security service.

Some of the major players operating in the market include Schneider Electric; Siemens; ABB; Samsung; Honeywell International; Robert Bosch GmbH; LG Electronics; ASSA ABLOY; ACUITY BRANDS, INC.; and Cisco Systems, Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product, the smart appliances segment held a dominating share of the market in 2021”

Based on product, the market is segmented into security and safety, smart appliances, home entertainment, lighting and control, heating ventilating, air conditioning (HVAC), and energy management. Amongst these, the smart appliances segment dominated the market in 2021. This is because smart appliances allow users to connect, control and monitor their own devices, saving time, energy, and money. For example, you can plan run times to suit your personal schedule, use cheaper off-peak energy, or take full advantage of solar energy to save time, money, and the environment.

“Amongst technology, the wireless smart home technology held the majority share of the market in 2021”

By technology, the market is bifurcated into wireless smart home technology and wired smart technology. Among these, wireless smart home technology captured the majority share of the smart home market in 2021. The major share of the wireless smart home technology can be attributed to the capabilities and features offered such as mobile connectivity, connectivity regardless of location, and more by protocols such as ZigBee, Wi-Fi, Bluetooth, Z Wave, and others.

Smart Home Market Report Coverage

“North America dominated the smart home market in 2021”

North America dominated the smart home market in 2021 with more than 44% share of the market due to the increased demand for smart devices due to technological advancements and overall consumer awareness. Considering the rapid growth prospects of the region in every aspect, growth is mainly attributed to favorable conditions of development in terms of recovery of the residential market and better affordability coupled with rising penetration of smart homes in North America over the forecasted period.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global smart home market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Smart Home Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global smart home market were the three major steps undertaken to create and analyze the adoption of smart home in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global smart home market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the smart home market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the smart home market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the smart home market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the smart home market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the smart home market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global smart home market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the smart home market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global smart home market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global smart home market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global smart home market.

The main objective of the Global Smart Home Market Study

The current & future market trends of the global smart home market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the smart home market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product, technology, and end-users
• Define and analysis of the regulatory framework for the smart home industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the smart home market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the smart home market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team