Smart Home Device Market Size and Analysis
The smart home
device market size is likely to touch USD 380.76 Billion at an 19.21% CAGR in
the forecast period 2022- 2030, according to the latest Market Research Future
(MRFR) analysis. Smart home devices or home automation devices includes use of
internet-connected devices for managing and monitoring several home systems and
appliances. This is a highly advanced technology which helps in making
operations of different home appliances more energy saving and
convenient.
Various factors are fuelling the global smart home device market
share. As per the recent MRFR market estimates, such factors include the rapid
advances in IoT and AI, adoption of integrated devices and self-assembly,
rising home security theft and accidents, people’s rising discretionary income,
availability of a wide range of smart devices, and rising consumer preference
for surveillance systems, voice-assisted technologies, and video doorbells,
adoption of consumer IoT. The additional factors adding market growth include
the rising penetration of the internet, increasing use of smartphones,
expansion of social network platforms, and growing adoption of internet-enabled
smart devices like mobile computers, barcode scanners, and radio frequency
identification.
On the contrary, technical complexities and concerns for network
connectivity may limit the global smart home device market growth over the
forecast period. Besides, the COVID-19 impact owing to lockdowns, restrictions
on production activities, and fluctuations in the global economy may also
impact market growth.
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Smart Home Device Market Key Players
The notable players profiled in the smart home device market
report include Apple Inc. (US), Google LLC (US), Honeywell International Inc
(US), Cree Inc. (US), PHILIPS LTG N V/ADR (Signify) (Netherlands), Robert Bosch
GmbH (Germany), SimpliSafe Inc. (US), Vivint Inc. (US), ADT Inc. (US), Nest
Labs (US), SkyBell Technologies Inc. (US), NetGear Inc. (US), Samsung
Electronics Co. Ltd (Republic of Korea), Logitech International SA
(Switzerland), Brilliant Home Technology Inc (US), Wink Labs Inc. (US), and
Amazon.com Inc. (US).
Other players profiled in the market include Canary Connect Inc.
(US), Distech Controls Inc (US), Axis Communications AB (Sweden), General
Electric Company (US), Lennox International Inc. (US), Control4 Corp (US),
Delta Controls Inc (US), Hitachi Ltd (Japan), Creston Electronics Inc (US),
Lutron Electronics Co Inc (US), LG Electronics Inc (South Korea), Panasonic
Corporation (Japan), Sony Corporation (Japan), Huawei Technologies Co. Ltd
(China), Hubbell Incorporated (US), Comcast Corporation (US), Ingersoll-Rand
PLC (Ireland), ABB Ltd (Switzerland), Legrand SA (France), ASSA ABLOY AB
(Sweden), United Technologies Corporation (US), Schneider Electric SE (France),
Johnson Controls International PLC (US), and Siemens AG (Germany), among
others.
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Smart Home Device Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of
the global smart home device market based platform/virtual assistant,
connectivity, and product.
By product, the global smart home device market is segmented into
smart kitchen appliances (microwaves/ovens, smart coffee makers, precision
cookers), smart lighting (smart wall switch, smart bulb and light), smart HVAC
(smart wall panels, smart thermostat), smart locks and security system (fire
control system, biometric controlled locks, and others), smart surveillance
cameras (video doorbell camera, standalone security camera, and others), and
smart hubs and controllers (smart remote control, smart panels and switches,
smart speakers, and others), and other home appliances (smart bed, fitness devices,
vacuum cleaners, and others).
By connectivity, the smart home device market is segmented into
Zigbee, Wi-Fi, Bluetooth, and others.
By platform/virtual assistant, the smart home device market is
segmented into Samsung Bixby, Apple Siri, Google Assistant, Amazon Alexa, and
others.
Smart Home Device Industry Updates
April 2021- Project CHIP smart home devices are expected to roll
out some time later this year.
Smart Home Device Market Regional Analysis
By region, the global smart home device market covers the recent
trends and growth opportunity across Europe, Central & South America, North
America, Asia Pacific, and the Middle East and Africa (MEA). Of these, North
America will dominate the market over the forecast period. The presence of major
integrators, early adoption of technologies like AI and IoT, growing demand for
reliable home energy management systems, enhanced home security levels, and the
growing popularity of smart devices like smartphones and tablets are adding to
the global smart home device market growth in the region. US hold the utmost
market share.
In the APAC region, the smart home device market will have a promising growth over the forecast period. Technological advances, rapidly changing economical development, large number of ongoing smart home projects, favorable government policies, new urbanization plan, Made in China 2025 strategy, and smart city projects in China, and market players establishing strong footprint in AIoT market are adding to the global smart home device market growth in the region.
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