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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