Smart Home Market is expected to grow from USD 82.3 Billion in 2020 to USD 173.2 Billion by 2028, at a CAGR of 10.0% during the forecast period 2021-2028 : Grayviews

Pune, India, April 21, 2022 (GLOBE NEWSWIRE) — Smart Home Market is anticipated to grow at a steady growth rate over the forecast period, owing to significant internet penetration around the globe along with the rising adoption of smart devices and proliferation of Internet of things. Smart home is a residence that involves home automation and uses internet-connected devices to allow remote management and monitoring of appliances and systems, such as heating and lighting. It provides homeowners with security, convenience, comfort, and energy efficiency by enabling them to control smart devices.

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Smart home mainly comprises of smart lighting systems, smart speakers, smart thermostats, home security cameras, multi-room audio systems, smart smoke and carbon monoxide detectors, and smart irrigation

Key Insights & Findings:

  • The lighting control segment led the Smart Home market and valued at USD29.79 Billion in 2020. This is mainly due to rising demand for energy efficient lighting systems. However, smart kitchen segment is expected to witness the highest growth rate during the forecast period.
  • The behavioral segment led the Smart Home market and valued at USD48.47 Billion in 2020. This is mainly due to the need for easy to use solutions with real time and enhanced services. However, proactive segment is expected to witness the highest growth rate during the forecast period.
  • The direct sales segment accounted for the largest market share and valued at USD52.75 Billion in 2020. Growth of this segment is mainly driven by convenience and service offered by direct sales, including personal explanation and demonstration of products.
  • The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for the Smart Home market and valued at USD28.97 Billion in 2020. A number of factors such as government initiatives to help energy-efficient building that provide benefits such as reduced lifetime costs, increased energy savings , and reduced gas emissions boosts demand for the Smart Home in North America.

Key players operating in the global Smart Home market are ADT, ABB, Robert Bosch, Sony , Samsung Electronics, Axis Communications, Ooma ,Delta Controls, Control4, Comcast, Smarthome, Crestron Electronics, SimpliSafe, Armorax , Canary, LG Electronics, Lutron, and Legrand among others. To enhance their market share in the global Smart Home market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint ventures, collaborations, and partnership.

  • For instance, in September 2020, Blue by ADT, the provider of wide range of devices with smart home compatibility introduced DIY smart home security brand from ADT. This launch has expanded its product lineup by offering fully customizable DIY smart home security solutions.
  • In July 2020, ABB, one of the leading market players launched a package of new upgrades for its ABB-free@home system. This launch extends smart home capabilities to cater to increasing demand for Internet of Things (IoT) technology within smart homes.

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Global Smart Home Market by Component:

  • Lighting Control
  • Security and Access Control
  • Access Control
  • HVAC Control
  • Entertainment and Other Controls
  • Smart Speaker
  • Home Healthcare
  • Smart Kitchen
  • Home Appliances
  • Smart Furniture

Global Smart Home Market by Software & Services:

Global Smart Home Market by Sales Channel:

Global Smart Home Market by Region:

  • North America
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia
  • Asia-Pacific
    • Japan
    • China
    • India
    • Korea
    • Southeast Asia
  • South America
  • Middle East and Africa
    • UAE
    • South Africa
    • Saudi Arabia

About the report:
This research report gives detailed data about the major factors influencing the growth of the Smart Home market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.

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