Smart Home Device Market is expected to reach USD 302.02 billion by 2030, at a CAGR of 10.45% during the forecast period 2023-2030.
Research Reports
Oct 09, 2023
Market Analysis
The global smart home devices market will touch USD 302.02 billion at 10.45% CAGR by 2030, as per the recent Market Research Future report.
Key Players
Eminent market players profiled in the global smart home device market report include
- SkyBell Technologies Inc
- ADT Inc
- com
- SimpliSafe Inc
- Robert Bosch
- PHILIPS LTG
- Cree Inc
- Honeywell International Inc
- Apple Inc
- Samsung Electronics Co., Ltd.
Key players had incorporated several strategies to stay ahead like mergers, new product launches, geographic expansions, and more.
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Drivers
Need to Save Energy to Boost Market Growth
The growing need to save energy and reduce carbon emissions will boost market growth over the forecast period as this augments the functionality and performance of automation systems sans leaving a noteworthy impact on the environment.
Opportunities
Advances in IoT to offer Robust Opportunities
The advances in IoT or the internet of things and the surge in devices with in-built connectivity continue in expanding the probabilities for smart homes that will offer robust opportunities for the market over the forecast period.
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Restraints and Challenges
Device Failure to act as Market Restraint
Device failure, privacy violations, and concerns regarding security may act as market restraints over the forecast period.
Market Segmentation
The global smart home devices market is bifurcated based on platform, connectivity, and product.
By product, smart locks & security system will lead the market over the forecast period.
By connectivity, Wi-Fi will domineer the market over the forecast period.
By platform, Google Assistant will spearhead the market over the forecast period.
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COVID-19 Analysis
Smart Home Device Market is expected to reach USD 302.02 Billion by 2032, at a CAGR of 10.45% during the forecast period 2023-2032.
With maximum people doing work from home, there had been a rise in need for the smart home devices which improved productivity, security, and comfort. The COVID-19 epidemic heightened the awareness of safety and health resulting in rising interest in gadgets such as contactless entry systems, air purifiers, and smart thermostats. With people spending maximum time at home, automatically the need for entertainment-related smart devices like gaming consoles, streaming devices, and smart TVs too surged.
Regional Analysis
North America to Command Smart Home Device Market
North America will command the smart home device market over the forecast period. Increasing adoption of smart home devices, high disposable income, growing need for energy-efficient and connected homes, and benefits of the smart home technology are fuelling market growth. North America is abode to several leading technology companies as well as startups which are creating innovative smart home solutions and devices. The increasing per capita income here, the burgeoning need for reliable home energy management system, the augmented home security levels, the improved device standards as well the rising popularity of the integrating smart devices such as standalone voice assistants, smartphones, and tablets in home are all propelling market growth within the region. Besides, the US government’s various awards for the green energy projects again are fuelling market growth.
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