Smart Home Market worth $151.4 billion by 2024 growing with CAGR 12.02%

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MarketsandMarkets Presents

Smart Home Market worth 151.4 billion by
2024 Smart Home Market by Product (Lighting
Control, Security Access Control, HVAC,
Entertainment, Smart Speaker, Home Healthcare,
Smart Kitchen, Home Appliances, and Smart
Furniture), Software Services, and Region -
Global Forecast to 2024 https//www.marketsandmar
kets.com/Market-Reports/smart-homes-and-assisted-l
iving-advanced-technologie-and-global-market-121.h
tml
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According to the new research report "Smart Home
Market by Product (Lighting Control, Security
Access Control, HVAC, Entertainment, Smart
Speaker, Home Healthcare, Smart Kitchen, Home
Appliances, and Smart Furniture), Software
Services, and Region - Global Forecast to 2024",
the overall smart home market is expected to grow
from USD 76.6 billion in 2018 to USD 151.4
billion by 2024, at a CAGR of 12.0. The growth
of the smart home market is driven by factors
such as the growing number of internet users and
increasing adoption of smart devices increasing
awareness about fitness and rise in disposable
incomes in developing economies increasing
importance of home monitoring in remote
locations rising need for energysaving and low
carbon emission-oriented solutions cost
reduction measures enabled by smart homes rapid
proliferation of smartphones and smart gadgets
large number of manufacturers expanding their
smart home product portfolios and growing
concern about safety, security, and convenience
among people. Browse 100 market data Tables
and 65 Figures spread through 255 Pages and
in-depth TOC on "Smart Home Market - Global
Forecast to 2024"
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Smart speakers likely to grow at a high rate
during the forecast periodSmart speaker is a
wireless speaker enabled by Bluetooth, Wi-Fi, or
other wireless protocols and powered by virtual
assistant, which is driven by artificial
intelligence. There has been continuous increase
in demand for smart speakers, especially in smart
homes, owing to increasing consumer demand for
advanced and multifunctional devices. Moreover,
the proliferation of smartphones has enabled the
development of applications to stream music to a
specific device, thus fueling the demand for
smart speakers. The market for smart speaker
market is primarily expected to be driven by the
increased adoption of smart homes, high
disposable income, the popular trend of
personalization, and the rapid proliferation of
multifunctional devices. Factors such as
increasing focus of companies on enhancing
customer experience and consumer preference for
technologically advanced products over
traditional products are expected to provide
opportunities to smart speaker providers. 
Further, recent developments in artificial
intelligence and natural language processing to
enhance voice recognition capabilities have
increased the overall demand for smart speakers
in smart homes. Download Informational PDF
Brochure_at_ https//www.marketsandmarkets.com/pdfdow
nloadNew.asp?id121
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The market for proactive type software and
services to grow at a higher rate during the
forecast period The software and services
pertaining to smart homes enable users to control
smart appliances and devices installed in their
homes. There is high competition between the
software and service providers in the smart home
market, which revolves around developing
technically advanced and user-friendly software
solutions as well as providing improved and
real-time services to customers, on the back of
the growing awareness about reducing energy
consumption within households. Moreover, the
environmental regulations implemented by
government bodies in most countries, both
developed and developing, are further driving the
rate of smart home installations. The software
and service industry is generating huge revenues
from the installation and marketing of smart
homes and is also providing services to the
customers. These factors are expected to
contribute to the high growth rate of the market
for software and services during the forecast
period. Speak to Analysts _at_ https//www.marketsa
ndmarkets.com/speaktoanalystNew.asp?id121 Player
s such as Johnson Controls International
(Ireland), United Technologies Corporation (US),
Schneider Electric (France), Honeywell
International, Inc. (US), and Siemens AG
(Germany) are currently dominating the smart home
market. Other key players operating in the smart
home space are Amazon, Inc. (US), Apple Inc.
(US), Google (US), ADT (US) many
more.
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