Smart Home Market Size, Share, Industry Growth Report, Opportunities

1
MarketsandMarkets Presents
Smart Home Market Size, Share Industry Growth
Analysis Report by Product (Lighting Control,
Security Access Control, HVAC Control, Smart
Speaker, Smart Kitchen and Smart Furniture),
Software and Services, Sales Channel and Region -
Global Forecast to 2028 The smart home market
size is valued at USD 101.7 Billion in 2023 and
is anticipated to be USD 163.7 Billion by 2028
growing at a CAGR of 10.0 from 2023 to 2028. The
key factors contributing to the growth of the
smart home market include rising number of
internet users and the increasing adoption of
smart devices. Furthermore, the growth is being
fueled by the rise in disposable income in
developing economies.
2
MarketsandMarkets Presents
Entertainment Other controls to dominate market
during the forecast period. The rise in demand
for audio and volume control devices is fueled by
their ability to handle and manage household
entertainment systems. The development of
wireless communication technologies is a crucial
driver of the home theater system control
industry, promoting the growth of the smart home
market for entertainment controls. The surge in
demand for smart meters and smoke detectors, as
well as the increasing popularity of smart plugs,
smart hubs, and smart locks, are the some of the
factors contributing to the growth of the other
controls segment.
3
MarketsandMarkets Presents
Indirect sales channel to register higher growth
rate during forecast period. The indirect sales
channel category is expected to hold a
significant portion of the smart home market in
2023 and is expected to grow at a faster CAGR
during the forecast period. Download PDF
Brochure _at_ https//www.marketsandmarkets.com/pdfdo
wnloadNew.asp?id121 The majority of market
players possess robust distribution networks and
sales channels to cater to the demands of
end-users. Indirect sales channels encompass both
online and offline modes of selling smart lock
home products. Offline sales channels comprise
wholesalers, retailers, third-party cellular
network carriers, and value-added resellers. On
the other hand, e-commerce platforms are the
primary online sales channels for smart home
products.
4
MarketsandMarkets Presents
Proactive software and services is expected to
hold the larger share during forecast
period Proactive software focuses on a more
anticipatory approach to automation. Instead of
waiting for the tenant to take the initiative,
proactive software predicts their needs and
responds appropriately. For instance, a proactive
smart home might automatically adjust the
thermostat depending on weather forecasts or
switch on the lights before the occupants arrive
home. By anticipating needs before the residents
are even aware of them, proactive software aims
to enhance the homes functionality and
convenience.
5
MarketsandMarkets Presents
Asia Pacific to grow at the fastest CAGR during
the forecast period The Asia Pacific smart home
market presents a high growth potential,
primarily due to robust economic growth, rapid
urbanization, and a increasing population,
leading to an advanced infrastructure. The growth
of Japan and South Korea in the market is
attributed to their leading position in
technological advancements in smart homes. The
factors driving the market growth in the Asia
Pacific region include evolving lifestyles,
increased disposable income, rising geriatric
population, increasing demand for
smart building infrastructure in developing
economie a large consumer base, and rapid
technological advancements in smart home products
6
MarketsandMarkets Presents
Key Players are Honeywell (US), Siemens
(Germany), Johnson Controls (Ireland), Schneider
Electric (France), and ASSA ABLOY (Sweden) are
the major players in smart home market. These
players have implemented various strategies to
extend their global reach and enhance their
market shares. Know more Information _at_
https//www.marketsandmarkets.com/Market-Reports/s
mart-homes-and-assisted-living-advanced-technologi
e-and-global-market-121.html
7
MarketsandMarkets Presents
About MarketsandMarkets MarketsandMarkets is a
blue ocean alternative in growth consulting and
program management, leveraging a man-machine
offering to drive supernormal growth for
progressive organizations in the B2B space. We
have the widest lens on emerging technologies,
making us proficient in co-creating supernormal
growth for clients. The B2B economy is
witnessing the emergence of 25 trillion of new
revenue streams that are substituting existing
revenue streams in this decade alone. We work
with clients on growth programs, helping them
monetize this 25 trillion opportunity through
our service lines - TAM Expansion, Go-to-Market
(GTM) Strategy to Execution, Market Share Gain,
Account Enablement, and Thought Leadership
Marketing.
8
MarketsandMarkets Presents
Built on the GIVE Growth principle, we work
with several Forbes Global 2000 B2B companies -
helping them stay relevant in a disruptive
ecosystem. Our insights and strategies are molded
by our industry experts, cutting-edge AI-powered
Market Intelligence Cloud, and years of research.
The KnowledgeStore (our Market Intelligence
Cloud) integrates our research, facilitates an
analysis of interconnections through a set of
applications, helping clients look at the entire
ecosystem and understand the revenue shifts
happening in their industry. To find out more,
visit www.MarketsandMarkets.com or follow us
on Twitter, LinkedIn and Facebook. ContactMr.
Aashish MehraMarketsandMarkets INC.630 Dundee
RoadSuite 430Northbrook, IL 60062USA
1-888-600-6441