The global smart home market is anticipated to grow at an exponential CAGR of 20.4% during the forecast period. The smart home is known as home automation which includes the usage of internet-connected devices to manage and monitor several home appliances and systems such as smart lighting, smart home theaters, security devices, and others. The smart home is based on the advanced technology that aids in making operations of home appliances more convenient and energy saver. Many companies are entering the smart home market and planning to launch innovative smart products due to the increased demand for smart home devices. For instance, in May 2022, Google plans to launch its new smart home industry standard called Matter this fall. Devices will all connect quickly and easily using Fast Pair and the platform will support a variety of voice assistants and networking protocols which include Alexa, Google Assistant, Siri as well as WiFi, Thread, and Bluetooth LE. Consumers will be able to scan a code with their phones to get things rolling.

Segmental Outlook 

The global smart home market is segmented based on product type, and distribution channel. Based on the product type, the market is segmented into comfort and lighting, control and connectivity, energy management, home entertainment, security, smart appliances, and others. Based on the distribution channel, the market is sub-segmented into online and offline. Among the product type segment, the home entertainment segment is expected to hold a prominent share in the growth of the global smart home market. Furthermore, the security and smart appliances segment is expected to be the fastest-growing segment in the growth of the smart home market across the globe. 

The Home Entertainment is Expected to Hold a Prominent Share in the Global Smart Home Market

The home entertainment sub-segment is expected to hold a prominent share in the global smart home market during the forecast period. The growing demand for good audio and volume quality in-home theaters is driving the growth of the global smart home market. People are demanding good features in smart home theaters to manage and control entertainment. For instance, in February 2022, Sony India launched its premium range of Home Theater System HT-A9 and HT-A7000 soundbar, offering a new and revolutionary multi-dimensional sound experience powered by innovative 360 SSM surround sound technology that creates an immersive soundscape for any movie, music, or gaming experience. Additionally, wireless technologies are also boosting the growth of home theater system control in the global smart home market.

Regional Outlooks

The global smart home market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America).  The market can be analyzed for a particular region or country level as per the requirement. Among these, the North American region is expected to hold a prominent share in the global smart home market during the forecast period due to the presence of key market players. Furthermore, the Asia-Pacific region is expected to be the fastest-growing region in the global smart home market.

Global Smart Home Market Growth, by Region 2022-2028

The North American Region is Expected to Hold a Prominent Share in the Global Smart Home Market

The North American region is expected to hold a prominent share in the growth of the global smart home market during the forecast period. The high presence of key market players such as Crestron Electronics Inc., Honeywell International Inc., and SimpliSafe, Inc. in the North American region and high per capita income are driving the growth of the market in this region. The major key players are introducing technologically advanced products with various facilities which increases the sales of smart home devices and contributes to the growth of the market. For instance, in October 2020, Honeywell introduced the first cloud-based solution that provides end-to-end connectivity and visibility to fire safety systems. New Connected Life Safety Services gives customers remote connectivity and visibility to the fire safety system - from any mobile device at any time, anywhere.

Market Players Outlook

The major companies serving the global smart home market include Inter IKEA Systems B.V., Legrand North and Central America, LLC, Milano Smart Living, Robert Bosch GmbH, Sleep Number Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, ViewSonic Corp. launched two new LED-based smart home theater projectors. The X1 and X2 are lamp-free projectors utilizing next-generation LED technology to ensure higher brightness levels and up to 30,000 hours of usage. The ViewSonic X1 and X2 projectors feature native 1080p resolution, and color reproduction technologies for stunning image quality, as well as Bluetooth and Wi-Fi for sharing entertainment from other devices.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global smart home market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.