The global smart home devices market size is projected to have a CAGR of 17.8% during the forecast period. The current valuation of the smart home devices market is US$ 58.4 Billion in 2023. The value of the smart home devices market is anticipated to reach a high of US$ 300 Billion by the year 2033.
The key elements pushing the demand for smart home devices are the rising need for energy-efficient and low-carbon-emission solutions, which eventually drive the global smart home devices industry growth. The rapid adoption of new technologies such as the internet of things (IoT), block chain, smart speech recognition, artificial intelligence (AI), and others has a significant influence on market growth.
The technology enables smart home items to detect users' voices and respond with customized replies. The rising usage of IoTs in emerging and developed nations has aided the growth of the smart homes market. The capacity of technology to provide interconnection between devices has contributed to increased demand for smart home solutions. The introduction of flush-mounted light control, which converts current light switches into smart solutions that can be seamlessly connected to the smart home system and handled with simplicity, has increased demand for smart home devices.
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Existing light switches just need to be converted with the appropriate adapters and fitted by a professional, easing end users' labor. The inhabitants of the house may then control the lights manually or by smartphone and tablet, as desired. These goods are projected to contribute to the increasing need for smart home appliances.
Climate change has increased demand for electrical cooling systems in the summer and natural gas, heating oil, wood, and electrical heating systems in the winter. IoT enhances the usefulness of automation systems. Many major, mid-sized, and small organizations throughout the world are investing heavily in IoT and IoT-enabled products. This is expected to have an influence on a wide range of applications, including lighting, HVAC, military, healthcare, and entertainment. Home technological developments are augmenting industry expansion. Manufacturers are constantly inventing and altering smart home gadgets to accommodate the simple lives of tech-savvy consumers. Furthermore, manufacturers have been creating smart automation and high-tech features for connected homes.
Smart Home Solutions May Save the Planet! With a CAGR of 17.8%, the Adoption of Smart Home Devices is likely to Steadily Increase.
However, the high cost of smart home installations is a market constraint. Market expansion is projected to be hampered by the price range. Furthermore, consumer security and privacy issues associated with increasingly connected devices are expected to be a barrier to the smart home devices industry growth throughout the forecast period.
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During the forecast period, the US is expected to account for the largest share of the global smart home devices market. This is attributed to increased demand in the United States for energy-saving and low-carbon-emission solutions. Moreover, energy efficiency is crucial to the economic development of the country.
The smart home devices market in the Asia Pacific is predicted to develop rapidly, particularly in Japan and India, during the projected period. This is owing to "Calm Technology Design" ideals and technological ability incorporated by regional players, to effectuate a pleasant digital existence in which technology works in perfect harmony with humans.
Owing to IT-enabled tech items piquing the interest of millennial customers, the "entertainment other controls" product type is expected to hold the greatest revenue, through the forecast period.
As a wide range of gadgets is accessible online, the "online retailer" sales channel type, accounts for a significant share and is the most popular distribution channel type.
Future Market Insights, Inc., Monday, January 30, 2023, Press release picture
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The smart home devices market share is experiencing a transformational period as a result of technological breakthroughs and advancement. The innovation that goes into the creation of smart home appliances is expected to continue enticing customers, opening up significant opportunities for big suppliers to capitalize on such increasing trends and introduce new product lines. The key market players are:
Samsung Electronics Co. Ltd.
Honeywell International Inc.
Koninklijke Philips N. V
In August 2020, Honeywell Inc. partnered with Latch app to create more modern, full building experience. Honeywell thermostats give residents and property managers the ability to remotely control the temperature and oversee energy management.
In Dec 2019, Schneider Electric launched Easy Homes which is IoT enabled. Easy homes empower customers to manage power in their homes through a single app. It converts homes into a smart home turning every switch and appliance into a connected device.