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Smart Home Market Overview:

According to Vantage Market Research, the Global Smart Home Market  was valued at USD 75.36 Billion in 2020 and is projected to reach a value of USD 423.95 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 24.10% over the projected period.

A Qualitative Research report released by Vantage titled "Smart Home Market" guarantees you will remain better informed than your competition. This Smart Home Market research report conducts a systematic and comprehensive market research study that presents facts and figures. The forecasts, evaluations, and analyses made in this smart home report are based on well-established tools and techniques such as Porter's five forces analysis and SWOT analysis. In addition, the report covers regions such as China, the USA, Europe, Japan, India, South East Asia, and others, highlighting risk analysis, opportunities, and support in strategic and tactical decision-making.

Key Findings of the Smart Home Industry

• The shipments of WiFi-based smart home devices are projected to grow at a CAGR of 21% between 2021 and 2025.
• According to Vantage Market Research data, more than 130 million households have at least one smart speaker. This figure is expected to increase to 335 million in the next five years.
• Security cameras, Smart television, and smart speakers will be the key categories driving the smart home market.
• While worldwide spending on Internet of Things products is projected to reach $1.1 trillion in 2023.
• Various applications are driving this market's growth, providing immense opportunities to multiple players in the value chain.
• Vantage says all smart home devices are poised for massive growth shortly.
• Asia Pacific is projected to grow with the highest CAGR during the forecast period. Rising demand for automation solutions in residential applications is likely to drive smart home market growth in this region.

List of Leading Players in the Smart Home Market

• Honeywell
• Johnson Controls
• Siemens
• Schneider Electric
• Amazon
• ASSA ABLOY
• ADT
• Apple
• Robert Bosch
• ABB
• Sony
• Crestron Electronics
• Samsung Electronics

Smart Home Market Trends Analysis:

• Wi-Fi 6 gathering popularity: Wi-Fi 6 chipsets and modules are now installed in upcoming smart home devices. For example, Samsung's latest 8K QLED TV with Mediatek is the first TV in the world to feature Wi-Fi 6.
• Advanced ways of monetization: Traditionally, we have seen brands offering a subscription model in which customers pay a fee for a fixed price. However, companies are now looking for new ways to monetize smart home technology, such as launching audio ads, bundling services, and using IoT data.
• Devices with digital assistants: Voice control is no longer limited to smart speaker devices. Digital assistants are becoming increasingly integrated into many home appliances. This has helped in greater adoption by consumers. For example, the Realme Smart Plug comes with Alexa and Google support.
• User interface with touch displays: Smart displays are mainly smart speakers with which the display is connected. Smart displays will serve as the primary user interface, a central hub to control all other smart home devices such as fans, lights, security cameras, TVs, and door locks.

Smart Home Market Segmentation:

• By Product Type; (Entertainment Controls, Home Appliances, Security and Access Control, HVAC Control, Lighting Control, Smart Kitchen, Smart Furniture, Home Healthcare, Others)
• By Sales Channel; (Direct, Indirect)
• By Technology; (Wired, Wireless)
• By Software and Service; (Behavioral, Proactive)

Driving Factors of the Smart Home Market

The growing need for energy-saving and low-carbon-emission-oriented solutions drives the global smart home market. Energy efficiency is an essential aspect of the economic development of a country. As a result of increasing global warming and regulatory regulations, there is an increasing demand to reduce energy use and carbon emissions. This factor is estimated to be the most critical factor driving the growth of this smart home market.

Major companies are focusing on developing IoT platforms and related technologies (artificial intelligence, machine learning, etc.) that can be used in smart home appliances. Additionally, with increasing urbanization in developing economies, there has been a rise in smart buildings, which is projected to boost the market's overall growth. Furthermore, the growing number of Internet users, rising adoption of smart devices, and a surge of customer preference for voice-assisted technologies, video doorbells, and surveillance systems are fueling the smart home market growth further.

Smart Home Market Opportunities

• Switch from devices to services: With device margins slowly shrinking, in the future, from a brand perspective, there will be more focus on the stickiness factor by offering value-added services and innovative solutions to consumers on top of device sales.
• Content creation and storage: The increasing amount of data generated by smart devices such as security cameras creates strong demand for remote access and storage. Hence, there are increasing possibilities for cloud-based players to enter this smart home industry, form partnerships, and offer multi-device cloud-based solutions to their consumers.

Smart Home Market Regional Analysis

North America dominates the smart home market due to the region's high manufacturing capacity, awareness among customers within, and growing business expansion.

Asia-Pacific is likely to witness significant growth during the forecast period of 2022 to 2028 as the region's market price sensitive due to lower cost than Proactive makes a big difference.

Regions Covered:

• North America - (U.S., Canada, Mexico)
• Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
• Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
• Latin America - (Brazil, Argentina, Rest Of Latin America)
• Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)

Browse More Research Reports from Vantage Library:

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• Live Streaming Market  Global Industry Assessment & Forecast Report by 2028

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