Product Code: SR1423A287_Report
Market Overview:
- The global smart homes market size reached US$ 107.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 363.5 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.
- Smart homes refer to household setups equipped with internet-enabled appliances that can be remotely controlled using a networked device. They include the computerization of lighting, smart appliances, home entertainment, heating, ventilation, and air conditioning (HVAC), and security systems. Smart homes enable homeowners to control, monitor, and automate various functions, appliances, and systems with smartphones or tablets through an internet connection. They assist in improving appliance functionality, increasing energy efficiency, centralizing operational control, and managing home security. Smart homes also provide real-time surveillance and motion detection and provide alerts during leakage and flooding.
Smart Homes Market Trends:
- The increasing emphasis on energy conservation and reduced carbon emissions across the globe is creating a positive outlook for the market. Smart homes increase energy efficiency by effectively managing utilities and taking control of energy usage by automatically shutting-off electronic devices, such as television and gaming systems, when not in use. Furthermore, the rising adoption of home safety and monitoring systems, such as security cameras, video door alarms, facial-recognition devices, ultra-modern burglar alarms, and remote-controlled locks, is providing a considerable boost to the market growth. Additionally, the integration of power line communication technology capable of transferring data through electrical power lines, thus, reducing retrofitting costs and installation time, is creating a positive outlook for the market. Moreover, the rising adoption of the Internet of Things (IoT) in smart homes to provide comfort and reliability to users, enhance flexibility and security, and improve efficiency while saving energy is positively influencing the market growth. Furthermore, the improving living standards and the easy availability of affordable home automation solutions are propelling the market growth. Other factors, including rising initiatives by several governments to promote smart home devices to save energy, increasing expenditure capacities of consumers, and widespread adoption of wireless communication technologies, including WiFi, Bluetooth, near field communication (NFC), and fifth-generation (5G) network, are anticipated to drive the market growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global smart homes market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component and application.
Breakup by Component:
- Hardware
- Security
- Home Automation
- Home Entertainment
- Home Healthcare
- Smart Appliances
- AI Speaker
- Services
- Energy Consumption and Management Services
- Security Services
- Healthcare Services
- Entertainment Services
Breakup by Application:
- Security and Surveillance
- Lighting
- Entertainment
- Energy Management
- HVAC
- Smart Kitchen
- Home Fitness and Wellness
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
- The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd, Amazon.com Inc., Emerson Electric Co., Honeywell International Inc., LG Electronics Inc., Lutron Electronics Co. Inc., Microsoft Corporation, Robert Bosch GmbH and Schneider Electric SE.
Key Questions Answered in This Report:
- How has the global smart homes market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global smart homes market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global smart homes market and who are the key players?
- What is the degree of competition in the industry?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Smart Homes Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Hardware
- 6.1.1 Market Trends
- 6.1.2 Key Segments
- 6.1.2.1 Security
- 6.1.2.2 Home Automation
- 6.1.2.3 Home Entertainment
- 6.1.2.4 Home Healthcare
- 6.1.3 Market Forecast
- 6.2 Smart Appliances
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 AI Speaker
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Services
- 6.4.1 Market Trends
- 6.4.2 Key Segments
- 6.4.2.1 Energy Consumption and Management Services
- 6.4.2.2 Security Services
- 6.4.2.3 Healthcare Services
- 6.4.2.4 Entertainment Services
- 6.4.3 Market Forecast
7 Market Breakup by Application
- 7.1 Security and Surveillance
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Lighting
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Entertainment
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Energy Management
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 HVAC
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
- 7.6 Smart Kitchen
- 7.6.1 Market Trends
- 7.6.2 Market Forecast
- 7.7 Home Fitness and Wellness
- 7.7.1 Market Trends
- 7.7.2 Market Forecast
8 Market Breakup by Region
- 8.1 North America
- 8.1.1 United States
- 8.1.1.1 Market Trends
- 8.1.1.2 Market Forecast
- 8.1.2 Canada
- 8.1.2.1 Market Trends
- 8.1.2.2 Market Forecast
- 8.2 Asia-Pacific
- 8.2.1 China
- 8.2.1.1 Market Trends
- 8.2.1.2 Market Forecast
- 8.2.2 Japan
- 8.2.2.1 Market Trends
- 8.2.2.2 Market Forecast
- 8.2.3 India
- 8.2.3.1 Market Trends
- 8.2.3.2 Market Forecast
- 8.2.4 South Korea
- 8.2.4.1 Market Trends
- 8.2.4.2 Market Forecast
- 8.2.5 Australia
- 8.2.5.1 Market Trends
- 8.2.5.2 Market Forecast
- 8.2.6 Indonesia
- 8.2.6.1 Market Trends
- 8.2.6.2 Market Forecast
- 8.2.7 Others
- 8.2.7.1 Market Trends
- 8.2.7.2 Market Forecast
- 8.3 Europe
- 8.3.1 Germany
- 8.3.1.1 Market Trends
- 8.3.1.2 Market Forecast
- 8.3.2 France
- 8.3.2.1 Market Trends
- 8.3.2.2 Market Forecast
- 8.3.3 United Kingdom
- 8.3.3.1 Market Trends
- 8.3.3.2 Market Forecast
- 8.3.4 Italy
- 8.3.4.1 Market Trends
- 8.3.4.2 Market Forecast
- 8.3.5 Spain
- 8.3.5.1 Market Trends
- 8.3.5.2 Market Forecast
- 8.3.6 Russia
- 8.3.6.1 Market Trends
- 8.3.6.2 Market Forecast
- 8.3.7 Others
- 8.3.7.1 Market Trends
- 8.3.7.2 Market Forecast
- 8.4 Latin America
- 8.4.1 Brazil
- 8.4.1.1 Market Trends
- 8.4.1.2 Market Forecast
- 8.4.2 Mexico
- 8.4.2.1 Market Trends
- 8.4.2.2 Market Forecast
- 8.4.3 Others
- 8.4.3.1 Market Trends
- 8.4.3.2 Market Forecast
- 8.5 Middle East and Africa
- 8.5.1 Market Trends
- 8.5.2 Market Breakup by Country
- 8.5.3 Market Forecast
9 SWOT Analysis
- 9.1 Overview
- 9.2 Strengths
- 9.3 Weaknesses
- 9.4 Opportunities
- 9.5 Threats
10 Value Chain Analysis
11 Porters Five Forces Analysis
- 11.1 Overview
- 11.2 Bargaining Power of Buyers
- 11.3 Bargaining Power of Suppliers
- 11.4 Degree of Competition
- 11.5 Threat of New Entrants
- 11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
- 13.1 Market Structure
- 13.2 Key Players
- 13.3 Profiles of Key Players
- 13.3.1 ABB Ltd
- 13.3.1.1 Company Overview
- 13.3.1.2 Product Portfolio
- 13.3.1.3 Financials
- 13.3.1.4 SWOT Analysis
- 13.3.2 Amazon.com Inc.
- 13.3.2.1 Company Overview
- 13.3.2.2 Product Portfolio
- 13.3.2.3 Financials
- 13.3.2.4 SWOT Analysis
- 13.3.3 Emerson Electric Co.
- 13.3.3.1 Company Overview
- 13.3.3.2 Product Portfolio
- 13.3.3.3 Financials
- 13.3.3.4 SWOT Analysis
- 13.3.4 Honeywell International Inc.
- 13.3.4.1 Company Overview
- 13.3.4.2 Product Portfolio
- 13.3.4.3 Financials
- 13.3.4.4 SWOT Analysis
- 13.3.5 LG Electronics Inc.
- 13.3.5.1 Company Overview
- 13.3.5.2 Product Portfolio
- 13.3.5.3 Financials
- 13.3.5.4 SWOT Analysis
- 13.3.6 Lutron Electronics Co. Inc.
- 13.3.6.1 Company Overview
- 13.3.6.2 Product Portfolio
- 13.3.6.3 SWOT Analysis
- 13.3.7 Microsoft Corporation
- 13.3.7.1 Company Overview
- 13.3.7.2 Product Portfolio
- 13.3.7.3 Financials
- 13.3.7.4 SWOT Analysis
- 13.3.8 Robert Bosch GmbH
- 13.3.8.1 Company Overview
- 13.3.8.2 Product Portfolio
- 13.3.8.3 Financials
- 13.3.8.4 SWOT Analysis
- 13.3.9 Schneider Electric SE
- 13.3.9.1 Company Overview
- 13.3.9.2 Product Portfolio
- 13.3.9.3 Financials
- 13.3.9.4 SWOT Analysis