Smart Home Market Report 2024 by Delvens offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Smart Home Market size was estimated at USD 96.16 billion in 2023 and is projected to reach USD 342.37 billion in 2030 at a CAGR of 19.89% during the forecast period 2023-2030.
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Smart Home Market, by Products (lighting control, security & access controls, entertainment devices, hvac, smart kitchen appliances, home appliances, smart furniture, home healthcare, other devices), By Application (new construction, retrofit), By Protocols (wireless, wired, hybrid), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) and More
The prominent players in the Smart Home market are:
ABB Ltd
ASSA ABLOY
Axis Communications AB
Cisco Systems Inc.
Control4 Corporation
Emerson Electric Co.
General Electric Company
Google Inc.
Honeywell International Inc.
IBM Corporation
Johnson Controls
Legrand SA
LG Electronics Inc.
Lutron Electronics Co. Inc.
Microsoft Corporation
Schneider Electric SE
Shenzhen Zhuohao Intelligent Electronic Development Co. Ltd (ACTOP)
Siemens AG
Smarthome Inc.
United Technologies Corporation and More
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Recent Developments
In January 2023, utilizing compressed sensing, Panasonic Holdings Corporation has created very sensitive hyperspectral imaging technology. This innovation makes it possible to recognize minute color changes, improving picture analysis and recognition precision while keeping the functionality of traditional color cameras. The accomplishment, which was reported in Nature Photonics in partnership with the Belgian research center imec, was the first demonstration of effective compressed sensing for hyperspectral imaging ever made.
In January 2023, Apple, a major player in technology, announced its entry into the market for smart home applications. Apple is creating a smart display for the house with a magnetic wall attachment that can be used to control the lights and temperature. It will reportedly feature have FaceTime capability.
Key Findings
· Based on product, the market is segmented into lighting control, security & access controls, entertainment devices, hvac, smart kitchen appliances, home appliances, smart furniture, home healthcare, other devices. Security & Access control dominated the market in this segment. The requirement to grant allowed access to safes or rooms containing priceless things and the rising need for intelligent security systems are both cited as reasons for this increase. By utilizing features like live stream playback, personalized PINs, fingerprint scanners, and more, smart locks and security cameras assist in monitoring and authorizing access only for authorized people.
· Based on protocol, the market is segmented into wireless, wired, hybrid. The wireless protocol dominated the market in this segment. This impressive rise is owed to the capabilities and services provided by protocols like ZigBee, Wi-Fi, Bluetooth, Z Wave, and others, such as mobile connection, communication regardless of location, and more. The protocols that allow seamless communication with little to no influence on battery life and range are preferred by manufacturers.
· Based on application, the market is segmented into new construction, retrofit. New construction dominated the market in this segment. This is mostly caused by how convenient and simple it is to install smart home technology at active building sites. Additionally, as smart security and access technologies become more popular, the demand for new residential building projects is anticipated to rise globally.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. The industry has grown recently due to factors such evolving lifestyles, growing reliance on smart gadgets, and increased security concerns. Due to the increasing number of regional vendors in the smart home industry, the market in North America is anticipated to continue growing throughout the projected period.
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