Global Smart Home Device Market Research Report: by Product (Smart Hubs and Controllers, Smart Surveillance Cameras, Smart Locks and Security System, Smart HVAC, Smart Lighting, Smart Kitchen Appliances and other Home Appliances), by Connectivity (Bluetooth, Wi-Fi, Zigbee and others), by Platform/Virtual Assistant (Amazon Alexa, Google Assistant, Apple Siri, Samsung Bixby and others) and by Region (North America, Europe, Asia-Pacific, Middle East & Africa and Central & South America) - Forecast till 2024

Market Synopsis

The Global Smart Home Device Market was valued at USD 14.55 billion in 2018; it is expected to reach USD 40.23 Billion by the end of the forecast period at a CAGR of 18.9%.

The inreasing adoption of smart homes and utilization of the Internet of Things (IoT) technology, along with technological advances in artificial intelligence and voice-enabled controls have significantly increased the number of smart devices in the market. Smart home devices are wireless devices that can be controlled by a virtual assistant via voice commands or by a smartphone application. These devices enable the user to monitor, maintain, and adjust various functions such as temperature, security, entertainment, lighting, wellness with a touch of a button or by voice. The devices used in powering a smart home are connected through the Internet that also allows the user to control and monitor the home devices remotely using a mobile phone or other connected devices. The major factors that promote the adoption of smart home devices include the increased use of the Internet of Things (IoT) that encourage manufacturers to enhance automation in homes. The smart homes devices are majorly categorized as wireless and wired. However, nearly 75% of the smart home devices are wireless due to ease of installation, cost efficiency, and portability.

Moreover, the changing consumer demand for DIY connected home devices has created a new and direct form of competition. DIY has been an active segment for a long time and also provides significant opportunities  for emerging technologies and approaches in home automation. Additionally, the growing adoption of self-assembly and integrated devices has fueled market growth. However, the concern for network connectivity and technical complexities impose certain challenges for market growth.

Segmentation

The global smart home device market has been segmented based on product, connectivity, platform/virtual assistant, and region.

By product, the smart home device market has been segmented into smart hubs and controllers (smart speakers, smart panels and switches, smart remote control, and others), smart surveillance cameras (standalone security camera, video doorbell camera and others), smart locks and security system (biometric controlled locks, fire control system, and others), smart HVAC (smart thermostat, smart wall panels), smart lighting (smart bulb and light, smart wall switch), smart kitchen appliances (precision cookers, smart coffee makers, microwave/ovens, and others), and other home appliances (vacuum cleaners, fitness devices, smart bed, and others).

By connectivity, the smart home device market has been segmented into Bluetooth, Wi-Fi, Zigbee, and others.

By platform/virtual assistant, the smart home device market has been segmented into Amazon Alexa, Google Assistant, Apple Siri, Samsung Bixby, and others.

By region, the smart home device market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Central and South America.

Competitive landscape

The competitive landscape of smart home devices is spread across the companies operating in IT, software development, artificial intelligence, and hardware manufacturers. The companies providing the end product for a consumer focus on inorganic growth strategies such as partnerships, mergers & acquisitions to remain competitive in the current market. Amazon’s Alexa and Google Assistant are the two most preferred virtual assistants and widely adopted platforms in smart home devices. As the preference of consumers changes, the service providers need to update their offerings to meet the changing demand. Additionally, the entry of new players (startups) can be a threat to the existing players in the smart home device market.

Key Players

The key players in the smart home device market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Amazon.com Inc. (US), Wink Labs Inc. (US), Brilliant Home Technology Inc. (US), Logitech International SA (Switzerland), Samsung Electronics Co Ltd (South Korea), NETGEAR Inc. (US), SkyBell Technologies Inc. (US), Nest Labs (US), ADT Inc. (US), Vivint Inc. (US), SimpliSafe Inc. (US), Robert Bosch GmbH (Germany), PHILIPS LTG N V/ADR (Signify) (Netherlands), Cree Inc. (US), Honeywell International Inc. (US). Google LLC (US), and Apple Inc. (US). These players contribute significantly to market growth.

Apart from the top key players, the other players contribute nearly 35–40% share in the smart home device market. These are Siemens AG (Germany), Johnson Controls International PLC (US), Schneider Electric SE (France), United Technologies Corporation (US), ASSA ABLOY AB (Sweden), Legrand SA (France), ABB Ltd (Switzerland), Ingersoll-Rand PLC (Ireland), Comcast Corporation (US), Hubbell Incorporated (US), Huawei Technologies Co. Ltd (China), Sony Corporation (Japan), Panasonic Corporation (Japan), LG Electronics Inc. (South Korea), Lutron Electronics Co Inc. (US), Creston Electronics Inc. (US), Hitachi Ltd (Japan), Delta Controls Inc (US), Control4 Corp (US), Lennox International Inc. (US), General Electric Company (US), Axis Communications AB (Sweden), Distech Controls Inc (US), and Canary Connect Inc. (US) among others.

Global Smart Home Device Market, USD Billion
 

Source: MRFR Analysis

Regional Analysis

The global market for smart home devices has seen a tremendous surge in the unit shipment of smart hubs and controllers, and other devices. The market is expected to show positive growth during the forecast period from 2019 to 2024. The geographic analysis of the smart home device market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America.

Among the aforementioned regions, North America witnesses the presence of nearly 65% of the major smart home device manufacturers, integrators, and start-ups. This enabled the region to acquire the largest market share in 2018. The presence of major integrators and early adoption of technologies such as IoT and artificial intelligence further drive the growth of the smart home device market in North America. The US holds more than 30% of the global market share in the smart home device market. However, the adoption of smart homes and smart home devices in Asia-Pacific is expected to be extremely high due to the rapidly changing economical development and technological advancements.

Key Developments

• In April 2018, SimpliSafe partnered with August Home, a smart lock maker. The partnership enabled SimpliSafe to integrate its home security system with August Home’s locks. The customers of Simplisafe can automate the processes of locking and unlocking August Smart Lock and August Smart Lock Pro using an app provided by Simplisafe.

• In February 2018, NETGEAR separated its Arlo business from itself. This separation differentiates the company’s home security camera business from the other businesses of NETGEAR.

• In September 2017, Nest Labs launched a home security solution portfolio, that includes the Nest Secure alarm system, Nest Hello video doorbell, Nest Cam IQ outdoor security camera, and software and services, in the US and Canada.

Intended Audience

• System Integrators


• OEMs/ODMs


• Display Manufacturers


• Electronic Component Manufacturers


• Plastic Material Providers


• Resellers and Distributors


• Consultancy and advisory firms


• Research Institutes and Organizations


• Technology Standards Organizations

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