Smart home companies offer products and systems that transform residences into connected and intelligent environments. Their solutions include devices like smart thermostats, lighting, security cameras, and voice-activated assistants. Smart home technology enhances convenience, energy efficiency, security, and automation for homeowners, making daily living more comfortable and streamlined.
Competitive Landscape of the Smart Home Market:
The global smart home market is experiencing remarkable growth, driven by factors like increasing consumer demand for convenience, security, and energy efficiency. This burgeoning market presents a dynamic competitive landscape, teeming with established players and emerging newcomers vying for a slice of the pie.
Key Players:
Strategies Adopted:
To stand out in this competitive landscape, companies are adopting various strategies:
Factors for Market Share Analysis:
Several factors are crucial for analyzing market share within the smart home landscape:
New and Emerging Companies:
The smart home market is witnessing a surge of new entrants, bringing fresh ideas and innovation:
Current Investment Trends:
Technology giants are investing heavily in AI, machine learning, and voice assistant development to enhance the smart home experience. Venture capitalists are increasingly backing startups with innovative technologies and niche solutions. Additionally, partnerships and acquisitions are prevalent as companies seek to expand their product portfolios and market reach.
Latest Company Updates:
October 2023 -
Yale has revealed the introduction of Sync Smart Home Alarm Kit that will be accessible exclusively to only trade members and has been made considering the installers. The exclusive kit offers everything required for installing a complete smart home alarm system on the standard residential property in one box. The dedicated Yale after sales support, this Kit also offers a 5-year warranty, a transformation from the standard 2 years that may be transferred to an end user for reducing the requirement for call backs. One of its standout features is the geolocation capability. The smart feature sends reminder for settling the alarm when this recognises that the homeowner is in fact leaving the property. This kit will also integrate with various smart home products & accessories within the Yale range that includes Yale Smoke Detector, Yale Water Sensor, and Yale Smart Plug. Besides, this kit is connected intelligently and seamlessly integrates with Amazon Alexa, Google Assistant, and Philips Hue, combining voice control and lighting for creating the best security system.
August 2023 - Reliance Jio has lately launched Jio Smart Home Services which will enable users in controlling home appliances seamlessly. Above all these services is poised in redefining how they experience as well as manage their homes.
July 2023 -
Versuni, formerly called Philips domestic appliances expanded into the home safety product. The new range comprise a novel Home Safety app and three smart security cameras. The company claims thar these solutions will merge AI, reliability, and user friendliness to offer users an array of perks.
The Smart Home market size is projected to grow from USD 126.6744 billion in 2024 to USD 285.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.69% during the forecast period (2024 - 2032). Additionally, the market size for Smart Home was valued at USD 112.8 billion in 2023.
Energy efficiency and low carbon emissions are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Internet of Things platform is one of the most important economic drivers the market CAGR for smart home. At home, low-energy equipment offers energy-saving features. According to GSMA Intelligence, the worldwide number of loT connections is predicted to reach over 25 billion by 2025, up from 10.3 billion in 2019. This factor indicates that within a few years, there will be large clusters of sensors, devices, and things communicating via high-speed technologies such as 5G. The increasing prevalence of internet of things devices is expected to propel the market to a higher growth trajectory.Key companies are focusing their efforts on the development of loT platforms and related technology (Machine Learning, Artificial Intelligence, and so on) that could be used in smart home products.
According to a survey provided by Bosch in May 2021, 10 million products were already connected in 2020, including power tools, home appliances, and heating systems. That figure will nearly quadruple by the end of 2021. By making the house more user-friendly, Bosch hopes to create a strong position in the smart product market for connected security and climate-control solutions. As a result, the rise in loT usage will undoubtedly assist to enhance the market in the near future.
Furthermore, the demand for clever solutions to security issues has increased. Rising rates of theft, burglary, and other security-related issues are expected to drive market expansion from 2022 to 2032. Furthermore, smart home equipment provides ingenious security alternatives for children. Motion sensors in places such as the kitchen, home entrances and exits, corridors, living rooms, and others enable the capacity to analyse the current status of children at home. Professionals who work from home with children rely heavily on smart home equipment such as smart robots and smart cameras.
In addition, the rising capabilities of digital assistants to allow hands-free channel surfing and manage Bluetooth speakers will boost the smart home appliance industry. Increased company investments in new product design, increased acceptance of technologies such as Blockchain and smart speech recognition, and incorporation of lighting controllers with built-in data communication technology are all contributing to the growth of the Smart Home Market.
The Smart Home Market segmentation, based on type includes hardware (security, home automation, home entertainment, home healthcare), smart appliance and services (energy consumption & management, services, security services, healthcare services, entertainment services). The hardware category dominated the market in 2022 and is expected to dominate the market during the projected period. The rise of the security and access control segment is due to the rising value put on security and the demand to prohibit access to locations or safes storing priceless commodities and things. Smart locks and security cameras aid in monitoring and authorising access only to authorised people by utilising live stream playback, personalised PINs, fingerprint scanners, and other capabilities. These features have recently compelled major players to build smart home security equipment.
In January 2023, The EZVIZ Company introduced the EZVIZ C6N home security camera on Amazon. One of EZVIZ's most recent home security cameras offers two-way communication and 360-degree coverage in FHD. The OEM believes that its Smart Night Vision, which was developed to address some potential concerns with its current IR-enabled competition, distinguishes it. Furthermore, increased self-healthcare awareness following the Covid-19 outbreak is expected to drive the home healthcare product category throughout the forecast period.
Figure1: Smart Home Market, by Component, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Smart Home Market area will dominate this market; due to growing demand for automation solutions in residential applications is expected to boost growth in this region. The region's top players are focusing on collaborating with other well-known enterprises to develop and deploy breakthrough smart home solutions. Moreover, China’s Smart Home Market held the largest market share, and the Indian Smart Home Market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: SMART HOME MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Smart Home Market accounts for the second-largest market share due to a growing number of internet users, an increase in the demand for smart devices, and an increase in the demand for smart homes, the United Arab Emirates (UAE) holds the most outstanding market share. Further, the GermanSmart Home Market held the largest market share, and the UK Smart Home Market was the fastest growing market in the European region
The North America Smart Home Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the high manufacturing capacity of the region and the increasing business expansion and awareness among the customers within the region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Smart Home Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Smart Homeindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Smart Home industry to benefit clients and increase the market sector. In recent years, the Smart Home industry has offered some of the most significant advantages to medicine. Major players in the Smart Home Market, including ABB Ltd. (Switzerland), Honeywell International Inc. (US), United Technologies Corporation (US), Schneider Electric (France) and others, are attempting to increase market demand by investing in research and development operations.
Robert Bosch is a German multinational engineering and technology corporation based in Gerlingen, Germany. Robert Bosch established the company in Stuttgart in 1886. Robert Bosch Stiftung, a charity organisation, owns 94% of Bosch. Despite holding the vast majority of shares, the charity has no voting rights and is active in health and social causes unrelated to Bosch's business. Bosch's primary business sectors are mobility (hardware and software), consumer goods (including household appliances and power tools), industrial technology (including drive and control), and energy and building technology. In March 2021, Robert Bosch GmbH released the first cameras built on their open camera platform Intox, beginning through the MIC Intex 7100i. They work with the surveillance & Safety Things (S&ST) Application Store thanks to the Open Security & Safety Alliance (OSSA) Technology Stack for video surveillance equipment. The cameras also enable it easy to develop unique software programmes that may be loaded on it. The cameras' features include third-party software for specialised applications, neural network-based video analytics, enabling ML-based predictive solutions, high-quality imagery, a robust housing, and others.
A South Korean electronics company, Samsung Electronics Co., Ltd. is situated in Yeongtong-gu, Suwon. As the source of 70% of the group's revenue in 2012, it is now the Samsung chaebol's crown jewel. Lee Jae-yong, on the other hand, has indicated his goal to ensure that his offspring do not inherit major Samsung Electronics posts, which would dramatically alter the chaebol's inner workings. In August 2022, Samsung Electronics broke ground on a new semiconductor research and development centre in Giheung, Korea, with the goal of cementing the company's position as the industry leader in cutting-edge semiconductor technology.
Siemens AG (Germany)
Johnson Controls Inc (US)
Samsung Electronics Co. Ltd (South Korea)
ABB Lid. (Switzerland)
Honeywell International Inc. (US)
United Technologies Corporation (US)
Schneider Electric (France)
General Electric Company (US
In January 2021, D-Link Corporation launched mydlink' smart home solutions, emphasising the security given to protect loved ones and the home safe throughout the epidemic. It contains features such as mydlink cloud, Al-enabled protection, and better security and manageability for those who choose to stay at home.
In June 2020, Cisco increases its intent-based networking portfolio with new capabilities to give clients more control, security, and insights. Cisco DNA Centre and Cisco DNA Spaces will now provide more information into loT endpoints; this improved network knowledge will enable smarter automation.
In August 2021, ABB India launched a new switch line. ISI-certified Millennium and Zenit switches give customers control, functionality, and comfort in smart buildings and premises that can be easily upgraded with the most advanced smart home automation systems. With these switches built for both residential and business establishments, customers may transition from traditional lighting to an eco-friendly intelligent alternative.
Hardware
Security
Home Automation
Home Entertainment
Home Healthcare
Smart Appliance
Services
Energy Consumption & Management Services
Security Services
Healthcare Services
Entertainment Services
US
Canada
Germany
France
UK
Italy
Spain
Rest of Europe
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Middle East
Africa
Latin America
Smart Home Market Highlights:
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