Smart Home and Office Market Research Report Information By Product (Lighting Controls, Access Controls, Surveillance Products, and HVAC Controls), By Standard (KNX, Zigbee, Z-Wave, EnOcean, BacNet, DALI, Wi-Fi and Infrared) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

Global Smart Home and Office Market Overview:

Smart Home and Office Market Size was valued at USD 30.6 billion in 2022. The Smart Home and Office market industry is projected to grow from USD 34.887 Billion in 2023 to USD 99.588 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.01% during the forecast period (2023 - 2032). Increased awareness towards safety and rising technological updation are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Home and Office Market Trends

• 
  

  Rising use of AI across products of smart homes is driving the market growth

  
  

The rising adoption of AI technology drives market CAGR for smart homes and offices. Many types of smart home goods exist, including cameras, smart lights, streaming devices, dishwashers, and more. It is anticipated that product demand will rise as a result of the growing trend of incorporating Artificial Intelligence (AI) into smart home devices for smart features. Additionally, the widespread use of smartphones and the internet drives the demand for connected smart home products. The hands-free and more user-friendly deployment of smart Connected devices made possible by AI-integrated digital help significantly impacts consumer choices.

The popularity of virtual assistants like Siri, Google Assistant, and Alexa has made it possible for users to automate tasks using voice commands. The demand for smart home gadgets is being driven by newly developed functions of these digital assistants, such Bluetooth speakers and hands-free channel surfing, among others. For instance, Google modified its assistant in October 2022 to include voice-input message typing and support for emoji to make chatting more convenient for consumers. Modern technologies like the Internet of Things (IoT), blockchain, smart voice recognition, and AI are being adopted quickly, which has a big impact on industry growth.

As an illustration, smart speech recognition technology enables smart home devices with microphones to recognise users' voices and provide them with tailored responses. Similar to that, a higher rate of IoT adoption in both developed and emerging countries has aided in the expansion of this industry. Demand for the smart home industry has been aided by technologies' capacity to provide connectivity between devices. The COVID-19 epidemic caused industry closures and had an impact on the production of smart home appliances. But people were compelled to remain at home because of strict lockdowns that were in place all over the world.

As a result, individuals started watching TV series and films for entertainment, which increased demand for smart TVs and entertainment centers. As smart homes offered automation in tasks adhering to social distancing regulations, they also became more popular. Although there were supply chain disruptions, the pandemic and its effects also exposed serious flaws in the internet infrastructure and digital device industries. There were not enough chips available to support smart gadgets as supply declined and production delayed. The businesses that produce smart home goods were impacted by this. Thus, driving the Smart Home and Office market revenue.

Smart Home and Office Market Segment Insights:

Smart Home and Office Product Insights

The Smart Home and Office Market segmentation, based on type includes lighting controls, access controls, surveillance controls, and HVAC controls. The access controls segment dominated the market. This growth is attributed to the rise in the need for intelligent security solutions and the requirement to grant authorized access to safes or rooms containing priceless items. Live stream playback, personalized PINs, fingerprint scanners, and other features are all included in smart locks and security cameras to help monitor and authorize access only for authorized users. For instance, Amazon.com, Inc. introduced the Ring Spotlight Cam Plus, Ring Spotlight Cam Pro, and 2nd Gen Ring Alarm Panic Button in September 2022 for security and access control uses using radar and 3D motion detection technologies.

Figure 1: Smart Home and Office Market, by Products, 2022 & 2032 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Home and Office Standard Insights

The Smart Home and Office Market segmentation, based on standard, includes KNX, Zigbee, Z-Wave, EnOcean, BacNet, DALI, Wi-Fi and Infrared. The KNX category generated the most income. KNX Product is an open standard protocol that can save up to 60% on energy for both commercial and residential building automation. It streamlines and improves energy efficiency by integrating all building activities, including lighting, heating, and cooling, into a single intelligent system. Increased awareness of the need for energy efficiency and growing electricity rates are the two key factors driving category expansion.

Smart Home and Office Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American smart home and office market area will dominate this market, owing to rising number of smart homes in the region. In addition, the growing towards home and office safety will boost market growth in this region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Smart Home and Office Market SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Smart Home and Office market accounts for the second-largest market share due to the increased standard of living and presence of prominent players. Further, the German Smart Home and Office market held the largest market share, and the UK Smart Home and Office market was the fastest growing market in the European region

The Asia-Pacific Smart Home and Office Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to expanding awareness of safety and rising per capita disposable income. Moreover, China’s Smart Home and Office market held the largest market share, and the Indian Smart Home and Office market was the fastest growing market in the Asia-Pacific region.

Smart Home and Office Key Market Players & Competitive Insights

Leading market players are adopting heavily the research and development activities in order to expand their product lines, which will aid the Smart Home and Office market, grow even faster. Market players are also undergoing a number of strategic activities to grow their global name and presence, with vital market developments including new product launches, contractual agreements, mergers and acquisitions, aand collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Smart Home and Office industry must offer cost-effective items.

Manufacturing locally to minimize operational costs and save capital is one of the key business tactics used by manufacturers in the global Smart Home and Office industry to benefit clients and increase the market sector. In few years, the Smart Home and Office industry has offered some of the most significant advantages to medicine. Major players in the Smart Home and Office market, including Johnson Controls International, Siemens, United Technologies Corporation, Honeywell, Schneider Electric, and others, are attempting to increase market demand by investing in research and development operations.

Siemens Ltd (Siemens India), a division of Siemens AG, offers technology-enabled solutions. Building technology, energy, drive technology, financing, healthcare, industrial automation, mobility, software, and consumer goods are all included in the company's product line-up. Additionally, the business offers a range of services, including IoT, real estate, business, and building technology services. In March 2023, Connect Box, an open and user-friendly Internet of Things solution created to manage small to medium-sized buildings, has been released by Siemens Smart Infrastructure. The new addition to the Siemens Xcelerator portfolio, Connect Box serves as a user-friendly approach for monitoring building performance, with the potential to optimize energy efficiency by up to 30% and to largely enhance the indoor air quality in small & medium-sized buildings such as schools, commercials, retail shops, and small offices.

Johnson Controls International Plc (Johnson Controls) operates as a technology and multi-industry corporation. It designs, develops, produces, and installs building systems and products. The company provides, among other things, retail solutions, building automation and controls, digital solutions, residential and smart home security, industrial refrigeration, fire suppression, distributed energy storage, and fire detection. Johnson Controls also provides data-driven solutions, energy management guidance, and technical support. In March 2023, A new security and smart home system called the IQ4 NS (No Screen) has been released by Johnson Controls. Customers can still get the same level of quality and dependability from the new screen-free system as they do with the IQ Panel 4 platform but for less money. For increased convenience and financial savings, the IQ4 NS enables customers to utilize the strong and comprehensive feature set straight from their smart devices.

Key Companies in the Smart Home and Office market include

• 
  

  Johnson Controls International,

  
  


• 
  

  Siemens,

  
  


• 
  

  United Technologies Corporation,

  
  


• 
  

  Honeywell,

  
  


• 
  

  Schneider Electric

  
  

Smart Home and Office Industry Developments

January 2021: In India, Samsung introduced large-capacity Variable Refrigerant Flow (VRF) air conditioning systems that can be placed in upscale flats, villas, bungalows, and homes as well as commercial and retail facilities in just 0.5 sq. m of area. With the help of the SmartThings app on any smartphone, the Wi-Fi-enabled DVM S Eco series provides smart features like voice control and a connected home experience. For more convenience, each indoor unit can be controlled independently. Current, daily, weekly, or even monthly energy consumption can be tracked based on the use of outside equipment to provide energy efficiency. Up to 16 indoor units can be installed quickly and easily with the DVM S Eco series.

March 2021: Customers of Ameren Missouri will receive free Sensi smart thermostats thanks to a cooperation between Emerson and that company. Customers of Ameren Missouri will be able to purchase Emerson's Sensi smart thermostat for nothing other than the mandatory sales tax thanks to quick reductions and participation in the Peak Time Savings programme. Participants can use cutting-edge technology to remotely regulate their thermostats from anywhere with a smartphone, dramatically reducing their energy costs.

Smart Home and Office Market Segmentation:

Smart Home and Office Product Outlook

• 
  

  Lighting controls

  
  


• 
  

  Access controls

  
  


• 
  

  Surveillance products

  
  


• 
  

  HVAC controls

  
  

Smart Home and Office Standard Outlook

• 
  

  KNX

  
  


• 
  

  Zigbee

  
  


• 
  

  Z-Wave

  
  


• 
  

  EnOcean

  
  


• 
  

  BacNet

  
  


• 
  

  DALI

  
  


• 
  

  Wi-Fi

  
  


• 
  

  Infrared

  
  

Smart Home and Office Regional Outlook

• 
  

  North America

  
  

• 
  
  
  
  • 
    

    US

    
    
  
  
  • 
    

    Canada

    
    
  
  
  
  

• 
  

  Europe

  
  

• 
  
  
  
  • 
    

    Germany

    
    
  
  
  • 
    

    France

    
    
  
  
  • 
    

    UK

    
    
  
  
  • 
    

    Italy

    
    
  
  
  • 
    

    Spain

    
    
  
  
  • 
    

    Rest of Europe

    
    
  
  
  
  

• 
  

  Asia-Pacific

  
  
  
  
  • 
    

    China

    
    
  
  
  • 
    

    Japan

    
    
  
  
  • 
    

    India

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    South Korea

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    Rest of Asia-Pacific

    
    
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • 
    

    Middle East

    
    
  
  
  • 
    

    Africa

    
    
  
  
  • 
    

    Latin America