Global smart home market was valued at USD 69 Billion in 2019 and is forecast to reach USD 166 Billion in 2027, registering a CAGR of 11.6% over the upcoming years, owing to the accelerating penetration of internet and the emerging need of home monitoring in remote areas.

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The smart home market is projected to experience promising growth prospects throughout the forecast period given a combination of factors, including, the emerging need to counter safety issues and increasing focus of individuals to use energy effective devices in order to optimize resource allocation. Moreover, rising adoption of advanced technologies, which include the Artificial Intelligence (AI), blockchain, Internet of Things (IoT), machine learning, primarily across developing nations in order to improve comfort and reliability to users, improve flexibility and security, and efficiency while conserving energy has boosted the smart homes market size. With the emerging need for energy saving solutions, the demand for smart devices has increased, owing to the ability of the technology to provide connectivity among devices, which helps minimize energy, driving the market growth. Thus, the growing adoption of smart home devices has encouraged the government bodies to move towards energy developing solutions, propelling the market growth. For example, the European Union, in October 2019, enforced new norms to redefine the eco-design of light sources and labeling of energy efficiency. Besides, the demand for smart homes spiked during the pandemic, owing to the growing demand for smart devices, such as robotic cleaners to keep their home clean and hygienic, fueling the market growth. Increasing investment by the companies on new product designs will offer enormous opportunities to the market. For example, Google’s Nest smart-home division launched a new smart thermostat, which is a simpler model than the Nest Learning Thermostat or Nest Thermostat E and is offered at a price of USD 129.99,

The growing focus on energy saving and minimizing carbon emissions across the globe will expand the market growth as smart homes improves energy efficiency by effectively managing utilities and energy usage. Furthermore, the augmenting adoption of home safety and monitoring systems, which include security cameras, facial-recognition devices, video door alarms, ultra-modern burglar alarms, and remote-controlled locks, has bolstered the market growth. Besides this, strategic initiatives by several government authorities to encourage the adoption of smart home devices to save energy, rising adoption of wireless communication technologies, which include WiFi, Bluetooth, near field communication (NFC), and fifth-generation (5G) network, are anticipated to drive the market growth.

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Product Segment Analysis

Entertainment Control and Other Controls segment is predicted to dominate the market over the upcoming years, owing to the increasing inclination among consumers towards smart home entertainment devices. The growing demand for multimedia room controls among the customers as these devices help the users to centralize all connected devices while watching a movie, driving the segment’s growth. The ongoing innovations in wireless communication technologies have bolstered the home theatre systems market, propelling the market share. For Instance, Amazon Echo is a smart speaker that responds to voice commands using Alexa, research the internet, controls smart home devices and stream music as per the user’s choice and mood. In addition, the remarkable features offered by entertainment control systems include energy efficiency, convenience, automation, and affordability, which boosts the smart home market share.

With the enforcement of new government norms regarding efficiency, the deployment of HVAC systems has increased, paving the way for HVAC control systems over the forecast period. Changing climatic conditions have augmented the demand for electrical cooling systems in summers and, simultaneously, for heating oil, natural gas, wood, and electrical heating systems in winters, proliferating the market growth.

Software & Services Segment Analysis

Behavioural segment is projected to hold a larger share over the forecast period, owing to the growing awareness pertaining energy norms. Moreover, the behavioral solution analyses the energy-related data and offers a direct feedback to end users. Thus, the increasing adoption of behavior solution and services in smart homes to ensure energy-efficiency and minimize bills will propel the market growth. Rigorous government norms to minimize carbon emissions and initiatives to encourage the adoption of green buildings will propel the market growth.

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Regional Analysis

Asia-Pacific is predicted to dominate the smart home market over the forecast period, because of the growing adoption of smart home technologies to expand energy efficiency. Moreover, increasing urbanization, growing demand for digitalized locks and motion sensing cameras will boost the market growth. The growing trend of HVAC controls, smart lighting controls, and security control across China and India will propel the market demand. The growing prominence of Artificial Intelligence assistants such as Alexa and Siri will further boost the market growth. The growing demand for smart home across the residential sector is projected to fuel the market growth. Leading companies are emphasizing on innovations and advancements to cater the growing need of potential customers. For instance, in January 2020, Vivint Smart Home, Inc. collaborated with Mosaic Acquisition Corp, with an intent to increase their market presence and thereby strengthen the company product offerings.

North America is predicted to hold a larger share over the forecast period, because of the growing aged population in the region. The emerging need for smart home devices to help individuals maintain, manage, and control health issues will propel the regional growth. Besides, the growing inclination towards smart devices owing to the ability of healthcare IoT solutions to offer data accuracy, will boost the market growth.

Various notable players operating in the market Honeywell International Inc., Siemens AG, Johnson Controls, Schneider Electric, United Technologies, Amazon Inc., Apple, Google, ADT and Robert Bosch GmbH among others.

Key Developments

• • in 2021, SmartRent.com, LLC, a leading vendor of smart home and smart building automation, declared a partnership with Fifth Wall Acquisition Corp. The acquisition is intended to expand the company and go public.
  • In 2020, a new system was introduced from Sunflower Labs, to offer the autonomous drone which oversees the home via ground-based units called Sunflowers and look like garden lights and use motion and vibration sensors to detect movement in the yard. They can differentiate the movements of people, animals, and cars and display this information on a map in real-time.
  • In 2019, Google launched Google Nest Hub, with unique features such as easy controlling for the connected home, plays videos and music from YouTube and provides hands-free help from the Google Assistant
  • In 2018, Legrand decided to acquire Netatmo, a French-based smart home company. Netatmo’s products will be incorporated into Legrand’s portfolio, which will help the Group to strengthen its presence in this market and accelerate the development of Eliot, its connected solutions initiative.
  • In 2018, Amazon Inc., successfully launched Amazon Echo, a smart speaker, which can be used for streaming media, making video calls and controlling the smart home devices.
  • In 2017, Apple launched the HomePod, a smart speaker, which controls the smart home products according to the command of the end-user and helps in answering phone calls.

The Global Smart Homes market has been segmented based on Product, Software & Services and Key Regions. Based on Product, the market is segmented into Lighting Control, Security and Access Control, HVAC Control, Entertainment Control and Other Controls, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances and Smart Furniture. Based on Software & Services, the market is segmented into Behavioural and Proactive.

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Key questions answered in this research report:

• • At what pace is the global Smart Homes market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global Smart Homes market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Smart Homes market?
  • What are the various product areas of the Global Smart Homes market and how they are poised to grow?

Report Coverage	Details
Market Revenues (2019)	USD 69 Billion
Market Base Year	2019
Market Forecast Period	2020-2027
Base Year & Forecast Units	Value (USD Billion)
Market Segment	By Product, By Software & Services and By Key Regions
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Honeywell International Inc., Siemens AG, Johnson Controls, Schneider Electric, United Technologies, Amazon Inc., Apple, Google, ADT and Robert Bosch GmbH
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Smart Homes Market by Product

• • Lighting Control
    • Relays
    • Occupancy Sensors
    • Daylight Sensors
    • Timers
    • Dimmers
    • Switches
    • Accessories and Other Products
  • Security and Access Control
    • Video Surveillance
      • Hardware
      • Software
    • Access Control
      • Biometric
      • Non-Biometric
  • HVAC Control
    • Smart Thermostats
    • Sensors
    • Control Valves
    • Heating and Cooling Coils
    • Dampers
    • Actuators Pumps and Fans
    • Smart Vents
  • Entertainment Control and Other Controls
    • Entertainment Control Products
      • Audio, Volume, and Multimedia Room Controls
      • Home Theatre System Controls
      • Touchscreens and Keypads
    • Other Control Products
      • Smart Meters
      • Smart Plugs
      • Smart Hubs
      • Smart Locks
      • Smoke Detectors
  • Smart Speaker
  • Home Healthcare
  • Smart Kitchen
    • Smart Refrigerator
    • Smart Coffee Makers
    • Smart Kettles
    • Smart Dishwashers
    • Smart Ovens
    • Smart Cooktops
    • Smart Cookers
  • Home Appliances
    • Smart Washers
    • Smart Dryers
    • Smart Water Heaters
    • Smart Vacuum Clean
  • Smart Furniture
    • Smart Tables
    • Smart Desks
    • Smart Stools and Benches
    • Smart Sofas
    • Smart Chairs

Global Smart Homes Market by Software & Services

• • Behavioural
  • Proactive

Global Smart Homes Market by Region

• • North America Smart Homes Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By Software & Services
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Smart Homes Market (Option 2: As a part of the free 25% customization)
    • By Product
    • By Software & Services
    • United Kingdom (UK) Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart Homes Market (Option 3: As a part of the free 25% customization)
    • By Product
    • By Software & Services
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • ROW Smart Homes Market (Option 4: As a part of the free 25% customization)
    • By Product
    • By Software & Services
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Smart Homes Leading Market Players (Option 5: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Honeywell International Inc.
  • Siemens AG
  • Johnson Controls International
  • Schneider Electric SE
  • United Technologies Corporation
  • Amazon Inc.
  • Apple
  • Google
  • ADT
  • Robert Bosch GmbH
  • Samsung Electronics
  • Xiaomi
  • LG Electronics