The Smart Home Market Is Booming: Here’s What You Need To Know, worth $138.9 billion by 2026
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The most significant factors driving the growth of the smart home market is the increasing importance of home monitoring in remote locations and growing concern in regard to safety, security and convenience among general population, the increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions has been crucial for increased demand of smart home systems.
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Key Findings of the Global Smart Home Market:
1. Johnson Controls, the global leader for smart and sustainable buildings, launched a new flexible service suite for its customers in Asia Pacific. The new service suite leverages Johnson Controls OpenBlue1 digital technology to power remote and contactless services, in combination with its 130-years of expertise in green building services, with more than 20 unique, customizable options to cater to rising demands for adaptable, healthier, and safer buildings.
2. Apple collaborated with Gallaudet University to foster innovation in education. By virtue of this collaboration, every student and faculty member was equipped with a new iPad Pro, Apple Pencil, and Smart Keyboard Folio. Moreover, Apple gives students opportunities in technology after they graduate from Gallaudet.
3. Siemens Smart Infrastructure (SI) launched its new RDG200 thermostat range for a healthy and productive indoor climate. Room automation is key for protecting and enhancing the occupants’ health as well as increasing productivity for a safe return to work.
What are the Driving Factors of Evolution of technologies and consolidation of Smart Home Market?
The global smart home market is projected to grow from USD 84.5 billion in 2021 to USD 138.9 billion by 2026; it is expected to grow at a CAGR of 10.4% from 2021 to 2026.
The smart furniture to register the highest CAGR during the forecast period market growth.
The market for smart furniture is expected to grow at the highest CAGR during the forecast period. The shifting trend of the adoption of furniture that can be connected to IoT, coupled with increasing disposable income and changing lifestyle, is expected to contribute to the growth of the market.
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Smart Home Market by Top Companies Profiles:
Indirect sales channel to hold the largest share of smart home market during forecast period.
Indirect sales channels or third-party service providers hold a major share of the smart home market. Most players in the market have strong sales channels and distribution networks to provide services to end users. Indirect sales channels involve the sale of smart devices and products through both online and offline modes. Offline sales channel comprises third-party cellular network carriers, wholesalers, retailers, and value-added resellers.
Major players in the smart home market are Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Crestron Electronics (US), LG Electronics (South Korea), and Legrand (France). Apart from these, , Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), SimpliSafe (US), Armorax (US), Canary (US), and Lutron (US). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global precision farming market.
Regional Insight by MarketsandmarketsTM Research:
Asia Pacific to register higher CAGR during the forecast period
The market in APAC is expected to grow at the highest CAGR during the forecast period. The growing inclination toward smart building infrastructure in developing economies of the region, such as Japan, South Korea, and China, a huge customer base, and rapid technological advancements in smart home products are driving the development of the market in APAC. Moreover, in developed countries, including Japan and South Korea, government initiatives such as net-zero homes are driving the smart home market.
Regions & Countries Covered:
North America – (U.S., Canada, Mexico)
Europe – (U.K., France, Germany, Italy, Spain, Rest of Europe)
Asia Pacific – (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
Latin America – (Brazil, Argentina, Rest Of Latin America)
The Middle East & Africa – (GCC Countries, South Africa, Rest Of the Middle East & Africa)
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