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With a CAGR of 21.1%, the smart home market is worth $380.52 billion

With a CAGR of 21.1%, the smart home market is worth 0.52 billion
Written by ga_dahmani
With a CAGR of 21.1%, the smart home market is worth 0.52 billion

Pune, India, June 28, 2022 (GLOBE NEWSWIRE) — The world smart home market The size was USD 86.48 billion in 2020. The market is expected to grow from USD 99.89 billion in 2021 to USD 380.52 billion in 2028 at a CAGR of 21.1% during the period 2022-2028. This crucial information is published by Fortune Business Insights™ in its report titled “Smart Home Market, 2022-2028”.

According to our researchers, the growing number of Internet users, the rise in consumer disposable income in emerging economies, the growing importance of home monitoring in remote areas, and the growing demand for energy-saving solutions are anticipated and low carbon emissions boost smart home market competitions.

Key industry development

January 2021: D-Link Corporation introduced mydlink smart home solutions, enhancing the security offered to keep families safe during the pandemic. For people who want to stay home, it includes features like AI-enabled protection, the mydlink cloud, and amplified security and manageability.

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Report scope and segmentation

Report Coverage Details
forecast period 2021 to 2028
Forecast period 2022 to 2028 CAGR 21.1%
2028 value projection USD 380.52 billion in 2028
base year 2020
Smart Home Market Size in 2020 $86.48 billion
Historical data for 2017 to 2019
Number of pages 120
Covered segments Product, Geography
Smart Home Market Growth Drivers Increased adoption of Internet of Things (IoT) solutions to drive market expansion
High Security Threats To Hinder Market Growth

Going digital amid a pandemic to drive growth

The COVID-19 pandemic has had a positive impact on the growth of the Everything as a Service (XaaS) market due to the increasing digitization in various industries. In addition, leading companies in various industries have adopted recent technologies to simplify their business operations and facilitate the work process. Additionally, companies implemented recent technologies to embrace the work-from-home/remote culture. These factors fueled the growth and expansion of the market during the pandemic.

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Drivers and Restrictions

Implementation of Internet of Things platforms to drive market growth

The Internet of Things (IoT) platform is one of the most essential smart home market growth drivers. IoT-equipped devices help deliver energy-efficient capabilities in residences. Several companies are aiming to develop their IoT platforms and other connected technologies, specifically Artificial Intelligence (AI) and Machine Learning (ML), so that they can be executed in smart home products with ingenuity. This is expected to drive the growth of this market during the forecast period.

Report Coverage

We provide our reports made with a comprehensive examination approach that primarily emphasizes the delivery of accurate material. Our academics have applied a data triangulation method that further helps us deliver reliable estimates and accurately test overall market dynamics. Additionally, our analysts have been admitted to numerous international and regional funded registries for providing up-to-date material for stakeholders and business professionals to invest only in essential areas.

Segmentation

Based on the product, the market is categorized into home monitoring/security, smart lighting, entertainment, smart home appliances, and others (thermostat, smart plugs, smart power strips, smart meters, and others). Among them, entertainment is projected to hold the largest market share during the forecast period.

Geographically, the market is categorized into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.

Smart home market segments by product

  • Home Monitoring/Security
  • Security cameras
  • Smart door locks
  • Others
  • smart lighting
  • Entertainment
  • Speakers/sound bars
  • voice assistant
  • Smart TV/Projectors/Monitors
  • Usable
  • Others
  • smart home appliances
  • smart fridges
  • smart air conditioners
  • Others

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regional perspectives

Increasing demand for automation solutions to drive growth in Asia Pacific

North America is estimated to hold the largest smart home market share during the forecast period. This growth is fueled by strong attendance from major players operating in this market.

Asia Pacific is expected to grow at the highest CAGR over the forecast period. Increasing demand for automation solutions from residential applications is anticipated to drive growth in this region.

In Europe, market growth is often driven by small business development and increased investment by major corporations in countries like Germany, the UK, France, and many others.

Companies profiled in this market report

  • ABB Ltd.
  • Central Connected House Limited
  • Control4 Corporation
  • Emerson Electric Co.
  • general power company
  • honeywell international
  • Johnson Controls, Inc.
  • Samsung Group
  • Schneider Electric SE
  • sony corporation

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Table of Contents:

  • Global Smart Home Key Players Market Share Insights and Analysis, 2020
  • Key market information and strategic recommendations
  • Profiled companies
    • Overview
      • key management
      • headquarters etc.
    • Offers/commercial segments
    • key details
      • employee size
      • key finances
        • Past and current income
        • Geographic participation
        • Business segment share
    • recent developments
  • Annex / Appendix
    • Global Smart Home Market Size Estimates and Forecasts (Quantitative Data), by Segments, 2017-2028
      • By product (USD)
        • Home Monitoring/Security
          • Security cameras
          • Smart door locks
          • Others
        • smart lighting
        • Entertainment
          • Speakers/sound bars
          • voice assistant
          • Smart TV/Projectors/Monitors
          • Usable
          • Others
        • smart home appliances
          • smart fridges
          • smart air conditioners
          • Others
        • Others
      • By Region (USD)
        • North America
        • Europe
        • Pacific Asia
        • Middle East and Africa
        • Latin America
    • North America Smart Home Market Size Estimates and Forecasts (Quantitative Data), by Segments, 2017-2028
      • By product (USD)
        • Home Monitoring/Security
          • Security cameras
          • Smart door locks
          • Others
        • smart lighting
        • Entertainment
          • Speakers/sound bars
          • voice assistant
          • Smart TV/Projectors/Monitors
          • Usable
          • Others (smart remote control, etc.)
        • smart home appliances
          • smart fridges
          • smart air conditioners
          • Others
        • Others (Thermostat, etc.)
      • By country (USD)
        • United States (by product)
        • Canada (by product)
    • Europe Smart Home Market Size Estimates and Forecasts (Quantitative Data), by Segments, 2017-2028
      • By product (USD)
        • Home Monitoring/Security
          • Security cameras
          • Smart door locks
          • Others

OCD Continued.

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