Lucintel finds that the future of the global smart home market looks promising with opportunities in home safety and security, appliance, entertainment, lighting, HVAC, healthcare, and kitchen applications. The global smart home market is expected to reach an estimated $372 billion by 2030 with a CAGR of 20% from 2023 to 2030. The major drivers for this market are increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience, and the growing adoption of cloud-based technologies.
According to the recent study the Smart Home Market is projected to reach an estimated $372 billion by 2030 from $105.9 billion in 2023, at a CAGR of 20% from 2023 to 2030. Growth in this market is primarily driven by increasing awareness related to safety and security, increasing consumer need for simplicity and personalized experience, and the growing adoption of cloud-based technologies.
Browse 89 figures / charts and 87 tables in this 182 -page report to understand trends, opportunities and forecast in smart home market by application (safety and security, home appliances, entertainment control, lighting, HVAC control, home healthcare, smart kitchen, and others), product and service type (products and services), technology (wired and wireless), and region (North America, Europe, Asia Pacific, and the Rest of the World).
Lucintel forecasts that the safety and security market is expected to remain the largest application segment due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft.
Wireless is expected to remain the largest technology segment. It is also expected to witness the highest growth over the forecast period due to the increasing demand for Zigbee in healthcare and safety & security applications.
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Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to the increasing adoption of cloud-based technologies and increasing awareness related to safety and security.
Honeywell, ADT, Corporation, Control4, Raytheon Technologies, Siemens AG, Philips, Acuity Brands, and Vivint Inc are the major suppliers in the smart home market.
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