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From USD 85.5 billion in 2021, the global smart home market size is anticipated to grow to USD 142.2 billion by 2028. It will exhibit a 12.5% CAGR during the analysis period. Factors attributing to the growth of the global smart home market include rising penetration of internet users worldwide, surging use of smart devices, rising awareness about fitness and healthy lifestyle, and the need for home safety and security will proliferate the growth of the global smart home market.
Furthermore, the continuous growth of IoT, the rising importance of remote home monitoring solutions amidst the COVID-19 crisis, and the increased demand for energy-efficient solutions will proliferate the growth of the smart home industry. It is a cutting-edge technology that employs internet-connected devices in controlling and tracking household devices, thereby offering convenience and energy-efficient to end-users.
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The COVID-19 pandemic has hampered the normal regular of individuals, enterprises, and government so there is a need to modify plans and provide innovations. The smart home business is growing tremendously as people were required to work from their homes due to lockdown. So, the market has come up with low-cost products that provide a high quality of life. As a result of these changes, a huge market for home furnishings and smart home solutions has emerged, resulting in the growth of the market.
Based on product, the global smart home market is segregated into Lighting Control systems, Entertainment and Other Controls, Smart Home Healthcare, Smart Home Appliances, HVAC Control, Smart Speaker, Smart Furniture, and Security & Access Control. The lighting control system is anticipated to have a high CAGR during the forecast period. Lighting controls are a type of smart lighting gadget that allows adjusting the level, quality, and characteristics of light in a specific area. These smart devices aid in the reduction of electricity waste while also increasing energy efficiency. Dimmer switches, timers, occupancy sensors, daylight sensors, and relays are among the products available in this sector.
Europe is anticipated to have a considerable share in the smart home market owing to the rising number of internet users, increased adoption of smart devices, and presence of major industry players like ABB, Siemens, and Schneider Electric SE, thereby proliferating the market growth of smart home solutions in the region.
In February 2022, URC and Legrand collaborated to give seamless control of Legrand’s Vantage lighting and climate systems through Total Control, URC’s residential and commercial automation platform. It will offer several advantages which include seamless and unified integration, energy-efficient, remote control & access, voice/hands-free control, robust scenes, and automation programming made simple.
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