Global Smart Home Market: The Smart Home market is driven by a growing adoption of smart devices with a healthy CAGR of 12.3% during the forecast period of 2020 to 2030.
Market Research Future Insights
According to MRFR analysis, the global Smart Home market is expected to register a CAGR of 12.3% from 2022 to 2030 and hold a value of over USD 254.78 Billion by 2030.
A smart home refers to a residence equipped with technology that allows for the remote control and automation of various home systems, such as lighting, heating, cooling, entertainment, and security. The devices can be controlled through a central hub or a smartphone app and can interact with each other through the internet to create automated actions and routines.
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Smart Home Market Report Scope:
| Parameter | Details |
| Revenue Forecast in 2030: | USD 254.78 Billion |
| Growth Rate: | CAGR of 12.3% from 2020 to 2030 |
| Forecast Period: | 2020 -2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Key Players
Some of the key market players are
The COVID-19 pandemic has had a significant impact on the smart home industry. With many people spending more time at home due to lockdowns and social distancing measures, there has been an increased demand for smart home devices that can improve the overall comfort and convenience of home life. This includes devices such as smart thermostats, which can help people control their home temperature remotely, and smart security cameras, which can provide peace of mind when people are away from home. Additionally, the pandemic has also led to an increase in e-commerce, which in turn has led to an increase in the demand for smart locks and other smart home devices that can facilitate contactless delivery and entry.
Regional Analysis
North America led the global market. The market is being driven by factors such as government initiatives to support energy-efficient buildings, which provide benefits like increased energy savings and reduced greenhouse gas emissions. In Mexico, the adoption of smart home devices has become one of the fastest-growing technological trends in the past four years.
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Market Segmentation
The Global Smart Home market has been segmented into type, application, and vertical.
Based on the component, the market has been segmented into Hardware (Security, Home Automation, Home Entertainment, Home Healthcare), Smart Appliances, and Services (Energy Consumption & Management Services, Security Services, Healthcare Services, Entertainment Services)].
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