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Smart Home Market Overview:
As per SNS Insider’s research, the Smart Home Market is experiencing rapid growth, driven by a convergence of factors that include the proliferation of IoT, increasing consumer demand for convenience, a focus on energy efficiency and cost savings, ongoing technological advancements, and evolving demographics and lifestyles.
The smart home market, as indicated by the SNS Insider report, achieved a valuation of USD 80.23 billion in 2022 and is projected to expand to a substantial USD 539.54 billion by 2030, exhibiting a robust compound annual growth rate (CAGR) of 26.89% during the forecast period from 2023 to 2030.
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Major Key Players Included in the Report are:
• Siemens AG
• Amazon Inc
• Robert Bosch GmbH
• Google Nest (Google LLC)
• Schneider Electric SE
• Legrand SA
• LG Electronics Inc
• Assa Abloy AB
• Samsung Electronics Co. Ltd.
• Delta Controls
• Sony Group Corp
• Crestron Electronics
• Philips Lighting B.V.
• Honeywell International Inc.
• ABB Ltd.
• Others
Market Report Scope
A smart home, also known as a connected home, is a dwelling that employs various technological innovations to enhance the quality of life for its residents. At its core, a smart home integrates smart devices and systems that can communicate with each other and be remotely controlled, typically through a smartphone or a central hub. These devices and systems are designed to automate and simplify various aspects of daily living, making the home more comfortable, efficient, and secure. Smart devices within the home communicate with each other, sharing data and responding to preset triggers or commands. For instance, motion sensors can trigger smart lights to turn on when someone enters a room.
Market Analysis
One of the most significant drivers for the smart home market is the proliferation of the Internet of Things (IoT) and seamless connectivity. Smart homes rely on a network of interconnected devices and sensors that can communicate with each other and with users through a central hub or smartphone app. This level of connectivity enables automation, remote control, and real-time monitoring, which, in turn, enhances the overall smart home experience. Consumers today are seeking greater convenience in their daily lives. Smart home devices, such as voice-activated assistants, smart thermostats, and automated lighting systems, offer users the ability to control and manage various aspects of their homes with ease. The demand for convenience is a driving force behind the adoption of smart home technology. Home security and safety have always been top priorities for homeowners. Smart home devices, including surveillance cameras, smart locks, and advanced alarm systems, offer heightened security features and the ability to remotely monitor and control access to one’s property. This increased sense of security is a significant factor driving the adoption of smart home technology.
Market Segmentation and Sub-Segmentation Included Are:
By Product:
• Light Control
• Security And Access Control
• HVAC Control
• Entertainment Control
• Smart Speaker
• Home Healthcare
• Smart Kitchen
• Home Appliances
• Home Furniture
By Application:
• New Construction
• Retrofit
By Protocol:
• Wired
• Wireless
• Hybrid
By Sales Channel:
• Direct
• Indirect
Impact of Recession
The recession has accelerated market consolidation within the smart home industry. Smaller players are experiencing heightened challenges, with some struggling to survive. Despite the challenges, the ongoing recession also presents opportunities for the smart home market. As remote work and education become more prevalent, there is a growing demand for integrated home office and study solutions. Additionally, energy-efficient smart home products that promise long-term cost savings are gaining traction. Market players can tap into these emerging trends by developing innovative, cost-effective products that cater to the evolving needs of consumers.
Impact of Russia-Ukraine War
One of the immediate and prominent effects of the Russia-Ukraine war on the smart home market has been the disruption of global supply chains. While the Russia-Ukraine war has created challenges for the market, it has also opened up opportunities. Some manufacturers are exploring diversification strategies by seeking alternative suppliers and partnerships with companies in less-affected regions. Additionally, there is a growing trend towards developing more resilient and self-sufficient supply chains to reduce reliance on conflict-prone areas.
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Key Regional Development
North America has been at the forefront of the smart home revolution, with the United States and Canada leading the charge. The market in this region benefits from a tech-savvy population, robust infrastructure, and the presence of key industry players. Innovative products like voice-activated assistants, smart thermostats, and advanced security systems have found significant consumer adoption here. Europe has witnessed a surge in smart home technology adoption, primarily driven by the growing emphasis on sustainability, energy efficiency, and security. Countries like Germany, the UK, and France have seen substantial investments in smart heating, lighting, and home security systems. The Asia-Pacific region is experiencing rapid urbanization and increased disposable incomes, contributing to the growth of the smart home market. Emerging economies like China and India are key players, with a rising middle class seeking to enhance their quality of life.
Key Takeaway from Smart Home Market Study
• The light control segment within the market is illuminating the path to dominance. Smart lighting systems allow users to optimize their energy consumption by dimming or turning off lights when not needed. This leads to substantial energy savings and a reduced carbon footprint, making Light Control a prime choice for eco-conscious homeowners.
• The Wireless segment is cutting the cord to dominate the market. The Wireless segment provides scalability, allowing homeowners to expand their smart home ecosystems without the hassle of rewiring or complex installations. Moreover, these wireless devices often support standardized communication protocols, ensuring interoperability among a wide range of products from different manufacturers.
Recent Developments Related to Smart Home Market
• Savant, a leading player in the global technology industry, has successfully acquired POMCube, an innovative energy storage technology company. The acquisition, announced recently, marks a significant milestone in Savant’s ongoing efforts to expand its portfolio and enhance its capabilities in sustainable energy solutions.
• Eve, a prominent player in the smart home industry, has been acquired by the automation giant ABB. With this acquisition, ABB aims to extend its presence in the residential automation sector and leverage Eve’s expertise and consumer-oriented products.
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Smart Home Market Segmentation, By Product
9. Smart Home Market Segmentation, By Application
10. Smart Home Market Segmentation, By Protocol
11. Smart Home Market Segmentation, By Sales Channel
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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