LONDON, Aug. 18, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s Smart Home Market research report, the growing adoption of smart devices is expected to propel the growth of the smart home market. Smart devices are defined as objects used in everyday life that are made intelligent through advanced computing techniques such as machine learning and artificial intelligence, which are networked together to form the Internet of Things. These smart home devices can be interconnected and accessed through laptops, smartphones, tablets or other smart devices.
For example, according to MediaPost, a US-based integrated publishing and conferencing company, 15% of households worldwide are expected to have a smart home device installed by 2023. Additionally, 69% of households in the States have at least one smart device. device. Hence, the growing adoption of smart devices is driving the growth of the smart home market.
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The size of the global smart home market is expected to grow from $76.95 billion in 2021 to $91.79 billion in 2022 at a compound annual growth rate (CAGR) of 19.3%. The size of the global smart home market is expected to reach $205.61 billion in 2026 at 22.3% CAGR.
Technological advancements are shaping the smart home market. Technological progress is defined as the discovery of knowledge that advances technology and provides improved products to customers. New technologies such as IoT are used to provide comfort and reliability to users. For example, in September 2020, Sunroof, an Indian solar power and smart energy (Internet of Things) IoT solution provider, launched zunpulse smart devices. The Zunpulse is intended to protect customers while making their lives more comfortable and safer. The newly launched range of devices includes smart energy monitor, smart plug, smart camera, smart security system, smart AC remote control, smart energy monitor, smart video doorbell, smart LED bulbs and a Smart TV remote.
Key players in the smart home market are Honeywell International Inc, Siemens AG, Johnson Controls International, Schneider Electric SE, United Technologies Corporation, Amazon Inc, Apple, Google, Robert Bosch GmbH, Samsung Electronics, LG Electronics, Sony Corporation, Control4 Corporation , Comcast Corporation, Lutron Electronics Co. Inc, Legrand SA, Smart home Inc, General Electric Company, Ingersoll-Rand PLC, Delta Controls, Axis Communications, Crestron Electronics, SimpliSafe, Armorax and Canary.
The global smart home market is segmented by product into lighting control, security and access control, heating, ventilation and air conditioning (HVAC) control, entertainment control and other controls, smart speaker , home health care, smart kitchen, home appliances, smart furniture; by behavioral, proactive software and services; by direct or indirect sales channel; by technology in wireless technology, cellular network technology; by standards and protocols in wireless protocols, wired protocols, hybrid protocols.
Asia Pacific was the greater region in the smart home market in 2021. Asia Pacific should be the fastest growing region in the global smart home market over the forecast period. Regions covered in the Global Smart Home Market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Global Smart Home Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provide smart home market insights, analysis and forecasts. Market Size and Growth for Overall Market, Smart Home Market Segments & Geographies, Smart Home Market Trends, Smart Home Market Drivers, Smart Home Market Restraints, Revenue, Profiles and Market Share market leading smart home market competitors in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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