Market Overview

The smart home market size is expected to reach USD 84.5 billion in 2021, at a CAGR of 11.4% during the forecast period 2021-2028.

Smart home devices are suitable for a home setup where devices can be automatically controlled distantly from any Internet-connected place in the world, using a mobile or other networked device. A smart home has its devices connected through the Internet, and the customer can regulate functions, such as security access to the house, temperature, lighting, and home theatre.

The increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions are some of the factors that have supported long-term expansion for Smart Home Market.

The emergence of the global COVID-19 pandemic has affected the smart home market. The COVID-19 pandemic impact on the smart home market has been both positive as well as negative. The demand for smart home products such as smart speaker and home healthcare has increased due to the COVID-19 pandemic, as the majority of the population is working from home.

Regional Analysis

The market in APAC is expected to grow at the highest CAGR during the forecast period. The APAC is home to major smart home manufacturers, namely Samsung Electronics (South Korea), Panasonic (Japan), Haier Smart Home (China), LG Electronics (South Korea), and Sony (Japan) which always focus on technological innovations.

Insights are provided for each region and major countries within the regions

Competitive Landscape

Key Players

• Honeywell
• Siemens
• Johnson Controls
• Schneider Electric
• ASSA ABLOY
• Amazon
• Apple
• Samsung Electronics
• Sony
• Ooma
• Delta Controls
• Control4
• Axis Communications
• Comcast
• Smarthome
• Crestron Electronics
• Simplisafe

Recent Developments

• In May 2021, Siemens (Germany) collaborated with Telefónica Tech (Spain) to offer comprehensive solutions which protect buildings from fires, and monitor entry points and potential intrusions with closed-circuit television (CCTV), including the possibility of video analysis.
• In November 2020, Schneider Electric (France) partnered with Planon (Netherlands) in order to extend Schneider’s unique digital building lifecycle software offering, increase its market penetration and enhance the value.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Smart Home Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope