Smart Home Market set to surge $133.01 billion between 2022-2027, fueled by rising consumer demand for home automation – Technavio

Technavio is pleased to present the comprehensive report on the forecast and analysis of the smart home market for the period 2023-2027. The report covers various aspects, including applications such as home entertainment, smart appliances, energy management, lighting control systems, HVAC, safety, and security systems. The analysis also delves into the technology aspect, considering both wireless and wired solutions, and explores the market across different geographical regions, including North America, Europe, APAC, Middle East and Africa, and South America.

With an ISO 9001:2015 certification, Technavio has been a reliable partner for more than 16 years, collaborating with over 100 Fortune 500 companies. The potential growth anticipated for the smart home market between 2022 and 2027 is valued at USD 133.01 billion. A significant driver for this growth is the increasing consumer interest in home automation, driven by the desire for enhanced comfort and convenience. Notably, smart home technologies such as thermostats and light systems contribute to this trend, and major companies like Amazon and Google play a pivotal role by establishing intelligent nodes that serve as central control systems.

To address the market challenge, it is essential to acknowledge the significance of network coverage. The effectiveness of smart home devices relies on a fast Internet connection, posing a challenge in regions with insufficient network infrastructure, such as South Korea, Japan, and the UK. This limitation hampers the adoption of intelligent devices, emphasizing the need for widespread broadband internet access to overcome this obstacle.

For deeper insights into the market, including its size, current scenario, growth opportunities, key driving factors, trends, and more, the full report is available for purchase. Additionally, a free sample report is offered to provide a glimpse into the contribution of all segments and regional opportunities.

The smart home market is segmented by application, technology, and geography. Notably, the home entertainment segment is expected to experience significant growth during the forecast period. Technological advancements, particularly in voice assistant functionality and technical skills like those found in Google Home, create utility for smart speakers and contribute to the growth of this segment.

North America is anticipated to be a major contributor, accounting for 37% of the global market growth during the forecast period. To gain a comprehensive understanding of market dynamics, key drivers, trends, and challenges, explore the full report or access a Free Sample PDF Report from Technavio.

Key players in the smart home market include ABB Ltd., Allegion Public Ltd. Co., Alphabet Inc., Amazon.com Inc., Apple Inc., ASSA ABLOY AB, Comcast Corp., Honeywell International Inc., Hubbell Inc., Johnson Controls International Plc., Legrand SA, LG Corp., Lutron Electronics Co. Inc., Panasonic Holdings Corp., Raytheon Technologies Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schneider Electric SE, Snap One LLC, and Vivint Smart Home Inc.

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The smart home appliances market is estimated to grow at a CAGR of 14.45% between 2022 and 2027. The size of the market is forecast to increase by USD 39.91 billion.

The smart home cameras market size is estimated to grow at a CAGR of 14.88% between 2022 and 2027. The market size is forecast to increase by USD 3,991.67 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by  Application

Market Segmentation by  Technology

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio Research

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.