Smart Home Automation Market Forecasting 8.84% CAGR, Surpassing US$ 168 Billion by 2032

The smart home automation market is anticipated to expand from US$ 72 billion in 2022 to US$ 168 billion in 2032, with a CAGR of 8.84% during those two years. The Internet of Things (IoT) is becoming more widely used, and as a result, machine-to-machine communication has advanced, encouraging customers to use smart home automation technologies.

The need for smart devices is anticipated to increase shortly due to the integration of modern technologies like IoT, AI, and ML. A poll by Voicbot.ai estimates that 87.7 million US consumers were using smart speakers in January 2020. Additionally, the number of smart city initiatives is expanding globally, driving up demand for home automation companies.

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With remote access to home accessories, consumers can control their appliances while they are away. They can also utilize video surveillance equipment to keep an eye on any activity happening within the home. For instance, One Switch, an Indian firm that specializes in smart home automation, announced the availability of franchising opportunities in February 2022.

Eco-friendly products from smart home providers like One Switch, such as automated water sensors and motion sensors, have also contributed to lower electricity costs and an improved living environment.

Due to the high cost of automation tools and equipment, people with average or below-average disposable income find it difficult to purchase such cutting-edge services. There is polarization in purchasing such cutting-edge equipment because of its expensive price. As a result, the cost barrier is predicted to significantly constrain market expansion throughout the forecast period. Additionally, a lack of user familiarity with the technology prevents more smart home automation devices from being adopted. Consequently, complex applications and technology are anticipated to prevent market expansion in the assessment period.

Key Takeaways from the Smart Home Automation Market Report:

  • Global smart home automation market value to surge 2.3x from 2022 to 2032
  • By application, smart home automation for entertainment to experience a CAGR of 7.8% until 2032
  • Wireless smart home automation to be most sought after, expected to accumulate 44% revenue in 2022
  • North America to emerge as the fastest-growing market, expanding at an 8% CAGR
  • Europe is the 2nd largest market for smart home automation, inclining at a 7.7% CAGR
  • Asia Pacific to present significant growth opportunities, reflecting a 7.5% value CAGR

Competition Analysis:
Key players in the global smart home automation market include Control4 Corporation (U.S.), BB Ltd. (Switzerland), Crestron Electronics, Inc. (U.S.), Ingersoll-Rand plc (Ireland), Honeywell International Inc. (U.S.), Johnson Controls (U.S.), Leviton Manufacturing Company, Inc. (U.S.), Legrand SA (France), Lutron Electronics Co., Inc. (U.S.), Schneider Electric (France), and Siemens AG (Germany).

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Recent Developments in the Industry include:

  • In July 2022, Schneider Electric launched the Wiser App to create awareness about the potential of Wiser Smart Homes. The app requires minimal rewiring and can support Google Home Assistant and Alexa which offers the needed comfort to consumers regularly.
  • In July 2020, Johnson Controls, a renowned player in smart and sustainable buildings, launched OpenBlue, a complete suite of connected solutions and services that combine the Company’s 135 years of building experience with modern technology. The new suite of connected solutions allows previously unimaginable occupant experiences, respectful safety and security, and impactful sustainability, driven by cutting-edge connected technology.

More Valuable Insights:
Future Market Insights, in its new offering, presents an unbiased analysis of the global smart home automation market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights based on components (Hardware, Software, Services), Technology (Cellular, Wireless, Other), Application (Security, Lighting, Entertainment, HVAC and Energy Management, Smart Kitchen), and region.

Smart Home Automation Market Segmentation:

By Component:

  • Smart Home Automation Hardware
  • Smart Home Automation Software
  • Smart Home Automation Services

By Technology:

  • Cellular Smart Home Automation
  • Wireless Smart Home Automation
  • Other Smart Home Automation Technologies

By Application:

  • Smart Home Automation for Security
  • Smart Home Automation for Lighting
  • Smart Home Automation for Entertainment
  • Smart Home Automation for HVAC & Energy Management
  • Smart Home Automation for Smart Kitchens

By Region:

  • North America Smart Home Automation Market
  • Europe Smart Home Automation Market
  • Asia Pacific Smart Home Automation Market
  • Latin America Smart Home Automation Market
  • Middle East & Africa Smart Home Automation Market

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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