According to estimates, the global market for smart home automation would increase from US$ 72 billion in 2022 to US$ 168 billion in 2032, with a CAGR of 8.84% between 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 in the near future 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, which is driving up demand for home automation companies.
With access to home accessories from remote locations, users can regulate their home appliances in their absence. They can also keep a watch on any activity taking place within the house through video surveillance systems. For instance, in February 2022, India-based home automation company, One Switch, announced the launch of franchising options for the expansion of their smart home automation services.
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The eco-friendly solutions such as automatic water sensors and motion sensors, offered by smart home companies like One Switch, have also helped in reducing electricity bills and enhancing the overall home environment.
The automation tools and equipment are expensive, thus, users with average or below average disposable income find it challenging to buy such modern services. Due to its high cost, there is polarization in the procurement of such advanced equipment. Thus, the cost barrier is anticipated to play a significant role in limiting the market growth during the forecast period. Further, various users are yet not well familiar with such technology which limits the adoption of smart home automation devices. Thus, the complicated technologies and applications are likely to inhibit the market growth in the assessment period.
Key Takeaways from the Market Study:
- 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 to be 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
“Increasing demand for comfort and growing deployment of modern technologies such as AI, ML, and IoT in home appliances is expected to benefit the market during the forecast period. Also, increasing disposable income of developing countries is likely to offer several opportunities of expansion to the players in the market,” says an FMI analyst.
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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).
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 has the ability to support Google Home Assistant and Alexa which offers the needed comfort to consumers on a regular basis.
- In July 2020, Johnson Controls, a renowned player for 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 on the basis of Component (Hardware, Software, Services), Technology (Cellular, Wireless, Other), Application (Security, Lighting, Entertainment, HVAC & Energy Management, Smart Kitchen), & Region.
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Key Segments Profiled in Smart Home Automation Market
Smart Home Automation Market by Component:
- Smart Home Automation Hardware
- Smart Home Automation Software
- Smart Home Automation Services
Smart Home Automation Market by Technology:
- Cellular Smart Home Automation
- Wireless Smart Home Automation
- Other Smart Home Automation Technologies
Smart Home Automation Market 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
Smart Home Automation Market 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
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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