The market for smart home automation 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, which is 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 utilise 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 the purchase of such cutting-edge equipment because of its expensive price. As a result, it is predicted that the cost barrier will 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 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 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).
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 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
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
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