Smart Home Market Size Worth US$ 162.69 Bn by 2027

[Shiv Fatak]

The smart home is a system where devices and appliances are connected through the internet and can be operated remotely using smartphones or other devices for convenience. Rising internet penetration, an increasing number of internet users, adoption of smart devices, rising disposable income of the consumers, and preference for convenient and comfortable lifestyle by the consumers are some of the factors contributing to the smart home market demand. Up until April 2021, more than 60% of the world population accounting for approximately 4.72 billion people. The number of internet users is growing at 7.6% annually and 92.8% of them are using mobile devices to go online once a day. With the excellent internet infrastructure almost across all the countries in the world, the smart homes market will witness a high growth rate.

According to AllTheResearch,” The global smart home market was valued at US$ 79.63 Bn in 2020 is expected to reach US$ 162.69 Bn by 2027, with a growing CAGR of 10.7% during the forecast period (2021-2027).”

Company Profiles and Competitive Intelligence: The major players operating in the global Smart Home market are Honeywell, Siemens, Amazon.com, Inc., Schneider Electric, Johnson Controls, ADT, ABB, and ASSA ABLOY, among others.

The report also provides an in-depth analysis of recent news developments and investments

1. In May 2021, Bosch launched a new Home Connect Plus app for smart applications that connect with appliances from 35 leading manufacturers and brands
2. In September 2020, Black Box launched its Connected Building products and services to simplify the IT solutions for its clients. The Connected Building service provides assessment, project management and consulting, and on-site services for installation, configuration, staging, and logistics.

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Smart Home Market Key Findings:

• Based on the technology, the CDMA network held a significant market share in 2020
• Based on the product type, the security and access control is anticipated to account for a 23.4% share in smart home industry analysis by 2027
• Based on regions, the Asia Pacific region is witnessing a growth rate of 12.8% in the smart home industry

The US is the largest market, which accounted for 82.4% share of the North America smart home market in 2020. The country has a presence of major industry leaders who are constantly innovating to offer excellent smart home solutions boosting the market revenue. The smart home installation in the region grew by 18.7% over last year making North America, world’s most advanced smart home market. The region is anticipated to maintain its position in the smart home market throughout the forecast period.

The region is at the forefront of adopting technology advancements and innovations which are often considered costly in the other regions. The technologies such as Artificial Intelligence (AI), Internet of Things (IoT), Virtual Reality (VR), and Augmented Reality (AR) among others are widely applied across industries in North America. The new trends in smart home industry in North America are huge spending on technology, increasing adoption of smart devices, and growing spending on smart homes.

About AlltheResearch:

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