Smart Home Market Set for 28.02% CAGR Surge, Reaching USD 734.75 Billion by 2031 | SkyQuest Technology
/EIN News/ -- Westford, USA, July 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the smart home market will attain a value of USD 734.75 billion by 2031, with a CAGR of 28.02% during the forecast period (2024-2031). Increasing adoptions of AI in all types of home appliances for smart features is more likely to drive the sales of the product. The latest features of these digital assistants, such as Bluetooth speakers and hands-free channel changing features, are driving the sales of these smart home appliances. Apart from this, increasing numbers of people across the world have started to use smartphones and the internet, which stimulates the market for connected smart home devices.
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Browse in-depth TOC on "Smart Home Market"
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- Tables - 67
- Figures – 77
Smart Home Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 101.84 Billion |
| Estimated Value by 2031 | $ 734.75 Billion |
| Growth Rate | Poised to grow at a CAGR of 28.02% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Products, Sales Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Enhanced User Experience and Personalization |
| Key Market Drivers | Integration with Voice Assistants and Mobile Devices |
Security and Access Control Segment Leads the Market as the Demand for Intelligent Security Systems is Growing
The security and access control market segment held a commanding market share of more than 30% of the total revenue. The requirement to provide authorized access to safes or rooms housing priceless items, as well as the increase in the demand for intelligent security systems, are both factors contributing to this expansion.
Home Healthcare Stands as the Fastest Growing Segment Owing to Increasing Healthcare Expenditure
The market segment for home healthcare is anticipated to expand at the greatest CAGR during the forecast period. Due to rising healthcare and insurance expenses, customers are increasingly choosing smart home healthcare solutions for self-diagnosis, which is a factor in the segment's growth. The rise of fitness and health consciousness among consumers is another factor in the development of this market.
Better Living Standards and Economic Conditions Makes Asia-Pacific a Leading Consumer
During the predicted period, the Asia-Pacific region's CAGR will be the fastest, where countries like China, Japan, and South Korea are leading in smart home technology adoption due to significant investments in IoT infrastructure and consumer electronics. This regional growth is due to improved living conditions and increased disposable income of the people. The adoption of AI-based digital assistance for day-to-day chores like Siri and Alexa has also gained widespread popularity that impacts significantly on the market's expansion.
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Smart Home Market Insights:
Drivers
- Integration with Voice Assistants and Mobile Devices
- Increasing Home Connectivity and Internet Penetration
- Rising Need for Improved Home Security
Restraints
- Interoperability and Fragmentation
- Privacy and Security Concerns Related to Personal Data
- Concerns About Data Ownership, Storage and Usage Rises Unreliability
Prominent Players in Smart Home Market
The following are the Top Smart Home Companies
- Google LLC
- Amazon.com, Inc.
- Apple Inc.
- Samsung Electronics Co., Ltd.
- Xiaomi Corporation
- Honeywell International Inc.
- LG Electronics Inc.
- Siemens AG
- Schneider Electric SE
- ADT Inc.
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Key Questions Answered in Smart Home Market Report
- How many segments are there in the Smart Home Market?
- What are driving factors related to the dominance of the Asia Pacific region in the Smart Home Market?
- What are the key opportunities in the Smart Home Market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of smart home market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the smart home market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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