1 / 3

Smart Home Market Insights: Size, Share, Forecast, and Trends

The Smart Home Market is anticipated to reach $354.9 billion by 2031, growing at a compound annual growth rate of 13.5% from 2024 to 2031, supported by progress in smart technology.<br>

Rajul3
Download Presentation

Smart Home Market Insights: Size, Share, Forecast, and Trends

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Smart Homes Market to be Worth $354.9 Billion by 2031

  2. Global Smart Homes Market – 2024-2031 Meticulous Research®, a leading global market research firm, has unveiled its latest report titled, “Smart Home Market by Product Type (Smart Lighting Systems, Smart Speakers, Smart Security & Monitoring Systems, Smart Home Appliances), Protocol & Standard (Wireless Protocols, Wired Protocols, Hybrid Protocols), and Geography - Global Forecast to 2031.” According to the report, the global smart home market is expected to reach $354.9 billion by 2031, growing at a CAGR of 13.5% from 2024 to 2031. This growth is fueled by increasing demands for home security, the proliferation of the Internet of Things (IoT), and a push for enhanced energy efficiency. However, slow consumer adoption and high costs of technology present challenges. Opportunities are emerging, especially in Asia-Pacific and the Middle East & Africa, driven by the need for customizable and flexible solutions. Challenges such as data privacy, security, and compatibility with older infrastructures also affect market dynamics. The market is segmented by product type (including smart lighting systems, smart speakers, smart HVAC control, smart security & monitoring systems, smart entertainment systems, smart home appliances, smart kitchen appliances, smart home healthcare systems, and smart furniture), protocol & standard (including wireless protocols like ZigBee, Wi-Fi, Bluetooth, Z- Wave, Thread, Enocean; wired protocols like KNX, UPB, X10, BACNET, LONWORKS, DALI, MODBUS, ETHERNET; and hybrid protocols like Insteon, C-Bus), and geography. The report also provides a competitive analysis and regional market evaluation. Product Type Analysis: In 2024, smart security & monitoring systems are projected to dominate, holding over 23% of the market share due to rising concerns over home safety. Technological advancements have led to the development of systems offering enhanced security features. Recent innovations, like the smart home security system launched by Google LLC and ADT, integrate internet connectivity with existing ecosystems, ensuring comprehensive security solutions. Protocol & Standard Analysis: The market for wired protocols is expected to lead in 2024, with over 47% market share, driven by the need for reliable and stable communication. Wired protocols like Ethernet are crucial for high-speed data transmission and reliable connectivity. Conversely, hybrid protocols are anticipated to grow at the highest CAGR due to their blend of wired and wireless capabilities, offering flexibility and reliability without interfering with existing networks. Geographical Analysis: North America is expected to hold over 36% of the global market share in 2024, propelled by high adoption rates of advanced technologies and innovations in IoT devices. The region’s growth is supported by major players like Masimo, which recently launched a home baby monitoring system, enhancing market dynamics. On the other hand, Asia-Pacific is projected to exhibit the highest CAGR of over 16.9% due to a young, tech-savvy population, rising disposable incomes, and supportive government initiatives. Key Players The key players operating in the global smart home market are Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc. (U.S.), Siemens AG (Germany), United Technologies Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Johnson Controls International plc (Ireland), Schneider Electric SE (France), LG Electronics, Inc. Page 1 of 2 © Meticulous Research| sales@meticulousresearch.com

  3. Global Smart Homes Market – 2024-2031 (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY AB (Sweden), General Electric Company (U.S.), Legrand SA (France), and Sony Corporation (Japan). Download Smaple Report Here @ https://www.meticulousresearch.com/download- sample-report/cp_id=5029 Key Questions Answered in the Report: • What are the high-growth market segments in terms of the product type and protocol & standard? • What is the historical market size for the global smart home market? • What are the market forecasts and estimates for 2024–2031? • What are the major drivers, restraints, opportunities, challenges, and trends in the global smart home market? • Who are the major players in the global smart home market, and what are their market shares? • What is the competitive landscape like? • What are the recent developments in the global smart home market? • What are the different strategies adopted by major market players? • What are the trends and high-growth countries? • Who are the local emerging players in the global smart home market, and how do they compete with other players? Contact Us: Meticulous Research® Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 2 of 2 © Meticulous Research| sales@meticulousresearch.com

More Related