Smart Home Market Poised for 23.8% CAGR Growth Through 2028 - MarkNtel Advisors
MarkNtel Advisors has released its comprehensive analysis of Smart Home Market, projecting a steady 23.8% CAGR growth from 2023-2028. Our team of industry specialists has exactly compiled the latest market intelligence to support stakeholders—entrepreneurs, financial analysts, and corporate strategists—in making informed, data-backed decisions.
Smart Home Market Statistics:
Study Period- Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028): 23.8%
Market Study Report Coverage:
- Market Fundamentals: Size, share, Revenue, and historical performance metrics.
- Geographical Analysis: Growth hotspots across North America,South America,Europe,Middle East,Africa,Asia-Pacific
- Competitive Benchmarking: Market leaders vs. emerging players.
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Smart Home Market Segmentation Analysis (2023–2028)
The study analyzes significant trends in each segment of Smart Home Market report, as well as growth estimates for 2023–2028 at the geographical levels.
As per the Report the market segment bifurcated into:
By Technology
- Cellular Network Technologies
- Protocols and Standards
- Wireless Communication Technologies
By Software & Service
- Behavioral
- Proactive
By Product Type
- Entertainment Controls
- Audio, Volume and Multimedia Room Controls
- Home Theater System Control
- Touchscreen and Keypads
- Security & Access Control
- Video Surveillance
- Hardware
- Software
- Services
- Access Control
- Non-Biometric Access Control
- Biometric Access Control
- HVAC Control
- Smart Thermostats
- Sensors
- Actuators
- Dampers
- Control Valves
- Heating and Cooling Coils
- Pumps & Fans
- Smart Vents
- Smart Home Appliances
- Smart Washer
- Smart Dryers
- Smart Water Heaters
- Smart Vacuum Cleaners
- Smart Kitchen
- Smart Dishwashers
- Smart Refrigerators
- Smart Cookers
- Smart Ovens
- Smart Coffee Makers
- Smart Kettles
- Smart Lighting Control
- Dimmers
- Switches
- Relays
- Daylight Sensors
- Timers
- Others
- Smart Furniture
- Smart Tables
- Smart Stools and Benches
- Smart Sofas
- Smart Chairs
- Smart Desks
- Others (Smart Plugs, Smoke Detectors, Smart Meters)
Entertainment Controls are anticipated to dominate the market with the largest share during 2023-28.
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Smart Home Market Sector Growth Driver:-
Rising Need for Energy Efficiency to Reduce Running Costs
With alarming levels of carbon emissions as a result of rising warming, energy efficiency is a crucial aspect of any country's development. As smart Home account for a considerable portion of the world's total energy consumption, the mounting consumer need for enhanced energy savings & minimized living costs is the prime aspect projected to drive the market during 2023-28. Additionally, the rising number of smart buildings owing to rapid urbanization, the increasing penetration of smartphones & the internet, growing adoption of intelligent technologies in Home, such as video doorbells, voice-assistants (Alexa and Google Home), & surveillance systems, among others, are also projected to fuel the market growth through 2028.
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Smart Home Market Competitive Outlook (2023–2028)
This section discusses the major participants in Smart Home Market, with a focus on securing new contracts in developing nations to strengthen their footprint
Competitive Analysis Cover:
- Business Description
- Product Segments
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
List of Major Smart Home Market Competitor
- ABB Ltd.
- AMX
- Johnson Controls
- United Technologies Corporation
- Emerson Electronics Co.
- Honeywell
- Ingersoll-Rand PLC
- Legrand S.A.
- Lutron Electronics, Inc.
- Schneider Electric S.A.
- Siemen AG
- Tyco International Ltd.
- Robert Bosch GmbH
- Siemens
- Samsung
Smart Home Industry Recent Developments –
- In January 2022, Samsung Electronics Co., Ltd. joined forces with Home Connectivity Alliance (HCA) in line with its aim to enhance the smart home experience through interoperability in home appliances, HVAC systems, & TVs. This partnership shall be aimed mainly at providing consumers with more options to customize their ecosystems while improving data privacy & device safety.
- In September 2021, Amazon.com, Inc. launched its long-awaited home robot, Astro. Equipped with cameras and a screen, it can autonomously drive around your home, map the home's layout, recognize objects, and check on loved ones & pets remotely.
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Frequently Asking Questions (FAQ’s):
- What specific areas and industries are covered in Smart Home Market research report?
- How big is Smart Home industry?
- Which companies have the largest Smart HomeMarket share?
- What opportunities, challenges, and driving forces characterize Smart Home sector?
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