Smart Home Automation Market Growth Analysis: 15.4% CAGR to Drive Industry to 268.97 Billion by 2032
Growing adoption of smart home automation technologies and increasing technological developments propels the smart home automation market growth.
New York, USA, Sept. 16, 2024 (GLOBE NEWSWIRE) — Market Overview:
Global smart home automation market size is expected to grow from USD 74.28 billion in 2023 to USD 268.97 billion by 2032. It is expected that the market will generate a CAGR of 15.4% during the forecast period from 2024 to 2032.
Market Explanation:
What is Smart Home Automation?
Smart home automation is an integrated system used to monitor and control electronic appliances in the home. The combination of hardware, electronic interfaces, and communication interfaces are implicated to household devices through the Internet. The technology allows users to schedule automation like switching lights, setting temperature, adjusting the volume of the entertainment system, and more.
Smart home automation offers comfort and convenience by offering remote access to control household devices, allowing users to manage their home systems with ease. Smart TVs, smart lighting systems, smart door locks, smart security cameras and systems, and smart kitchen appliances are some examples of this system.
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Market Report Attributes:
| Report Attributes | Details |
| Market value in 2023 | USD 74.28 billion |
| Market value by 2032 | USD 268.97 billion |
| CAGR | 15.4% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019–2022 |
| Forecast period | 2024–2032 |
Key Takeaways from Report:
- The smart home automation market is encountering substantial growth due to factors such as increasing technological developments, growing concern over energy management, and rising demand for smart devices.
- The market is primarily segmented on the basis of component, channel, application, and regions.
- By region, North America held the largest smart home automation market share in 2023.
Smart Home Automation Key Players
- ABB
- Amazon.com Inc.
- Apple Inc.
- Crestron Electronics, Inc.
- Google LLC
- Ingersoll Rand
- Johnson Controls
- Legrand
- Leviton Manufacturing Co., Inc.
- Lutron Electronics Co., Inc
- Resideo Technologies, Inc.
- SAMSUNG
- Schneider Electric
- Shelly USA (Allterco Robotics US)
- Siemens
- Snap One, LLC
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Key Dynamics Driving Market Growth:
Demand for Intelligent Home Security Solutions: With rising concerns about safety and security, users are heavily investing in connected and intelligent home security solutions, such as smart surveillance cameras, motion sensors, and smart locks. These devices can be remotely accessed via smartphones or other connected devices. Thus, the growing adoption of smart home automation technologies enhances the smart home automation market growth.
Advancements in Technology: The rising advancements in various technologies, including the Internet of Things (IoT), artificial intelligence (AI), and connectivity protocols that are essential in facilitating smooth communication and data transfer among smart devices, fuel the smart home automation market demand.
Advanced Wireless Connectivity: The market is expected to see immense growth owing to the continuous developments in wireless connectivity standards such as Wi-Fi, Bluetooth, and Zigbee, facilitating new capabilities and efficient interconnection for smart home ecosystems.
Challenges:
Limited standardized communication protocols and interoperability issues make it is difficult for consumers to situate various smart home devices in their homes. This incapability affects the expansion and interoperability of smart home ecosystems, restraining overall user experience and smart home automation market growth. Another major challenge is the initial investment required for installing smart home devices and systems. The high upfront costs can be a deterrent for budget-conscious consumers, especially in developing regions.Top of Form
Bottom of Form
Which region Dominates Smart Home Automation Market Globally?
In 2023, North America dominated the market due to the rising adoption of smart home technologies driven by high disposable income levels, well-developed infrastructure, and a proficient consumer base. Additionally, the presence of leading technology giants and well-known small-scale enterprises in the region propels market growth. Moreover, the market is likely to grow at a substantial rate in the Asia Pacific region during the forecast period because of rapid urbanization and increasing disposable incomes in nations such as China, India, Japan, and South Korea.
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Segmental Overview:
By Component:
- Hardware
- Entertainment Control & Others
- HVAC Control
- Lighting Control
- Security & Access
- Smoke Detector
- Others
- Software & Solutions
- Services
By Technology:
- Wired
- Wireless
By Fitment:
- New Construction
- Retrofit
By Application:
- Entertainment
- HVAC & Energy Management
- Lighting
- Security
- Smart Kitchen
- Others
By Region:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR’s Smart Home Automation Market Report Coverage from Different Publications:
The global Smart Home Automation Market size is expected to reach USD 268.97 billion by 2032, exhibiting a CAGR of 15.4% during the forecast period
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