This site uses cookies, including third-party cookies, that help us to provide and improve our services. Privacy Policy

Professionals 241 Users Online

Smart Home Solutions Market

Market Study on Smart Home Solutions: Proliferation of Smart City Projects Worldwide to Drive Market Growth

Smart Home Solutions Market Segmented By Villa/Bungalow, Apartment Home Type with Hardware, Software and Services Components for Security and Surveillance, HVAC, Lighting Solutions, Building Energy Management

Smart Home Solution Market Outlook (2023-2033)

The market for smart home solution was valued at US$ 70,134.8 Mn in 2022, and by the end of 2033, it is expected to have grown to US$ 5,54,725.9 Mn. The market for smart home solution is estimated to valuate to US$ 83,600.7 Mn in 2023 and will grow at a CAGR of 20.8% from 2023 to 2033.

Smart home solutions are technically sophisticated home appliances that have a user interface and frequently perform their functions in an efficient and advanced manner. Smart televisions, smart air conditioning systems, smart security systems, and other devices may fall into this category. These appliances are frequently linked via WiFi, bluetooth, or a voice control system.

Furthermore, a surge in demand for technologically advanced home appliances that are efficient in operation, as well as a convenient user interface that can be operated via a smartphone app, is expected to drive market growth. Smart air purifiers and smart air conditioning units are expected to grow the most rapidly in the next five years.

Consumer concerns about polluted air and a desire for conditioned cool air for indoor environments are driving up demand for these products. Technologically advanced smart air conditioning systems frequently include technology that filters out microbes and germs from the air and only provides healthy and cool air inside the premises, resulting in a surge in demand.

Such factors are providing lucrative environment for the adoption of smart home solution systems in the coming future.

North America held the leading market share of 26.5% in the global landscape in 2022 and demand for Smart Home Solution in the Europe region will hold around 23.3% of the market in 2022.

Smart Home Solution Market Size (2023)

US$ 83,600.7 Mn

Projected Market Value (2033)

US$ 5,54,725.9 Mn

Global Market Growth Rate (2023-2033)

20.8%

Smart Home Solutions for Apartments Segment Market Share (2022)

42.2%

India Market Growth Rate (2022)

23.8%

Hardware Segment Market Share (2022)

40.2%

Sample Report

FREE Report Sample is Available

In-depth report coverage is now just a few seconds away

Download PDF Get FREE Report Sample

What Restraints Will Hamper the Growth of Smart Home Solution Market?

“Lack of consumer awareness coupled with the lack of digital infrastructure in the developing countries”

The main factor impeding market growth is a lack of awareness about the use of technologies and sophisticated solutions.  Additionally, the lack of digital infrastructure & desirable network speed is hampering the adoption of the smart home solutions in the developing regions. 

  • In May 2021, Whirlpool Corporation collaborated with VTEX, to provide fully-integrated end-to-end home solutions, which will play an important role in improving Whirlpool's digital commerce strategy.
  • In January 2020, LG Electronics USA collaborated with Homebase LLC, the smart building automation company for multifamily properties, to launch an apartment programme that integrates LG smart appliances with Homebase's smart apartment complex management solution.
Custom Report Cover

Make This Report Your Own

Take Advantage of Intelligence Tailored to your Business Objective

> Get a Customized Version

In U.S Smart Home Solution Market is dominating?

“Rising Adoption of Digital Payment Systems Along with Availability of Fast Internet”

Wireless communication advancements would make remote control of home appliances possible. Smartphones and tablets, for example, are used to monitor and control these appliances via Wi-Fi. Furthermore, Bluetooth technology simplifies data exchanges between two devices. As a result, smartphones can control and monitor Bluetooth-enabled appliances. New technologies like ZigBee have emerged as viable options for monitoring smart home appliances.

Due to these factors, U.S. region is analyzed to dominate the global smart home solution market with the share of 19.8% in 2022.

Market Research Methodology

Market Research Methodology

-Perfect through Years of Diligence

Check Research Methodology

Is Smart Home Solution Market in India will provide Growth Opportunities?

“Rising trend towards the adoption of automated machines”

People's changing lifestyles and rising income levels are expected to drive market growth. Improving consumer lifestyles, particularly in urban areas, combined with rising disposable income have boosted sales of smart home appliances.  Smart home appliances are becoming more popular due to the ease with which they can be managed and operated. This trend is expected to continue during the forecast period, positively fueling the growth of the smart home solutions market.

Due to these factors the smart home solution market is estimated to grow at a CAGR of 23.8% over the forecast period in India.

Zaid Sheikh

Zaid Sheikh
Client Partner

Let's Connect

Conect me to identify wining opportunities

Ask An Expert
I'm Available

Why Adoption of Smart Home Solution systems increases in Europe. Also which country holds largest market share?

Growing installation of such self-service machines in trains in the European region

Germany is one of the most economically significant country in Europe which holds the market share of 12.1% in the European Smart Home Solution market. In Europe, rapidly expanding digitalization and increasing customer preference for e-commerce, particularly among the young and working population, are driving up online sales volume.

As a result, revenue generated through the online channel is expected to increase in the coming years. Furthermore, customers can obtain a variety of benefits from digital portals, including e-commerce websites and start-up e-retailers, such as discount codes, year-end sales benefits, home delivery, and a variety of options are all the major factors behind the significant market share of Europe of 23.1% in the smart home solution market. Furthermore, such machines foster social engagement through brand quizzes and provide customers with customised products.

Category-wise Insights

Why Smart Home Solutions for Apartments Segment Have the Larger Market Share in The Smart Home Solution Market?

smart home solutions for apartments segment are analyzed to dominate the Smart Home Solution market with the share of 42.2%. The rising cost of electricity bills is a major source of concern among household consumers. Air conditioners, water heaters, refrigerators, lighting fixtures, and home entertainment systems consume a significant amount of electricity. These rising costs are causing households to seek out energy-saving options. Such factors are positively impacting the adoption of the smart home solutions for apartments.

Why Hardware segment in the Smart Home Solution market have the largest market share in 2022?

Based on the component the share of hardware segment in the smart home solution hold the largest share of 40.2% in 2022, owing to the factors such as increasing demand for the new discrete solutions along with the changing market demands, rapid launch of new systems & smart home solutions and so on.

Competitive Landscape

Major smart home solution companies are collaborating to accelerate the technological advancements in the development and adoption of the Smart Home Solution systems, several companies often focus purely on specific solutions.

  • In October 2021, Panasonic Corp. had launched 43 new refrigerator models and 24 new washing machine models, expanding its home solutions market. The most recent versions, which are loaded with high-tech features, offer consumers greater comfort and convenience in their daily lives.
  • In March 2021, Haier Group in India had launched a new line of front-loading fully automatic washing machines. The company says that its new Super Drum Series household appliances have the largest drum in the industry. The new washing machine line includes a 525mm super drum, which provides more space for clothing while also increasing washing efficiency and intensity. Wrinkles are reduced as a result, and users can load and unload clothing more quickly.

Recent developments related to key players providing smart home solution market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Smart Home Solution Report Scope

Attribute

Details

Forecast Period

2023-2033

Historical Data Available for

2018-2022

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Type of Home
  • Component
  • Application
  • Region

Key Companies Profiled

  • Siemens AG
  • United Technologies Corporation
  • General Electric Company
  • Schneider Electric Se
  • Honeywell International, Inc.
  • Ingersoll-Rand PLC
  • Johnson Controls, Inc.
  • ABB Ltd.
  • Legrand S.A.
  • Samsung Electronics Co., Ltd.
  • Lutron Electronics Co., Inc.
  • Leviton Manufacturing Company, Inc.
  • Acuity Brands, Inc.
  • Vivint Smart Home
  • Switchmate Inc.

Pricing

Available upon Request

Key Segments of Smart Home Solution Market Industry Research

By Type of Home:

  • Smart Home Solutions for Villas/Bungalows
  • Smart Home Solutions for Apartments
  • Others

By Component:

  • Hardware
    • Cameras
    • Storage Devices
    • Monitors
    • Others
  • Software
    • Intelligent Security Systems
    • Energy Management
    • Infrastructure Management
    • Network Management
    • Smart Home Gateways
  • Services
    • Professional Services and Consulting
    • Managed Services

By Application:

  • Security and Surveillance
  • HVAC
  • Lighting Solutions
  • Building Energy Management

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • Siemens AG
  • United Technologies Corporation
  • General Electric Company
  • Schneider Electric Se
  • Honeywell International, Inc.
  • Ingersoll-Rand PLC
  • Johnson Controls, Inc.
  • ABB Ltd.
  • Legrand S.A.
  • Samsung Electronics Co., Ltd.
  • Lutron Electronics Co., Inc.
  • Leviton Manufacturing Company, Inc.
  • Acuity Brands, Inc.
  • Vivint Smart Home
  • Switchmate Inc.

- Frequently Asked Questions -

In 2022, the market value of smart home solution was US$ 70,134.8 Mn.

The global smart home solution market is estimated to advance at a 20.8% CAGR through 2033.

The market for smart home solution is forecasted to climb to US$ 5,54,725.9 Mn by 2033 end.

Demand for smart home solution market in India is projected to rise at a CAGR of 23.8% over the forecast period.

In 2022, the North America smart home solution market held a dominant market share of 26.1%.

Google translate