The smart home market was valued at over USD 69 billion in 2019 and is anticipated to increase at a CAGR of 11.6% from 2020 to 2027 to reach USD 166 billion.

The factors driving growth of Smart Home Market includes growing demand for smart devices, rise in the number of internet users around the world, increasing focus of manufacturers on developing environment friendly solutions, Government regulations regarding the use of HVAC systems and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Blockchain, rising concerns related to carbon emissions, increasing electricity consumption in buildings and improvements in the living standards, are some of the additional factors supplementing the Smart Home Market size. In addition, the increasing investments by major companies on research and development, strategic partnerships and acquisitions between key industry leaders and growing population growth rates, are further contributing towards the market growth. 

However, growth of the Smart Home Market is hindered attributed to concerns related to security and privacy breaches.

The leading players operating in the market are Amazon Inc., Apple, Google, Honeywell International Inc., Siemens AG, Johnson Controls, ADT, Schneider Electric, United Technologies, Xiaomi, LG Electronics and Robert Bosch GmbH among others.

Based on Product, the Entertainment Control and Other Controls segment is predicted to capture the largest market share during the forecast period

Smart control devices are gaining popularity because it allows users to centralize connected devices, while watching a movie, which is pushing growth of the segment.

Based on Software & Services, the Behavioural segment is projected to expand at a remarkable CAGR over the forecast period

According to the Smart Home Market Analysis, Consumers are increasingly adopting smart home devices because these devices analyze energy consumption and provides them valuable feedback, is propelling segment’s growth.

Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period

As per the Smart Home Market Forecast, presence of the leading players such as, and Xiaomi, LG Electronics, increasing adoption of advanced technologies by major companies, rapid urbanization, and high population growth are further supporting the APAC region growth.

Key Developments

• In 2020, Sunflower Labs launched a new system, to offer the autonomous drone which oversees the home via ground-based units called Sunflowers and look like garden lights and used to detect movement in the yard. They can differentiate the movements of people, animals, and cars and display this information on a map in real-time.

• In 2019, Google introduced Google Nest Hub, with unique features such as easy controlling for the connected home, plays videos and music from YouTube and provides hands-free help from the Google Assistant

Market Segmentation

Segmentation by Product

• Lighting Control

  • Relays

  • Occupancy Sensors

  • Daylight Sensors

  • Timers

  • Dimmers

  • Switches

  • Accessories and Other Products

• Security and Access Control

  • Video Surveillance

    • Hardware

    • Software

  • Access Control

    • Biometric

    • Non-Biometric

  • HVAC Control

    • Smart Thermostats

    • Sensors

    • Control Valves

    • Heating and Cooling Coils

    • Dampers

    • Actuators Pumps and Fans

    • Smart Vents

  • Entertainment Control and Other Controls

    • Entertainment Control Products

      • Audio, Volume, and Multimedia Room Controls

      • Home Theatre System Controls

      • Touchscreens and Keypads

    • Other Control Products

      • Smart Meters

      • Smart Plugs

      • Smart Hubs

      • Smart Locks

      • Smoke Detectors

    • Smart Speaker

    • Home Healthcare

    • Smart Kitchen

      • Smart Refrigerator

      • Smart Coffee Makers

      • Smart Kettles

      • Smart Dishwashers

      • Smart Ovens

      • Smart Cooktops

      • Smart Cookers

    • Home Appliances

      • Smart Washers

      • Smart Dryers

      • Smart Water Heaters

      • Smart Vacuum Clean

    • Smart Furniture

      • Smart Tables

      • Smart Desks

      • Smart Stools and Benches

      • Smart Sofas

      • Smart Chairs

Segmentation by Software & Services

• Behavioural

• Proactive

Segmentation by Region

• Asia Pacific

  • China

  • Japan

  • India

  • Rest of APAC

• North America

  • United States of America

  • Canada

• Europe

  • United Kingdom

  • Germany

  • France

  • Spain

  • Rest of Europe

• RoW

  • Brazil

  • South Africa

  • Saudi Arabia

  • UAE

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