Consumer Goods

Smart Home Devices Market Report Cover

Smart Home Devices Market

Smart Home Devices Market Report Cover

Smart Home Devices Market Size, Share, Growth & Industry Analysis, By Product (Security & Access Control, Lighting Control, HVAC Control, Media & Entertainment, Others), By Protocols (Wired, Hybrid,), By Sales Channel (Direct Sales, Supermarkets/Hypermarkets, Speciality Stores, Department Stores, Others) and Regional Analysis, 2023-2030

Author : Siddhi J.


Pages : 120

Base Year : 2022

Release : January 2024

Report ID: KR451


Market Perspective

The global Smart Home Devices Market was valued at USD 86.27 billion in 2022 and is projected to reach USD 455.06 billion by 2030, growing at a CAGR of 23.21% from 2023 to 2030.

The smart home devices market is expanding due to the increasing connectivity and prevalence of Internet of Things (IoT) devices. With the rise of Internet-connected devices, consumers now enjoy the convenience and energy efficiency of remotely monitoring and controlling their homes. Furthermore, the market is growing due to the rising number of Internet users, the widespread use of smart devices, and the increasing consumer preference for video doorbells, voice technology, and security systems. The development of advanced image sensors with enhanced sensitivity and noise reduction has significantly impacted the growth of the market.

Furthermore, with increasing concerns about energy consumption and environmental impact, there is a growing demand for smart home devices that enable energy conservation and sustainability. Smart thermostats, lighting systems, and energy monitoring devices allow users to optimize energy usage, reduce wastage, and contribute to a greener lifestyle.  As a result, more consumers are embracing smart home technology, as it offers not only convenience but also cost savings and environmental benefits.

Analyst's Review of the Smart Home Devices Market

Smart home devices have gained significant popularity in recent times for various reasons. The emergence of intelligent gadgets such as voice assistants, connected devices, smart thermostats, and security systems has facilitated remote monitoring and control of various aspects of a home. These technological advancements have made smart homes more accessible and user-friendly, attracting a wider range of consumers. They offer energy efficiency by optimizing settings according to usage patterns and external influences, resulting in reduced energy consumption and lower utility costs. The increasing focus on energy efficiency and sustainability has further propelled the demand for smart home devices.

Market Definition

Smart home devices refer to Internet-connected systems that can be remotely controlled using smartphones or other networked devices. These devices greatly enhance home comfort, convenience, safety, and energy efficiency. The range of smart home devices is extensive, encompassing thermostats, lighting systems, security cameras, door locks, kitchen appliances, entertainment systems, and more. By integrating sensors with voice assistants, users can efficiently manage and automate various functions and settings through a centralized app or voice commands. This level of control and automation offers convenience, allowing users to conveniently manage their home environment from anywhere, thereby saving time and effort. Furthermore, smart home systems can incorporate intelligent TVs, streaming devices, and speakers, all of which can be controlled through voice commands or a centralized app, which is contributing to the growth of the smart home devices market.

Market Dynamics

Growing usage of Internet of Things (IoT) devices is anticipated to boost smart home devices market expansion as these devices offer better comfort, automation, and control of various functions in the home when integrated with smart home technology. Smart home technology infrastructure is becoming readily available as more devices are connected to the Internet. This connectivity enables seamless communication and integration between smart home devices, creating a unified ecosystem. IoT devices provide a platform for integrating and interoperability with smart home devices. IoT-compatible smart home devices can be controlled and monitored remotely through smartphone apps or web interfaces, allowing homeowners to access and control their smart devices from anywhere. This remote control feature adds convenience and flexibility, enabling users to adjust settings, receive notifications, or even automate tasks while away from home. Combining IoT devices and artificial intelligence technologies enables advanced automation in smart homes.

The interoperability and compatibility of smart home devices from different manufacturers and platforms remain a significant challenge for market development. A lack of standardized protocols and communication frameworks can hinder the seamless integration and control of multiple devices. Consumers may face difficulties in setting up and managing interconnected devices, limiting the overall user experience. As a result, many users are compelled to stick to a single manufacturer or platform to ensure compatibility and avoid potential issues with compatibility. This lack of flexibility and choice can lead to higher costs as users are restricted to a limited range of products. In order to overcome these challenges, industry stakeholders need to collaborate and establish common standards that enable seamless interoperability and enhance the overall user experience in the smart home ecosystem.

Segmentation Analysis

The global smart home devices market is segmented based on product, protocols, sales channel, and geography.

Based on product, the smart home devices market is segmented into security & access control, lighting control, HVAC control, media & entertainment, and others. The security & access control segment accounted for the largest share of market revenue in 2022. With increasing concerns over safety and security, the demand for advanced security solutions has witnessed a significant rise. This segment includes products such as surveillance cameras, biometric access control systems, and intrusion detection systems, which are widely adopted in residential, commercial, and industrial sectors. The growing adoption of smart home automation systems further propels the growth of the security & access control segment in the market.

Based on protocols, the smart home devices market is classified into wired, hybrid, and wireless. The wireless segment dominated the market in 2022. The increasing ownership of smart connected devices and rising internet penetration have encouraged the adoption of wireless protocols. They are simple to set up, use, and manage while providing remote access controls and monitoring. They offer flexibility and increase speed and efficiency, which are cost-effective and straightforward to upgrade. This rise can be attributed to the capabilities and services provided by protocols such as ZigBee, Wi-Fi, Bluetooth, Z Wave, and others, including mobile connectivity, communication regardless of location, and more. The protocols that allow smooth communication with minimal to no effect on battery life and range are most frequently used by manufacturers.

Based on sales channels, the smart home devices market is divided into direct sales, supermarkets/hypermarkets, specialty stores, department stores, online, and others. The specialty stores segment dominated the market in 2022. Specialty shops operate with a few products they offer for sale, offering customers access to a wide range of options in one location. They offer trained employees to guide customers in choosing the most appropriate items for their needs and requirements. Their rising popularity is primarily driven by the after-sales service and the necessary setup for smart home items, which are high-end goods that must be set up to be demonstrated, operated, and functioning correctly.

Geographical Analysis

Based on region, the global smart home devices market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America is the dominating region in the market owing to the increasing use of IoT devices in various industries such as healthcare, security, and energy management, driving the growth of the smart home devices market. Increased connectivity, integration, data exchange, remote control, automation, and new applications are all contributing to regional market growth. As IoT technology develops and becomes more widespread, the demand for smart home devices is expected to grow in the foreseeable future, creating a market that offers opportunities for innovation and progress in the smart home field. The fitness and health consciousness trend among people is further driving domestic market growth.

Asia-Pacific is projected to be the fastest-growing region over the forecast period. This growth can be attributed to the increasing adoption of advanced technologies such as artificial intelligence and the Internet of Things (IoT) in countries such as China, Japan, and South Korea. Additionally, the rising disposable income and changing lifestyles of the population in the region are driving the demand for smart home devices. Furthermore, government initiatives promoting smart cities and sustainable living are contributing to the growth of the smart home devices market in APAC.

Competitive Landscape

The global smart home devices market study will provide valuable insights emphasizing the fragmented nature of the market. Prominent players focus on key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures, to expand their product portfolio and increase their market shares across different regions. The major players in the smart home devices market are:

  • Roku, Inc.
  • Amazon.com, Inc.
  • Siemens
  • Honeywell International Inc.
  • Legrand
  • Google LLC
  • Robert Bosch GmbH
  • LG Electronics, Inc.
  • SAMSUNG
  • ABB

Key Developments

  • October 2022 (Launch): Roku, Inc. and Walmart launched a new line of smart home products, including security cameras, video doorbells, lighting, plugs, and more. This expansion of the Roku product line offers a wide range of simple and affordable smart home devices, allowing customers to enjoy the security and convenience of these new Roku products.
  • June 2022 (Launch): Samsung Electronics launched SmartThings Home Life, which offers consumers worldwide a more complete smart home experience. The service is a new addition to the SmartThings application, which provides centralized and integrated management of Samsung devices and expands the services by empowering users to focus less on their daily tasks and more on living in each moment.

The global Smart Home Devices Market is segmented as:

By Product

  • Security & Access Control
  • Lighting Control
  • HVAC Control
  • Media & Entertainment
  • Others

By Protocols

  • Wired
  • Hybrid
  • Wireless

By Sales Channel

  • Direct Sales
  • Supermarkets/Hypermarkets
  • Speciality Stores
  • Department Stores
  • Online
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America.
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CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global smart home devices market is projected to reach USD 455.06 billion by 2030, growing at a CAGR of 23.21% from 2023 to 2030.
The global smart home devices market was valued at USD 86.27 billion in 2022.
The smart home devices market is growing rapidly owing to the increasing connectivity and proliferation of Internet of Things (IoT) devices, which is fuelling the market's growth.
Top manufacturers of the smart home devices market are Roku, Inc., Amazon.com, Inc., Siemens, Honeywell International Inc., Legrand, Google LLC, Robert Bosch GmbH, LG Electronics, Inc., SAMSUNG, ABB, and others.
Asia Pacific is expected to be the fastest-growing region over the forecast period (2023-2030).
By product, security & access control will hold the maximum share in the smart home devices market with the revenue value by 2030.
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