IMARC Group, a leading market research company, has released a report titled “Smart Homes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global smart homes market size reached US$ 107.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 363.5 Billion by 2028, exhibiting a growth rate (CAGR) of 20.9% during 2023-2028.

Smart homes refer to a home setup wherein appliances and devices can be controlled remotely with an internet connection and a mobile or networked device. They comprise various devices, such as door locks, televisions (TVs), lights, cameras, refrigerators, air conditioners (ACs), ovens, fans, and home monitors. They rely on wireless and hardwired systems for enabling individuals to control various functions, such as temperature, lighting, home theater, and security access of the home. As they are cost-effective, environment-friendly and energy-efficient; offer convenience and real-time alerts; and reduce carbon emissions, the demand for smart homes is increasing worldwide.

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Smart Homes Market Trends and Drivers:

At present, the rising demand for smartphone-connected smart homes due to accessible internet facilities represents one of the key factors contributing to the market growth around the world. Besides this, the growing demand for smart homes, as they offer convenience, safety, security, and better user experience, is offering a positive market outlook. Apart from this, the increasing digital assistance integrated with artificial intelligence (AI) provide users with a hands-free and user-friendly experience, which is positively influencing the market. Moreover, the integration of 5G technology in smart homes to make reliable connections is bolstering the growth of the market. Furthermore, the increasing demand for low-carbon emission and energy-efficient solutions in the residential sector, along with inflating income levels of individuals, is strengthening the growth of the market across the globe.

Smart Homes Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• ABB Ltd
• Amazon.com Inc
• Emerson Electric Co
• Honeywell International Inc
• LG Electronics Inc
• Lutron Electronics Co. Inc
• Microsoft Corporation
• Robert Bosch GmbH
• Schneider Electric SE

The report has segmented the market on the basis on region, platform, tools, deployment model, enterprise size, end user.

Breakup by Component:

• Hardware
  • Security
  • Home Automation
  • Home Entertainment
  • Home Healthcare
• Smart Appliances
• AI Speaker
• Services
  • Energy Consumption and Management Services
  • Security Services
  • Healthcare Services
  • Entertainment Services

Breakup by Application:

• Security and Surveillance
• Lighting
• Entertainment
• Energy Management
• HVAC
• Smart Kitchen
• Home Fitness and Wellness

Breakup by Region:

• North America:( United States, Canada)
• Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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