BCC research forecasts strong growth in the smart home technology market, expected to grow at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2028, reaching over $166.7 billion by the end of the forecast period. It is expected.
BOSTON , March 1, 2024 /PRNewswire/ — Step into the global market: A world of smart home technology where innovation meets convenience and changes the way we live. From lights that respond to voice commands to security systems that ensure peace of mind, smart homes are redefining our relationship with technology. Imagine a light turning on automatically when you enter a room, or a door unlocking with just a tap on your phone. These are a glimpse into the incredible possibilities this market offers. There's something here for everyone, as companies around the world develop new and exciting ways to make our homes safer, more efficient and more enjoyable. Whether you're dreaming of a home that knows your tastes or one that can entertain you with a few simple commands, this global marketplace will help you make your vision a reality. i promise.
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“According to the latest research study, the demand for smart home technology: global market will grow from $102.3 billion in 2023 to $166.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 10.3% during the forecast period of 2023. It is expected to increase to USD by 2028.
This report thoroughly studies the global Smart Home Technology market, focusing on network technologies, components, applications, and geographical regions. It provides an overview of global market trends, using 2022 as a baseline and forecasting forecasts from 2023 to 2028, including compound annual growth rate (CAGR) forecasts. Additionally, we discuss technological advances, regulations, competition, economic factors, key drivers, regional trends, and current industry trends. The report concludes with detailed profiles of key vendors in the global smart home technology market.
Voice-controlled smart home devices like Amazon's Alexa and Google Assistant are growing in popularity, simplifying tasks for millions of households. This surge highlights the growing reliance on voice as the primary means of interacting with technology in the home. Meanwhile, the advent of smart home security systems with advanced computer vision and facial recognition is revolutionizing home security. These systems distinguish between family members and intruders, provide customized alerts, and enhance security and convenience. Notably, software incorporating these technologies is expected to grow at a rapid rate of 11.5% during the forecast period. Additionally, the focus on interoperability and open standards in the smart home space promotes compatibility between devices from different brands, allowing consumers to create a comprehensive smart home setup tailored to their preferences. Now it looks like this.
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Key market drivers for smart home technology: Global market:
Growing acceptance of smart home technology: Simply put, this means more people are accepting and using smart devices in their homes. These devices can perform great functions like controlling your lights with your voice or adjusting your thermostat from your phone. As technology advances and becomes more affordable, people find smart home gadgets helpful and convenient in their daily lives. Whether it's to save energy, increase security, or just make life easier, the growing acceptance of smart home technology shows that it's becoming a normal part of modern life. .
Improved mobile network and internet connectivity: This means your phone or device can connect to the internet faster and more reliably than before. With this improvement, you can now stream videos, make video calls, download files, and more faster and without interruption. Improved connectivity means you can stay connected to the internet even in areas where signal has traditionally been weak. This enhancement makes it easier to use your device no matter where you are, making your online experience smoother and more enjoyable.
Expanding the influence of early adopters as trendsetters: Trendsetters mean that people who try new things early on have a big influence on their subsequent popularity. Early adopters are like pioneers who try out new technologies and trends before others. Once they like something and start using it, their friends and family often follow suit. This trend-setting effect spreads word of mouth and increases the popularity of new things. Therefore, the choices of these early adopters can shape what will become popular and widely accepted in the future.
Increased demand for convenience and accessibility in the home: This means more people are looking for things in their homes that make their lives easier and more convenient. This could include everything from smart devices that automate tasks like turning off lights to features that make homes more accessible to people with disabilities. As life gets busier, we look for ways to save time and effort, and having convenient and accessible features in your home can help you do just that.
Increased focus on enhanced energy management strategies and practices: This means people are paying more attention to how they use energy and looking for ways to use it more efficiently. This could include using smart thermostats to adjust your heating and cooling, switching to energy-efficient appliances, or installing solar panels to generate renewable energy. there is. By managing energy better, people can save money on energy bills, use less electricity and gas, and reduce their impact on the environment.
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Report summary
Report metrics
detail
Base year considered
2022
Forecast period considered
2023-2028
Base year market size
$93.5 billion
Market size forecast
$166.7 billion
growth rate
CAGR of 10.3% for the forecast period 2023-2028
Target segment
Network technologies, components, applications, regions
Target area
North America, Europe, Asia Pacific, and Rest of the World (RoW)
Key market drivers
• Growing acceptance of smart home technology
• Enhanced mobile phone network and internet connectivity
• Increasing influence of early adopters as trendsetters
• Increasing demand for convenience and accessibility in the home
• Focus on enhanced energy management strategies and practices.
Report segmentation and focus areas:
Networking technology: Networking technology refers to how devices in your smart home connect and communicate. Wireless systems such as Wi-Fi and Bluetooth allow you to link devices without physical cables. Wired systems use cables for connection and are more reliable, but may require installation. Computing networks integrate devices through shared servers or the Internet. Power lines facilitate communication through electrical wiring. Other methods may include new technologies or proprietary systems designed for specific purposes.
Components: The components of smart home technology are the key building blocks that keep everything running smoothly. Hardware includes physical devices such as smart speakers and sensors. Software consists of programs and applications that control these devices and allow you to perform various tasks. Services include support, maintenance, and additional features provided by companies to enhance the functionality of smart home systems. These components work together to form the backbone of a smart home ecosystem, creating a seamless, interconnected experience for users.
Applications: Applications of smart home technology refer to the various functions and uses of smart devices within the home. Safety and surveillance applications include security cameras and motion sensors to protect your home from intruders. HVAC systems control heating, ventilation, and air conditioning to increase comfort and energy efficiency. Entertainment applications include smart TVs and audio systems for immersive media experiences. Lighting controls allow users to adjust brightness and color for ambiance and energy savings. Fire protection systems detect and respond to smoke and carbon monoxide threats. Elevators and parking systems streamline movement and convenience within smart buildings. Water management solutions monitor and control water usage to prevent waste and damage. Other applications may include health monitoring, smart appliances, or home automation for specific tasks. Together, these applications make modern homes more convenient, efficient, and safe.
This report on Smart Home Technology: Global Market provides comprehensive insights and analysis addressing the following key questions:
What is the projected market size and market growth rate?
The market is projected to reach $166.7 billion by 2028, growing at a CAGR of 10.3%
What are the key factors driving market growth?
Key factors driving the market include growing acceptance of smart home technologies, strengthening cellular networks and internet connectivity, increasing influence of early adopters, increasing demand for convenience and accessibility in the home, and managed smart homes. These include increased use of services and increased energy awareness.management etc.
Which segments does the market cover?
by network technology
By component
By use
By region
By network technology, which segment will dominate the market by the end of 2028?
By networking technology, the wireless segment is expected to dominate the market by the end of 2028.
Which region has the highest market share?
North America accounts for the highest share in the global market.
The major market players are:
ABB Corporation
Acuity Brands Co., Ltd.
Advantech Co., Ltd.
Amazon.com Inc.
Apple.
Assa Abloy AB
Crypsal Electric PTY LTD. (Schneider Electric SE)
CONTROL4 CORP. (Snap One LLC)
Creston Electronics Co., Ltd.
Cytec Technology PTE. Co., Ltd.
Centrica PLC
general electricity
Google Inc. (Alphabet Inc.)
Honeywell International Co., Ltd.
IBM Co., Ltd.
ingersoll rand
Johnson Controls International PLC
Legrand SA
Lutron Electronics Co., Ltd.
means possession
Savant Systems Co., Ltd.
Schneider Electric SE
siemens
Synapse Wireless Co., Ltd.
Teletasking BVBA
Vivinit Co., Ltd.
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