Smart Home Market worth $138.9 billion by 2026, at a CAGR of 10.4%

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The most significant factors driving the growth of the smart home market is the increasing importance of home monitoring in remote locations and growing concern in regard to safety, security and convenience among general population, the increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions has been crucial for increased demand of smart home systems.

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Industry Trends of the Global Smart Home Market:

1. Johnson Controls, the global leader for smart and sustainable buildings, launched a new flexible service suite for its customers in Asia Pacific. The new service suite leverages Johnson Control's OpenBlue1 digital technology to power remote and contactless services, in combination with its 130-years of expertise in green building services, with more than 20 unique, customizable options to cater to rising demands for adaptable, healthier, and safer buildings.

2. Apple collaborated with Gallaudet University to foster innovation in education. By virtue of this collaboration, every student and faculty member was equipped with a new iPad Pro, Apple Pencil, and Smart Keyboard Folio.

3. Siemens Smart Infrastructure (SI) launched its new RDG200 thermostat range for a healthy and productive indoor climate. Room automation is key for protecting and enhancing the occupants' health, as well as increasing productivity for a safe return to work.

What are the Driving Factors of Evolution of technologies and consolidation of Smart Home Market?

The Global Smart home market is projected to USD 138.9 billion by 2026, growing at a CAGR of 10.4% during the forecast period.

The smart furniture to register the highest CAGR during the forecast period.

The market for smart furniture is expected to grow at the highest CAGR during the forecast period. The shifting trend of the adoption of furniture that can be connected to IoT, coupled with increasing disposable income and changing lifestyle, is expected to contribute to the growth of the market. In addition, due to escalating property prices, many people are opting for smaller living spaces. Owing to space constraints, consumers prefer smart furniture that saves a significant amount of space. Smart furniture offer multiple benefits to consumers as they occupy minimal space, along with being interactive and transformative.

Smart Home Market : Top Leading Companies Profiles:

The proactive type software and services segment to register the highest CAGR during the forecast period.

The market for proactive software is projected to grow at a higher CAGR during the forecast period. The proactive software enable the transfer of a higher volume of data than the behavioral versions; they can provide end users with inputs on effective energy usage and actions on the physical parameters, such as ambient humidity and temperature, to reduce energy consumption. The algorithms associated with the proactive software and services can also comparatively analyze the energy usage patterns based on the time of the day, historical data, and weather conditions.

Major players in the smart home market are Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Crestron Electronics (US), LG Electronics (South Korea), and Legrand (France). Apart from these, , Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), SimpliSafe (US), Armorax (US), Canary (US), and Lutron (US). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global precision farming market.

Smart Home Market - Geographical Regional Vision by Marketsandmarkets^TM
APAC to register highest CAGR in Global smart home market during 2021- 2026.

The market in APAC is expected to grow at the highest CAGR during the forecast period. The growing inclination toward smart building infrastructure in developing economies of the region, such as Japan, South Korea, and China, a huge customer base, and rapid technological advancements in smart home products are driving the development of the market in APAC. Moreover, in developed countries, including Japan and South Korea, government initiatives such as net-zero homes are driving the smart home market. Furthermore, the market in Australia is mainly driven by consumer interest, while rapid housing developments in China are expected to increase the penetration of smart home systems in the country.

Regions & Countries Covered:

North America - (U.S., Canada, Mexico)

Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)

Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)

Latin America - (Brazil, Argentina, Rest Of Latin America)

The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)

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