Smart Home Market 2022-2028

Title:Global Smart Home Market Size, Share &Trends Analysis Report by Product Type (Comfort and Lighting, Control and Connectivity, Energy Management, Home Entertainment, Security, and Smart Appliances, and Others), and by Distribution Channel (Online and Offline) Forecast Period (2022-2028).

The global smart home market is anticipated to grow at an exponential CAGR of 20.4% during the forecast period. The rising inclination of people towards smart home appliances is driving the growth of the global smart home market. Additionally, the increasing number of internet users and the growing adoption of smart devices in the home are some other factors contributing to the growth of the market. People are using smart cleansing devices in their homes to save time, further propelling companies to introduce smart devices equipped with advanced features such as google assistant, apps, and voice control to attract people. For instance, in May 2022, Haier launched a smart vacuum cleaner, the 2-in1 dry and wet mop robot vacuum cleaner in India. With 2.4 GHz Wi-Fi and Google Home Assistant, the new Haier robot vacuum cleaner offers smart management with the Haier smart app, voice control, and also remote control.

The global smart home market is segmented based on product type, and distribution channel. Based on the product type, the market is segmented into comfort and lighting, control and connectivity, energy management, home entertainment, security and smart appliances, and others. Based on the distribution channel, the market is sub-segmented into online and offline. Among the type, the security and smart appliances sub-segment is expected to hold a prominent share in the smart home market. The growing concern about safety and security increases the demand for home monitoring devices which has propelled the key market players to launch smart security and appliances. For instance, in June 2022, Grestok launched smart security devices based on motion and can cover personal home and office security requirements. Each of these devices can sense the micro-movements and instantly alerts you remotely, while also wading off the intruder with a loud alarm and warning lights.

Geographically, the global smart home market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia-Pacific region is expected to be the fastest-growing region in the global smart home market during the forecast period. The growing requirement for energy-saving and low-carbon emission-oriented solutions in this region is driving the growth of the smart home market globally. Additionally, the key players are expanding their product portfolio in this region with the launch of connected smart home devices such as smart mirrors, smart lighting & switches, and smart refrigerator. For instance, in February 2021, Panasonic launched a new range of connected smart home devices in India. Miraie appliances include a connected refrigerator, washing machine, Wi-Fi fan, ROMA Smart digital switches, and smart WiFi controller plugs and switches in India.

The major companies serving the global smart home market include Inter IKEA Systems B.V., Legrand North and Central America, LLC, Milano Smart Living, Robert Bosch GmbH, Sleep Number Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2021, Ring announced the third generation of its popular budget Ring Alarm home security product. The Ring Alarm Pro is a single device combining Ring's security system with an Eero Wi-Fi router, 24/7 internet backup, and local processing and storage for Ring cameras.

Research Methodology

The market study of the global smart home market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market.

• Whitepapers, research papers, and news blogs.

• Company websites and their product catalog.

The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

• Global Smart Home Market Research and Analysis by Product Type.
• Global Smart Home Market Research and Analysis by Distribution Channel.

The Report Covers:

• Comprehensive research methodology of the global smart home market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global smart home market.
• Insights about market determinants that are stimulating the global smart home market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.