MarketsandMarkets

Current and Future Smart Home Market Size, Key Players, Analysis and Forecast

 

Northbrook, IL 60062 -- (SBWIRE) -- 05/04/2022 -- The global smart home market is projected to grow from USD 84.5 billion in 2021 to USD 138.9 billion by 2026; it is expected to grow at a CAGR of 10.4% from 2021 to 2026.

The key factors are fueling the growth of this market include the increasing importance of home monitoring in remote locations and growing concern with regards 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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The entertainment and other controls segment is expected to hold the largest size of the market during the forecast period. The growth of the audio and volume control market is driven by the convenience offered by these controls for managing as well as controlling the entertainment systems within a house. The advancements in wireless communication technologies is a major factor boosting the growth of the home theater system control market, thereby driving the smart home market for entertainment control. The market growth of the other controls segment can be attributed to the high demand for smart meters and smoke detectors as well as the increasing popularity of smart plugs, smart hubs, and smart locks.

The behavioral type of software and algorithm provides direct feedback to the end users, thereby providing basic information regarding the real-time energy data as well as the historical data of energy usage. Behavioral software and service is increasingly being leveraged in smart home devices as it helps in enhancing the energy efficiency of these homes and minimizes energy bills based on behavioral data analysis. Behavioral software and services possess the ability to learn user behavior, and accordingly render a smarter control of appliances, which is leading to an increase in its demand. As this type of software and algorithm is the most widespread due to its initial adoption and low cost, this segment is expected to account for a larger share of the smart home market in 2021.

The indirect sales channel segment is expected to account for the larger share of the smart home market. Most players in the market have strong sales channels and distribution networks to provide services to end users. Indirect sales channels involve the sale of smart home market.

North America is expected to hold the largest size of the global smart home market by 2026. North America is home to some of the prominent smart home market players, including Honeywell International Inc. (US), Ingersoll-Rand PLC (US), Johnson Controls, Inc. (US), United Technologies Corporation (US), Acuity Brands (US), and Crestron Electronics, Inc. (US). Factors such as the increasing demand for reliable home energy management systems, enhanced home security levels, improved device standards, and the growing popularity of integration of smart devices such as tablets, smartphones, and standalone voice assistants in homes are driving the growth of the North American smart home market. Additionally, various grants from the US Government for green energy projects are also driving the smart home market growth in this region. Furthermore, this region is also home to some of the key players in the global smart home ecosystem, such as Honeywell (US), ADT (US) Control4 (US), Simpisafe (US), Comcast (US), Lutron (US) and Crestron Electronics (US). Thus, the market in this region is expected to grow at a steady pace during the forecast period.