According to a new market research report published by Acute Market Reports, “Smart Home Devices Market Forecast 2030: By Product: Lighting Control, Security & Access Control, HVAC Control, Entertainment Control, Smart Kitchen & Home Appliances, Others - Growth, Future Prospects, And Competitive Landscape, 2023-2030”, the global smart home devices market is expected to reach US$ 543,374.2 Mn by 2030, expanding at a CAGR of 20.4% during the forecast from 2023 to 2030.
Favorable government strategies for endorsing the use of smart devices such as energy regulations to promote smart lights installation is one of the major factors accelerating the growth of the global smart home devices market.
Additionally, an upsurge in criminal cases has forced house landlords to implement smart security devices for continuous monitoring to prevent theft proved to be another important factor contributing to the significant growth of the market.
As a result, the global smart home devices market is expected to witness double-digit growth during the forecast period. In addition, a paradigm shift in the lifestyle and inclination towards the adoption of new technologies are the prime factors driving market growth.
Smart Home Devices Market Data 2027
The global smart home devices market has been classified on the basis of product type, and geography. In the year 2021, entertainment control held the major revenue share of the global smart home devices market among other products. The growth is primarily due to fast adoption of smart speaker and video entertainment solutions worldwide.
The IoT and AI technology has significantly transformed entertainment solutions by incorporating advanced features such as voice control, automatic ON/OFF with the help of sensors, wireless connectivity, and many other features. Seeking the hike in the adoption rate of smart speakers and other entertainment controls, market players such as Amazon, Comcast and Qualcomm are developing smart speakers that can detect motion and also provide health metrics by using ambient sensors. Some players are also developing high-end echo smart speakers to provide better sound quality.
North America was the most advanced and relatively matured smart home devices market in the year 2021. The strong growth of the regional market was mainly due to large installed bases of smart homes in the region that was nearly 12.5 Million in the year 2015 and expected to be around 46.2 Million in the year 2021, with year-on-year growth of 56%. The region is technically developed with surplus companies in the smart home solutions and services market that adds an advantage to the region in the global smart home devices market.
The global smart home devices market is highly competitive and thus seeks a significant number of mergers, acquisitions, and partnerships among IoT solution providers and home appliances manufacturers and suppliers.
For instance, in January 2018, Alibaba, a Chinese company has signed a partnership agreement with Taiwan-bassed semiconductor company, MediaTek for developing smart mesh solutions for IoT applications.
Furthermore, new smart home device start-ups are raising their capital to expand their business in AI and IoT solutions. In February 2018, Broadlink, a China-based start-up has raised US$ 54.4 Million in capital funded by Citic Private Equity Funds Management (Citic PE). The funding will help Broadlink in strengthening its footprint in IoT and AI devices market.
Major companies profiled in the global smart home device market report include:
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