"Growing Saturation of IoT Technology into Home Applications is expected to enrich the Smart Home Devices Demand Globally" 

The global Smart Home Devices market is composed to an extent of US$ 543,374.2 Mn by 2030, expanding at a CAGR of 20.4% during the forecast period from 2023 to 2030. Nowadays, increasing home accidents and security theft have increased the adoption of smart devices. 

In addition, the growing discretionary income of the people globally and the availability of a wide range of smart devices is another major factor supporting the market growth. Recently, The Royal Society for the Prevention of Accidents (RoSPA) statistics of 2019 states that the majority of deaths in the UK are occurred by home accidents. Approximately 6,000 deaths that happened in the UK are due to home accidents last year. Likewise, other countries are also facing the same problem of rising home-based accidents. 

Due to the same, consumer trend is intensely shifting towards implementing smart appliances at home so that impending accidents can be prevented. As a result, in Germany, people are predominantly adopting intelligent home appliances during building construction and renovation. 

As an international association of leading companies in the building and IT industries, the EnOcean Alliance has predicted the total adoption rate of smart home appliances would reach 58% by 2025.

"Lighting Control Segment is anticipated to witness highest CAGR over the Forecast Period" 

New energy regulations and government initiatives towards decreasing electricity consumption are the prime factors in booming the demand for smart lighting systems in the future. In the year 2014, the European Commission announced its plan for the Nearly Zero-energy Building (NZEB) target by 2020 and all public buildings to be converted into NZEB by the year 2018. 

On account of the same, the lighting control segment is expected to flourish with double-digit growth throughout the forecast period. Moreover, the illumination of users to approve controlled lighting and smart switches instead of conventional ones are other major factors multiplying the segment growth. 

Seeking constant outpouring in demand of smart switches and controlled lighting are also enhancing their product portfolio. For instance, in October 2018, Signify launched Interact Pro, an IoT lighting system and software for SMEs (Small and Medium Enterprises). The system pedals and achieves the intensity and ON/OFF feature of lighting in offices thereby reducing the energy cost and increasing productivity. 

"Asia Pacific to witness Highest Growth Rate over the Forecast Period" 

Asia Pacific is anticipated to register the highest CAGR from 2023-2030. The major reason behind the significant growth is a huge number of ongoing smart home projects and favorable government policies in the region. 

China is the major contributor to the highest CAGR of the Asia Pacific region in the Smart Home Devices market because of the new urbanization plan, smart city projects, and Made-in-China 2025 strategy. 

Following this, market players are also founding their strong footprint in the Artificial Intelligent of Things (AIoT) market that will again boost the market growth significantly. Xiaomi, a China-based electronics company, announced to launch Mi Home, an AIoT smart home concept. The concept has combined two different technologies i.e. Artificial Intelligence (AI) and the Internet of Things (IoT). Xiaomi has successfully developed smart door locks, washer and dryer machines, kitchen smart top sets, many more products with AIoT concepts. The devices can be controlled by Mi phone and other smart Mi wearables. 

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Home Devices market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Smart Home Devices market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smart Home Devices market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smart Home Devices market?
• Which is the largest regional market for Smart Home Devices market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smart Home Devices market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Home Devices market worldwide?