Canada Smart Home Market Size & Share Analysis - Growth Trends And Forecasts (2024 - 2029)

Canada Smart Home Market Analysis

The Canada Smart Home Market size is estimated at USD 3.02 billion in 2024, and is expected to reach USD 4.68 billion by 2029, growing at a CAGR of 9.20% during the forecast period (2024-2029).

• The rapid evolution of digital technologies, particularly in computer, communication, and network systems, has ushered in a new era of urban living. Smart home technologies, a vital facet of this movement, are reshaping people's lives, offering luxury and energy savings in the real estate sector.
• Amid escalating living costs, Canadian homeowners are increasingly adopting energy-saving solutions to reduce expenses and minimize their environmental impact. A recent study from Schneider Electric reveals that 73% of Canadian homeowners experienced a rise in their electricity bills over the past year. Additionally, 71% are interested in integrating energy monitoring systems, while 63% are considering smart switches to mitigate these financial increases. Through the adoption of smart home technology, homeowners can pinpoint the most cost-effective energy sources and optimize their usage. By leveraging data-driven AI predictions and automation, Canadians stand to slash their consumption and heating expenses by a substantial 50%.
• Further, homes and buildings remain a notable contributor to greenhouse gas emissions, accounting for 18% of Canada's total emissions, once electricity consumption for heating, cooling, lighting, and appliances is factored in. As Canada strives for net-zero emissions, balancing this with the pressing need for new homes amid an affordability crisis, energy solution providers play a crucial role. Schneider Electric has introduced a suite of connected living products tailored to meet the critical priorities of Canadian homeowners. These products simplify installation, ensure user-friendliness, and emphasize long-term durability and sustainability.
• Moreover, smart homes empower users to control various domestic appliances, streamlining daily tasks and enhancing convenience. By harnessing AI and other innovations, these homes are evolving toward complete automation, lightening the load on users in managing their appliances and routines. Canadian homeowners increasingly use technology to enhance their residences' safety and comfort.
• Smart security products, such as smart locks and smart surveillance cameras, have seen substantial investments and innovations due to increasing worry about personal safety and property protection. For instance, in October 2023, Ecobee unveiled its latest Smart Doorbell Camera (wired) innovation. This device boasts an unparalleled vertical field of view with crystal-clear day and night vision and radar sensing technology, and it offers enhanced detection and intelligent notifications. Notably, eschewing a battery, it is built to endure extreme temperatures, ensuring unwavering security. Moreover, it is primed for integration with the Ecobee Smart Thermostat Premium, enabling a feature: live streaming directly on the thermostat screen.
• However, the surge in data transmission via smart devices and wireless networks has heightened public worries about privacy and cybersecurity, acting as a significant hurdle to the widespread adoption of smart homes. Smart homes gather, process, and share a broad spectrum of personal data, even the most sensitive, like location, behavior, and health information, to offer perks like convenience and energy efficiency. Smart home technologies enabled by IoT effectively extend traditional home boundaries into the digital realm.

Canada Smart Home Market Trends

The Energy Management Segment is Expected to Hold a Significant Share in the Market

Canada Smart Home Industry Segmentation

A smart home uses internet-connected devices to enable remote management and automation of household systems such as lighting, heating, security, and entertainment. These devices, which can be controlled via smartphones, tablets, or voice assistants, communicate with each other to optimize energy usage, enhance convenience, and improve security. The integration of IoT technology allows for seamless interaction and personalized control, making everyday tasks more efficient and convenient.

The Canadian smart home market is segmented by product type (comfort and lighting, control and connectivity, energy management, home entertainment, security, smart appliances, and HVAC control) and technology (Wi-Fi, Bluetooth, and other technologies). The Report offers the market sizes and forecasts for all the above segments in value (USD).