How big is the Smart Homes Market?

The Smart Homes Market size is expected to reach USD 120.10 billion in 2024 and grow at a CAGR of 25.30% to reach USD 370.95 billion by 2029. Read More

What is the current Smart Homes Market size?

In 2024, the Smart Homes Market size is expected to reach USD 120.10 billion. Read More

Who are the key players in Smart Homes Market?

ABB Ltd., Schneider Electric SE, Honeywell International Inc., Emerson Electric Co. and Siemens AG are the major companies operating in the Smart Homes Market. Read More

Which is the fastest growing region in Smart Homes Market?

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Smart Homes Market?

In 2024, the North America accounts for the largest market share in Smart Homes Market. Read More

What years does this Smart Homes Market cover, and what was the market size in 2023?

In 2023, the Smart Homes Market size was estimated at USD 89.71 billion. The report covers the Smart Homes Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Homes Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key factors driving Global Smart Home Market growth?

The key factors driving the Smart Home Market are: a) Increasing Demand for Energy-efficient Solutions b) Growing Need for Automation of Security Systems Read More

Which segment is the fastest-growing in Smart Home Market?

Smart security is the fastest-growing segment due to increasing security concerns and remote access features. Read More

Smart Home Market Growth | Industry Analysis, Size & Forecast Report

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

The Smart Home Market, Encompassing Home Automation, Home Intelligence, and Connected Home Technologies, is Undergoing Significant Transformation Due To Rising Demand for Innovative Wireless Solutions Like Security Regulators, Entertainment Controls, and HVAC Controllers. The Digital Home Market, A Segment of the Broader Automated Home Industry, is Seeing A Surge in Popularity, Particularly in North America, Where Smart Living is Becoming Increasingly Important. The Smart Household Industry is Highly Competitive, With Major Players Seeking To Expand Their Customer Base Globally.

Smart Home Industry Overview

The smart homes market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. The market appears to be moderately fragmented. These major players with a prominent share are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability.

January 2021 - Samsung launched large-capacity Variable Refrigerant Flow (VRF) air conditioning systems in India that can be installed in just 0.5 sq. m of space in premium apartments, villas, bungalows, and houses as commercial and retail establishments. The Wi-Fi-enabled DVM S Eco series offers smart features, such as voice control and a connected home experience, using the SmartThings app on any smartphone. Each indoor unit can be controlled separately for enhanced convenience. To offer energy efficiency, current, daily, weekly, or even monthly energy consumption can be monitored on the basis of the usage of outdoor units. DVM S Eco series provides ease of installation, wherein up to 16 indoor units can be set up at once.
March 2021 - Emerson and Ameren Missouri announced a partnership to give away Emerson's Sensi smart thermostats to Ameren Missouri customers. Through instant discounts and participation in the Peak Time Savings program, Ameren Missouri customers will be getting Emerson's Sensi smart thermostat at no cost other than the required sales tax. Participants can significantly save on their bills while using advanced technology that will enable them to control their thermostats from anywhere with a smartphone.