Smart Home Market by Product Type (Smart Lightning Systems, Smart Speakers, Smart Security & Monitoring Systems, Smart Home Appliances), Protocols & Standards (Wireless Protocols, Wired Protocols, Hybrid Protocols), and Geography - Global Forecast to 2030

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The Smart Home Market is projected to reach $308.9 billion by 2030, at a CAGR of 12.7% from 2023 to 2030. The growth of the global smart home market is driven by rising sense of home safety & security and the need to attain better energy efficiency. However, consumer reluctance towards technology adoption and the high cost of procurement may restrain the market's growth.

Furthermore, the significant growth opportunities in emerging Asia-Pacific and Middle East & Africa regions are expected to offer significant growth opportunities for the global smart home market. However, compatibility concerns with old infrastructure may hinder the growth of this market.

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Rising Sense of Home Safety and Security Drive the Global Smart Home Market

Physical safety and security have become one of the major concerns in the global real estate industry. Homeowners today are increasingly concerned about their families' and possessions' safety and security. This is largely driven by the large number of thefts and burglaries and the effectiveness of home security systems in curtailing these to a large extent. For instance, in 2020, 377,805 burglary cases were recorded in the U.S. Also, over 1 million home burglaries happen annually in the U.S. However, cases have steadily declined, and security systems are crucial in bringing down those numbers. Home without any security systems have 300% more chances of break-ins. In the U.S., four out of 10 consumers are willing to adopt smart home systems prioritize making their home more secure. Besides security systems, smart safety devices, including motion sensors, fire & smoke sensors, and leak detectors, among others, are also some of the key products adopted from the safety point of view.

Government bodies and several organizations are also focusing on offering various smart devices for consumer protection and security. For instance, in February 2022, Thales Group (France) launched its new IoT connectivity solution with improved reliability and security for smart grids and connected home appliances. Also, in May 2020, the U.K. government announced a GBP 400,000 funding pot to boost the security of smart consumer devices. Consequently, the growing sense of home safety and security is driving the adoption of smart security and safety devices, thereby contributing to the growth of the overall smart home market.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by major market players in the last three to four years. The key players profiled in the global smart home market study are Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc. (U.S.), Siemens AG (Germany), United Technologies Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Johnson Controls International plc (Ireland), Schneider Electric SE (France), LG Electronics, Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY AB (Sweden), General Electric Company (U.S.), Legrand SA (France), and Sony Corporation (Japan).

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Scope of the Report:

Smart Home Market Assessment, by Product Type

·        Smart Lightning Systems

·        Smart Speakers

·        Smart HVAC Control

o   Smart Thermostats

o   Smart Vents

o   Smart Air Conditioning

·        Smart Security & Monitoring Systems

o   Security Cameras

o   Interface

o   Smart Locks & Access Control

·        Smart Entertainment Systems

·        Smart Home Appliances

o   Smart Washing Machines

o   Smart Water Heaters

o   Robotic Vacuum Cleaners

·        Smart Kitchen Appliances

o   Smart Refrigerators

o   Smart Coffee Makers

o   Smart Dishwashers

o   Smart Ovens

·        Smart Home Healthcare Systems

·        Smart Furniture

o   Smart Sofas and Recliners

o   Smart Tables & Desks

Smart Home Market Assessment, by Protocols & Standards                                     

·        Wireless Protocols

o   ZigBee

o   Wi-Fi

o   Bluetooth

o   Z-Wave

o   Thread

o   Enocean

·        Wired Protocols

o   KNX

o   UPB

o   X10

o   BACNET

o   LONWORKS

o   DALI

o   MODBUS

o   ETHERNET

·        Hybrid Protocols

o   Insteon

o   C-Bus

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Smart Home Market Assessment, by Geography

·        North America

o   U.S.

o   Canada

·        Europe

o   Germany

o   U.K.

o   France

o   Italy

o   Spain

o   Rest of Europe

·        Asia-Pacific

o   Japan

o   China

o   India

o   South Korea

o   Rest of Asia-Pacific

·        Latin America

·        Middle East & Africa

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