Smart Homes Market to Reach $70.2 Billion by 2023 and Is Growing at CAGR Above 14% During 2018 – 2023

The global smart homes market is projected to reach $70,208.6 million by 2023, growing at a CAGR above 14% during 2018 – 2023. Due to increasing internet penetration globally, and significant growth in automation technologies such as internet of things (IoT), the global smart homes market is gaining huge traction. Furthermore, recent developments in home automation technologies have resulted in drop in prices of sensors and processors, which are contributing to the growth of global smart homes market. Technology manufacturers investing and promoting automation in residential and household sector are also expected to back the global market growth.

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In addition, the rapid growth in global smart homes market is also attributable to the increase in demand for smart home appliances. Adoption of advanced electronic technology enables various household appliances, such as refrigerators, dishwashers, and washing machines, to operate smartly and with low energy wastage, on account of which growth in global market for smart homes is anticipated during the forecast period.

Home entertainment system segment has been the largest revenue generator among the various product segments in the global smart homes market. Smart home healthcare segment is expected to witness the fastest growth during the forecast period. Among various technologies, Wi-Fi technology was the most widely adopted technology and was the largest contributor to the global smart homes market; whereas, RFID segment is expected to witness the fastest growing technology during the forecast period. In the security access and control segment, audio-video surveillance was the most revenue generating product, while products supporting fingerprint recognition are expected to witness the fastest growth in demand, during the forecast period.

Geographically, North America has been the largest market for smart homes; whereas, the market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. The anticipated high growth in Asia-Pacific can be attributed to factors such as advancement in home automation technologies, rapid growth in industry digitalization, new technological developments in telecom industry, along with setting up of advanced hardware and software manufacturing units, and increasing adoption of data analytics across industries in the region.

Some of the key players operating in the global smart homes market are Honeywell International Inc., Siemens AG, Schneider Electric SE, ABB Limited, Johnson Controls Inc., Samsung Electronics Co. Ltd., United Technology Corporation and Cisco Systems Inc.