LONDON, Aug. 18, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the smart homes market, the growing adoption of smart devices is expected to propel the growth of the smart home market. Smart devices are defined as objects used in everyday life that are made intelligent through advanced computing techniques such as machine learning and artificial intelligence, which are networked to form the internet of things. These smart home devices can be interconnected and accessed through laptops, smartphones, tablets, or other smart devices.
For instance, according to MediaPost, a US-based integrated publishing and conference company, 15% of households across the world are predicted to have a smart home device installed by 2023. Moreover, 69% of households in the US have at least one smart device. Therefore, the rising adoption of smart devices is driving the growth of the smart homes market.
The global smart homes market size is expected to grow from $76.95 billion in 2021 to $91.79 billion in 2022 at a compound annual growth rate (CAGR) of 19.3%. The global smart homes market size is expected to grow to $205.61 billion in 2026 at a CAGR of 22.3%.
Technological advancements are shaping the smart homes market. Technological advancement is defined as the discovery of knowledge that advances technology and provides enhanced products to customers. New technologies such as IoT are being used to provide comfort and reliability to users. For instance, in September 2020, Sunroof, an India-based provider of solar energy solutions and (Internet of Things) IoT smart energy solutions, launched zunpulse smart devices. The Zunpulse is intended to protect customers while also making their lives more comfortable and secure. The new range of devices launched includes a smart energy monitor, a smart plug, a smart camera, a smart security system, a smart AC remote, a smart energy monitor, a smart video doorbell, smart LED bulbs, and a smart TV remote.
Major players in the smart homes market are Honeywell International Inc, Siemens AG, Johnson Controls International, Schneider Electric SE, United Technologies Corporation, Amazon Inc, Apple, Google, Robert Bosch GmbH, Samsung Electronics, LG Electronics, Sony Corporation, Control4 Corporation, Comcast Corporation, Lutron Electronics Co. Inc, Legrand SA, Smart home Inc, General Electric Company, Ingersoll-Rand PLC, Delta Controls, Axis Communications, Crestron Electronics, SimpliSafe, Armorax and Canary.
The global smart homes market is segmented by product into lighting control, security and access control, heating, ventilation, and air conditioning (HVAC) control, entertainment control and other controls, smart speaker, home healthcare, smart kitchen, home appliances, smart furniture; by software and services into behavioural, proactive; by sales channel into direct, indirect; by technology into wireless technology, cellular network technology; by standards and protocols into wireless protocols, wired protocols, hybrid protocols.
Asia-Pacific was the largest region in the smart homes market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global smart homes market during the forecast period. The regions covered in the global smart homes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Smart Homes Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide smart homes market overviews, analyze and forecast market size and growth for the whole market, smart homes market segments and geographies, smart homes market trends, smart homes market drivers, smart homes market restraints, smart homes market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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