Smart Home Device Market is Projected to reach USD 302.02 Billion at a CAGR of 10.45% by 2030- Report by Market Research Future (MRFR)

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New York, USA, May 02, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Smart Home Device Market Research Report by Product, by Connectivity, by Platform/Virtual Assistant and by Region – Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 302.02 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 10.45% during the assessment timeframe.

Smart Home Device Market Overview:

Smart home devices are connected electronics designed for home automation systems. These typically offer advanced automation and control capabilities to interact with other connected devices, enabling homeowners to control various aspects of their home, such as lighting, temperature, security, and entertainment, from a single app or device. 

Some smart home device examples are smart speakers, smart locks, smart lights, smart thermostats, and smart cameras. Smart home devices are used to make homes more comfortable, convenient, and secure to live, while increasing their energy efficiency. The increasing integration of advanced smart home device solutions and appliances drives the growth of the market.

Connected safety and security systems and devices with remote monitoring capabilities expand their share in the smart home device market. Furthermore, rising concerns regarding safety, security, and public convenience create significant market opportunities. Advances in smart living systems and products specifically designed for professional installers, providing unified and powerful solutions at a mainstream price, boost the market size.

Over recent years, investments in smart home device systems have been growing pervasively. Industry players intend to set new benchmarks with their value-for-money accessory range. Technological advances and rising numbers of smart and connected homes and workplaces foster market growth. With the wide uptake of smart home device DIY initiatives, the market is projected to witness a significant revenue rise in the next few years. 

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Players leading the smart home device market are-

• ADT Inc.
• SkyBell Technologies Inc.
• Amazon.com
• Robert Bosch
• SimpliSafe Inc.
• PHILIPS LTG
• Honeywell International Inc.
• Cree Inc.
• Google
• Samsung Electronics Co., Ltd.
• Apple Inc, among others. 

Report Scope:

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Industry Trends

The smart home device market growth is primarily driven by rapidly improving connectivity and the rising demand for easy-to-integrate smart home solutions. Besides, the growing smart home trend and increasing integration of advanced smart home devices and appliances increase the market shares. Also, the wide uptake of smart home DIY initiatives supports market growth. 

Almost half of US households use smart home devices, and most smart house owners keep upgrading their ecosystems with newer products such as lights, thermostats, and security cameras. However, these DIY enthusiasts continually experience installation, compatibility, and security issues as they try to create their own truly connected smart homes. The emergence of Matter 1.0, the unified standard, will likely address and solve those interoperability, simplicity, and security issues.      

Increasing developments of connected safety & security systems and devices with remote monitoring capabilities boost the smart home device market size. Advances in smart living systems and products that can offer unified support and powerful solutions at a mainstream price create significant market opportunities. Furthermore, rising concerns regarding safety, security, and public convenience influence market shares. 

Over recent years, investments in smart home systems have been growing pervasively. Industry players aim to set new benchmarks with their value-for-money smart home device range. As the smart home device market grows, privacy and security devices will continue to top the smart home product category list. Technological advances and rising numbers of smart and connected homes & workplaces foster market revenues. 

Segments

The smart home device market analysis is segmented into products, connectivity, platforms, and regions. The product segment is sub-segmented into smart hubs & controllers, smart surveillance, cameras, smart locks & security systems, smart HVAC, smart lighting systems, smart kitchen appliances, and other smart home devices. 

The connectivity segment is sub-segmented into Bluetooth, Wi-Fi, Zigbee, and others. The platform segment is sub-segmented into Amazon Alexa, Apple Siri, Google Assistant, Samsung Bixby, and others. By regions, the smart home device market is sub-segmented into the Americas, Asia-Pacific, Europe, and rest-of-the-world.

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Geographical Analysis

North America dominates the global smart home device market. The largest market share is attributed to rising smart home device projects and improved living standards due to high disposable income. Besides, government initiatives to promote energy-efficient solutions providing benefits such as increased energy savings and reduced costs & greenhouse gas emissions substantiate the market value. The US market accounts for the dominating market in the region with technological advancement and increased adoption. 

Competitive Analysis 

Fiercely competitive, the smart home device market appears fragmented, with many large & small players forming a competitive landscape. Players operating in this market are focused on building the omnichannel business in the home automation market. They strive to develop integrated smart home products custom-designed to deliver home automation solutions.

They set up their assembling units to provide a highly curated range of smart home products & solutions to customers with a firsthand experience of smart home living under one roof. They ensure that their experience center houses a series of home automation products. Most industry players offer products with a complete retrofit design that enables easy fitting to any existing switchboards without needing new wiring or remodeling.

Also, they focus on developing a complete range of wireless smart home automation and security solutions under a single roof. Product launch, agreement & partnership, M&A, and expansion are strategic initiatives traced from recent market proceedings.

For instance, on Dec.22, 2022, Meizu, a Chinese phone maker, announced that it is expanding into AR and smart devices in smart home systems. The company plans to enrich its product ecosystem, including new categories of devices, AR glasses, watches, tablets, and smart home products from 2023 to 2025. Meizu will also partner with Geely’s auto brands on its in-car system Flyme Auto. 

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In another instance, on Jun 21, 2022, Tuya Smart, a leading global provider of IoT development platform services, announced a strategic partnership with Denver A/S, a leading European consumer electronics distributor, to boost smart home adoption in Europe. 

The partnership aims to jointly develop and promote smart home products to provide European consumers with more comprehensive and targeted solutions to meet the increasing trends of connected homes in the region. The wide range of smart home products includes smart home & security products and various other electronics that can be linked & controlled by one single mobile app developed by the Tuya platform.

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