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Smart Home Devices Market: By Product Type (Security Lighting Control, Access Control, HVAC Control, Entertainment and Other Controls, Kitchen & Home Appliances, Healthcare Smart Devices), By Protocol (Wi-Fi, Bluetooth, Others), By Sales Channel (Direct Sales, Mono Brands, Supermarkets/Hypermarkets, Department Stores, Specialty Stores, Online Retailers, Other Sales Channels), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Smart home devices are simply the WiFi-enabled devices. A mobile app or even a voice assistant like Alexa are a few devices that control them. Smart locks, smart thermostats, and other smart home appliances are some of the examples. Owing to the convenience and cost-saving advantages they provide, smart homes are gaining popularity. While most smart home appliances can be used to help homeowners save energy, not all of them are energy-efficient. When a person has smart home electronics like lights, appliances, or a thermostat, he can regulate when and how they should operate. As a result, a person has more control over how much energy they use and is more inclined to alter their habits.
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The Smart Home Devices Market is expected to project a notable CAGR of 11.4% in 2032.
The rise in internet users, the adoption of smart devices, rising disposable income in developed nations, and the growing need to conserve energy and cut carbon emissions are a few drivers driving the growth of the Smart Home Devices Market. The need for smart home appliances has grown as a result of factors, such as the growing significance of home monitoring in remote locations and public concern over convenience, security, and safety.
Figure - Market Analysis of Smart Home Devices Market
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The Entertainment and Other Controls Smart Home Device segment is expected to grow with a higher CAGR during 2022-32
Smart Home Devices Market is categorized on the basis of Product Type into Security Lighting Control, Access Control, HVAC Control, Entertainment and Other Controls, Kitchen & Home Appliances, and Healthcare Smart Devices. The entertainment and other controls segment registers a sizeable market share with respect to revenue. Growing millennial tastes for smart devices like the Google Home voice controller and the smart coffee maker are the key reasons for the growth of the entertainment and other controls domain. These customers are interested in tech products with IT capabilities. The Smart Home Devices Market is being driven by millennials' increasing willingness to spend money on high-profile smart home technology.
The Online Retailers segment is expected to grow with a higher CAGR during 2022-32
Smart Home Devices Market is categorized on the basis of Sales Channel into Direct Sales, Mono Brands, Supermarkets/Hypermarkets, Department Stores, Specialty Stores, Online Retailers, and Other Sales Channels. Due to changes in customer purchasing behavior, the online retailers segment is projected to dominate over the projection period, among others. Consumers are increasingly shopping online rather than at the offline stores, which is motivating manufacturers to grow their online business. One of the key elements that have prompted increase in the online sales channel is the accessibility of a variety of gadgets that are available online.
Figure: Market Analysis of Global Smart Home Devices
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Growth Drivers
The Increasing Need to Reduce Carbon Emissions and Conserve Electricity
The increased need to conserve electricity and cut carbon emissions is driving the Smart Home Devices Market. Most of the devices continue to use electricity until they are turned off. Moreover, some smart home appliances have motion sensors that can detect the absence of people in a space for a preset amount of time and automatically turn off, saving energy and money. Due to changing customer preferences for voice-activated gadgets, security systems, and video doorbells, the Smart Home Devices Market is also anticipated to flourish in the coming years.
Increasing Awareness and Adoption of IoT among Residential Consumers
The Internet of Things (IoT) is popular among the residential sector due to the advantages of connecting the everyday devices to the internet. By connecting objects, software algorithms, end users, and services the Internet of Things enables open data flow and real-time decision-making. It has shown promise in raising the caliber and reliability of automation systems. Numerous big, small, and medium-sized firms are making heavy investments in the Internet of Things. IoT is projected to impact a wide number of application industries, including lighting, security, HVAC, entertainment, and healthcare as the majority of enterprises are switching towards it.
Restraint
Smart Home Devices Prone to Hacking to hamper the Market Growth
A smart home gathers information of its users' movements, energy use, purchases, and music preferences, among other things, so that its systems can be adjusted to best suit their lifestyle. Smart home devices could be vulnerable to common hacking techniques. The risk of hackers exploiting personal information is increasing due to physical safety, medical care, housing, and personal information are all digitally stored on the cloud. Any hacked monitor might offer hackers the access to other sensitive information and personal data that they could use to harm the user or the family.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Smart Home Devices Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Europe registered a sizable share of the Smart Home Devices Market in 2020. This is a result of the expanding infrastructure projects that have been funded to raise living standards in this area. Regional growth has been considerably fueled by rising demand for ventilation, heating, and air conditioning systems combined with energy management.
During the projection period, the Asia Pacific region is expected to rise with an impressive CAGR. This increase can be attributed to technological developments that increased the adoption of smart home technology, particularly in developing Asian nations.
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The COVID-19 epidemic caused more people to stay at home and make adjustments to their living spaces, which led to the adoption of IoT technology. People who stayed at home due to COVID-19 norms changed how they interacted with one another and how they used their living spaces, rearranging them to accommodate new functional needs like working and studying from home, setting up at-home gyms, and learning new ways to unwind and have to relax themselves.
Smart Home Devices Market Segments:
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REPORT ATTRIBUTE |
DETAILS |
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Market Size Value in 2021 |
USD 84.99 billion |
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Revenue Forecast in 2032 |
USD 279.1 billion |
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Growth Rate |
CAGR of 11.4% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Product Type, Protocol, Sales Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
Amazon Inc., Robert Bosch GmbH, Siemens AG, Samsung Electronics Co. Ltd., Panasonic Corporation, Schneider Electric, Apple Inc., Midea Group, Google, Sony, Honeywell International Inc, Johnson Controls International, Philips, LG Electronics, Whirlpool Corporation, and Other Prominent Players. |
The Smart Home Devices Market size was estimated at USD 84.99 billion in 2021 and is expected to reach USD 279.1 billion in 2032.
Smart home devices are simply the WiFi-enabled devices. A mobile app or even a voice assistant like Alexa are a few devices that control them. Smart locks, smart thermostats, and other smart home appliances are some of the examples.
The Entertainment and Other Controls and Online Retailers segments accounted for the larger share of the Smart Home Devices Market.
Key players in the Smart Home Devices Market are Amazon Inc., Robert Bosch GmbH, Siemens AG, Samsung Electronics Co. Ltd., Panasonic Corporation, Schneider Electric, Apple Inc., Midea Group, Google, Sony, Honeywell International Inc, Johnson Controls International, Philips, LG Electronics, Whirlpool Corporation, and Other Prominent Players.
The rise in internet users, the adoption of smart devices, rising disposable income in developed nations, and the growing need to conserve energy and cut carbon emissions are a few drivers driving the growth of the Smart Home Devices Market.
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