Global Smart Home Automation Market size and share is currently valued at USD 74.28 billion in 2023 and is anticipated to generate an estimated revenue of USD 268.97 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 15.4% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Market Overview:
The Smart Home Automation market is revolutionizing modern living, enabling homeowners to control and monitor various aspects of their homes through connected devices and systems. From lighting and climate control to security and entertainment, smart home automation offers convenience, energy efficiency, and enhanced safety. Driven by advancements in IoT, artificial intelligence (AI), and wireless communication technologies, smart home automation has become an integral part of residential infrastructure, catering to the growing demand for seamless and personalized living experiences.
Key Trends:
- Integration of Smart Home Devices with IoT Ecosystems
Smart home devices are increasingly being integrated with IoT ecosystems, enabling centralized control and interoperability. Platforms like Apple HomeKit, Google Home, and Samsung SmartThings are facilitating seamless device integration and management. - Growth of Subscription-Based Smart Home Services
Subscription-based models for smart home services, such as home monitoring, energy management, and maintenance, are gaining traction. These services offer ongoing support and updates, enhancing user experiences and long-term value. - Focus on Sustainable and Green Solutions
The adoption of eco-friendly smart home solutions, such as solar-powered devices and water-saving systems, is on the rise. These solutions align with the growing emphasis on sustainability and environmental conservation. - Development of AI-Powered Personalization
AI is enabling smart home devices to learn user preferences and provide personalized experiences. From adjusting lighting based on time of day to suggesting energy-saving tips, AI is making homes smarter and more user-centric.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
Some of the major players:
- Apple Inc.
- Crestron Electronics, Inc.
- Google LLC
- Ingersoll Rand
- Johnson Controls
- Legrand
- Leviton Manufacturing Co., Inc.
- Lutron Electronics Co., Inc
- Resideo Technologies, Inc.
- SAMSUNG
- Schneider Electric
- Shelly USA (Allterco Robotics US)
- Siemens
Recent Developments:
January 2023:
- Shelly Introduces New Smart Home Automation Devices:
Allterco Robotics’ Shelly division showcased eight innovative smart home devices at the Consumer Electronics Show (CES). The new additions to the Shelly Pro and Plus series offer advanced features tailored for both professional installers and DIY homeowners, enhancing smart home automation capabilities.
October 2022:
- ABB Launches SmartTouch 10” Automation Device:
ABB unveiled the SmartTouch 10”, a sleek glass touch panel that integrates home automation with ABB-Welcome door communication. This user-friendly device combines smart home functionality and door communication into a single, elegant solution.
March 2023:
- Johnson Controls Introduces IQ4 NS System:
Johnson Controls launched the IQ4 NS (No Screen) system, an affordable security and smart home solution based on the IQ Panel 4 platform. This entry-level system delivers robust functionality, making smart home automation accessible to a broader audience.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The Smart Home Automation Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
Smart Home Automation Market, Component Outlook (Revenue – USD Billion, 2019-2032)
- Hardware
- Entertainment Control & Others
- HVAC Control
- Lighting Control
- Security & Access
- Smoke Detector
- Others
- Software & Solutions
- Services
Smart Home Automation Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Entertainment
- HVAC & Energy Management
- Lighting
- Security
- Smart Kitchen
- Others
Smart Home Automation Market, Technology Outlook (Revenue – USD Billion, 2019-2032)
- Wired
- Wireless
Smart Home Automation Market, Fitment Outlook (Revenue – USD Billion, 2019-2032)
- New Construction
- Retrofit
The Smart Home Automation market is poised for significant growth, driven by technological advancements, rising demand for energy efficiency, and increasing consumer preference for connected living. Key trends such as IoT integration, AI-powered personalization, and sustainability are shaping the future of the market. As the technology evolves, smart home automation is set to redefine residential living, offering unprecedented levels of comfort, convenience, and efficiency.