The "Smart Homes and Home Automation 11th Edition" report has been added to ResearchAndMarkets.com's offering. A point solution will in many cases constitute a consumer's first smart home purchase. T...
Autore: Business Wire
DUBLIN: The "Smart Homes and Home Automation 11th Edition" report has been added to ResearchAndMarkets.com's offering.
A point solution will in many cases constitute a consumer's first smart home purchase. The most popular point solutions to date, in terms of sold units, include smart thermostats, smart light bulbs, smart plugs, connected security cameras, voice-controlled smart speakers and floor cleaning robots. These products are marketed by incumbent OEMs such as Signify, Resideo, Danfoss, Belkin, Chamberlain, Schlage, Assa Abloy and iRobot and newer entrants such as Ecobee, Sonos, Arlo, Nuki, Mysa, IKEA, Wyze Labs and SharkNinja.
In the whole-home system market, traditional home automation vendors such as Crestron Electronics, Control4, Savant Systems, eQ-3, Shelly and Loxone are facing new competition as companies from adjacent industries have entered the market. Communications and security service providers such as Verisure, ADT, Vivint, Comcast, SimpliSafe and Telus have established themselves among the largest whole-home solution vendors in North America and Europe by combining home security services with smart home features.
The North American smart home market continues to grow. The installed base of smart home systems reached 279.4 million at the end of 2023. An estimated 40 million of these were multifunction or whole-home systems whereas 239.4 million were point solutions designed for one specific function.
As some homes have more than one smart system in use, the installed base totalled an estimated 60.8 million smart homes at the end of the year. This corresponds to 41.3 percent of all households, placing North America as the most advanced smart home market in the world. Between 2023 and 2028, the number of households that adopt smart home systems is forecasted to grow at a compound annual growth rate (CAGR) of 6.6 percent, resulting in 83.8 million smart homes. Market revenues reached US$_48.1 billion (€ 44.5 billion) in 2023. The market is expected to grow at a CAGR of 9.2 percent between 2023 and 2028, reaching US$_74.8 billion (€ 69.1 billion) in yearly revenues at the end of the forecast period.
The European market for smart home systems is still behind the North American market in terms of market penetration and maturity. However, the market has now grown to become almost as large as the North American market. At the end of 2023, there were a total of 218.2 million smart home systems in use in the EU27+3 countries. Around 28.9 million of these systems were multifunction or whole-home systems whereas 189.3 million were point solutions. This corresponds to around 65.5 million smart homes when overlaps are taken into account, meaning that 27.8 percent of all households in Europe were smart at the end of the year. The number of European households to adopt smart home systems is forecasted to grow at a compound annual growth rate (CAGR) of 9.1 percent during the next five years, resulting in 101.2 million smart homes by 2028. Market revenues reached € 36.2 billion (US$ 39.1 billion) in 2023.
The market is forecasted to grow at a CAGR of 12.5 percent between 2023 and 2028 to reach € 65 billion (US$ 70.3 billion) at the end of the forecast period.
Connectivity adds several benefits to the most commonly used products and systems in the home, including home security systems, door locks, indoor climate control devices, lights, irrigation systems, home appliances and entertainment solutions. The ability to view information and manage various settings of the home from remote enables energy and cost savings, enhances security and safety, and provides convenience for homeowners. In several product categories connectivity is now becoming a standard feature and consumers are increasingly expecting new products to be smart and connected.
Key market trends
Highlights from the report
The report answers the following questions
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 240 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $87.2 Billion |
| Forecasted Market Value (USD) by 2028 | $145.1 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
Key Topics Covered:
1 Smart Homes and Home Automation
1.1 Introduction
1.2 Types of home automation
1.3 Home automation market segments
1.4 Channels to market
2 Networks and Communications Technologies
2.1 Overview
2.2 Smart home networking technologies and standards
2.3 Smart home ecosystems and hubs
2.4 Smart home platforms
3 Technology Providers and OEMs
3.1 Market overview
3.2 Security and access control system vendors
3.3 Energy management and climate control system vendors
3.4 Audio-visual and entertainment system vendors
3.5 Lighting and window control system vendors
3.6 Irrigation and water management system vendors
3.7 Home appliances vendors
3.8 Service robotics vendors
4 Service Providers and Whole-Home System Vendors
4.1 Market overview
4.2 Market segments and go-to-market strategies
4.3 Whole-home system OEMs
4.4 Smart home service providers
5 Market Forecasts and Conclusions
5.1 Europe
5.2 North America
5.3 Popular smart home product categories
5.4 Market trends and analysis
For more information about this report visit https://www.researchandmarkets.com/r/b7f35
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Fonte: Business Wire