Smart Home Technologies: Global Markets

Smart homes have become the embodiment of modern living, as they integrate cutting-edge technology into residential spaces to enhance convenience, comfort and efficiency. These homes create an ecosystem where residents can easily manage various aspects of their living environment, including temperature, lighting, security and entertainment, by connecting devices and systems. This interconnectedness promotes a more streamlined and integrated way of life.

One significant benefit of smart home technology is its contribution to conserving earth’s limited resources. As people become more aware of the capabilities of smart home technologies, they are increasingly adopting them to create smart and environmentally friendly homes. By controlling lighting, HVAC systems, window coverings and irrigation, smart home technology enables users to save energy. Homeowners can access these systems via the internet from anywhere in the world at any time.

The global smart home technologies market is experiencing significant growth that is driven by the increasing demand for universal solutions. Industry participants are focused on pushing solutions into the mainstream market, leading to rapid developments in networking technologies. Both proprietary and open-source platforms are constantly evolving, which presents consumers with the challenge of integrating these complex platforms into a single home technology system.

The global smart home technologies market, which until now was considered as an elite market, has been witnessing growing popularity across widespread social segments. The development of wireless, open and standard technologies has enabled this transition. This has helped to reduce the cost of wiring and labor, thus reducing overall prices. In addition, the presence of many players has created price competitiveness, forcing companies to develop mainstream solutions. The entry of telecommunications, cable companies, utilities and security service providers into the smart home technologies market has helped to drive demand. Intense competition is rising among players, who are pursuing technological innovations, alliances and mergers and acquisitions as strategies to expand and retain their market shares.

This report is based on an in-depth analysis of the global smart home technologies market by networking technology, component, application and geography. It includes an overview of the global market trends. In the overview, 2022 considered as the base year, and estimates for 2023 through 2028 are provided, along with projections of CAGR in the forecast period.

The scope of the report also includes a discussion of technological, regulatory and competitive elements as well as economic trends affecting the market. In addition, the report analyzes and discusses the major drivers and regional dynamics of the market and current trends within the industry. It concludes with detailed profiles of the major vendors in the global smart home technologies market.

Report Includes:

• 51 data tables and 50 additional tables
• An overview of the global market for smart home technologies
• In-depth analysis of global market trends, featuring historical revenue data for 2022, estimated figures for 2023, as well as forecasts for 2024 and 2026. This analysis includes projections of compound annual growth rates (CAGRs) through 2028
• Evaluation of the current market size and revenue growth prospects specific to smart home technologies, accompanied by a market share analysis by networking technology, component, application and geographic region
• Discussion on the future of smart homes, and coverage of trends and regulatory standards in smart home technologies
• Coverage of emerging technologies in smart homes, recent developments, future opportunities, relevant patents and ESG trends
• Market share analysis of the key companies in the industry and coverage of mergers & acquisitions, joint ventures, collaborations, partnerships, and other market strategies
• Company profiles of major players within the industry, including Johnson Controls International PLC, Honeywell International Inc., Schneider Electric SE, Siemens, and Assa Abloy AB