The smart homes market was valued at $82.0 billion in 2021, and it is set to reach $196.5 billion by 2030, growing at a CAGR of 10.2% between 2021 and 2030, according to a research report by a market research company P&S Intelligence.
This can be ascribed to the increasing per-capita income of people from developing countries, the growing number of internet users, the budding importance of remote home monitoring, and the growing acceptance of smart devices.
The surge in the need for convenience among the people, increase in safety concerns, the boom in the need for energy-saving solutions, and the expansion of smart home product portfolios by the players are propelling the industry.
The snowballing usage of advanced technologies, including machine learning, automated solutions, IoT, artificial intelligence, and wireless lighting is constantly impacting the revenue of the industry. The requirement for value-based home automation solutions is increasing extensively because of the growing purchasing power of the customers, allowing them to accept cloud-based smart home solutions for improved comfort.
Furthermore, lighting in an average house consumes approximately 15% of the total electricity, and around $225 can be saved by using smart LEDs in a year. The variety of features includes various color tones as per demand, energy usage monitoring, dimming, automatic on/off, and ZigBee connectivity. The growing acceptance of voice assistant platforms and IoT devices are contributing to the growth of the industry.
The entertainment category held the largest revenue share in the past. This can be accounted to the wide range of solutions given by technology providers for operating and controlling these systems in a house. For example, an Amazon product, Alexa can control lights, and tell sports scores and news, and alarms, and update customers with other real-time information.
North America will dominate the market in the years to come. The major factors behind the growth of the smart homes market in this region are the increasing need for cost-efficient and reliable home management systems, and the increasing requirement for integrated smart devices, including, voice assistants, IoT-enabled devices, and tablets.
The APAC region is projected to grow at the highest rate, of approximately 11.1%, in the years to come. This can be credited to the snowballing requirement for intelligent homes in China, Korea, and India.Apart from this, there is an existence of a wide consumer base, and the fast technological progress.
Hence, the surge in the need for convenience among people, growth in safety concerns, the boom in the need for energy-efficient solutions, and expansion of smart home product portfolios by the players will increase the demand smart homes in the future.
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