Global Smart Homes Market to Reach US$ 345.6 Billion by 2032, Propelled by the Minimized Carbon Emissions Across the Globe

February 14, 2023 | Technology & Media

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The latest report by IMARC, titled “Smart Homes Market Report by Component (Hardware, Smart Appliances, AI Speaker, Services), Application (Security and Surveillance, Lighting, Entertainment, Energy Management, HVAC, Smart Kitchen, Home Fitness and Wellness), and Region 2024-2032”, finds that the global smart homes market size reached US$ 123.8 Billion in 2023. Smart homes refer to household setups furnished with internet-enabled appliances that are remotely controlled through a networked device. They include home entertainment, ventilation, heating, and air conditioning (HVAC) and security systems. They allow homeowners to monitor, control, and automate numerous functions, systems, and appliances with smartphones or tablets with an internet connection. They help enhance appliance functionality, centralize operational control, increase energy efficiency, and manage home security. In recent years, smart homes have gained momentum as they offer real-time surveillance and motion detection and provide alerts during leakage and flooding.

Global Smart Homes Market Trends:

One of the primary factors driving the market is minimized carbon emissions, and the rising emphasis on energy conservation. Additionally, the growing adoption of home safety and monitoring systems, including video door alarms, security cameras, ultra-modern burglar alarms, facia-recognition devices, and remote-controlled locks, is contributing to the market growth. Other than this, the integration of the Internet of Things (IoT) in smart homes to offer comfort and reliability to users, improve flexibility and security, and enhance efficiency while saving energy is positively influencing the market growth. Besides this, the improving living standards and the easy accessibility of affordable home automation solutions are catalyzing the market growth. In line with this, various initiatives undertaken by governments of different countries to promote smart home devices to save energy, expanding income levels, and the extensive adoption of wireless communication technologies, such as Bluetooth, Wi-fi, fifth-generation (5G), and near field communication (NFC), are some of the other factors creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 345.6 Billion by 2032, expanding at a CAGR of 10.87% during the forecast period (2024-2032).

Market Summary:

Based on the component, the market has been divided into hardware (security, home automation, home entertainment and home healthcare), smart appliances, AI speaker and services (energy consumption and management services, security services, healthcare services, healthcare services, and entertainment services).
On the basis of the application, the market has been segmented into security and surveillance, lighting, entertainment, energy management, HVAC, smart kitchen, and home fitness and wellness.
Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been analyzed, with some of the key players being ABB Ltd., Amazon.com Inc., Emerson Electric Co., Honeywell International Inc, LG Electronics Inc., Lutron Electronics Co. Inc., Microsoft Corporation, Robert Bosch GmbH, and Schneider Electric SE.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Component, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	ABB Ltd, Amazon.com Inc., Emerson Electric Co., Honeywell International Inc., LG Electronics Inc., Lutron Electronics Co. Inc., Microsoft Corporation, Robert Bosch GmbH and Schneider Electric SE
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Smart Homes Market to Reach US$ 345.6 Billion by 2032, Propelled by the Minimized Carbon Emissions Across the Globe

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