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Smart Home Market Size
- Report ID: GMI10013
- Published Date: Jun 2024
- Report Format: PDF
Smart Home Market Size
Smart Home Market size was valued at around USD 168.9 Billion in 2023 and is anticipated to register a CAGR of 10.3% between 2024 to 2032. The primary factor driving this growth of the smart home technology is security and efficiency. Aside from that, the use of smart and safe locks has put smart homes in the center of attention. These smart and secure locks provide the foundation for a more connected and automated living environment. The emergence of new software technology like Matter, which allows smart devices to be compatible across brands, will push market growth for smart home devices.
On the other hand, the development of voice-controlled virtual assistants such as Amazon Alexa, Google Assistant, and Apple Siri has changed ways consumers interact with their smart homes. Voice commands have become a popular and intuitive way to control a variety of devices and systems.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Smart Home Market Size in 2023: | USD 168.9 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 10.3% |
| 2032 Value Projection: | USD 400.3 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 290 |
| Tables, Charts & Figures: | 171 |
| Segments covered: | Type, Connectivity, Price, Application, Distribution Channel, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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increasing demand for voice-enabled home automation products. According to home automation system statistics, 44% of smart homes include smart entertainment systems such as Google Chromecast, Apple TV, or Amazon FireTV. Additionally, lighting accounts for around 15% of an average home's electricity use, and the average household saves about USD 225 in energy costs per year by using LED lighting.
Smart home products generate massive volumes of data about its customers' habits, preferences, and activities. Concerns have been raised about how companies gather, keep, and use this data. Unauthorized access or exploitation of this data might result in privacy violations or identity theft. Smart home appliances are frequently connected to the internet, which provides possible entry points for attackers. Many smart home gadgets require a stable internet connection to work effectively. Network failures or disturbances might temporarily disable these devices. Regular updates are required to resolve problems, enhance performance, and address security risks. However, upgrades may occasionally cause new bugs or compatibility concerns.
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Smart Home Market Scope
