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Smart Home Market Trends

Report ID: GMI10013
Published Date: Jun 2024
Report Format: PDF

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Smart Home Market Trends

Smart technology and automation will continue to accelerate, influencing sectors. The growing popularity of home artificial intelligence systems is a significant smart home technology trend. The machine learning component of artificial intelligence will allow it to study sensor data and forecast needed actions even before the homeowner issues the order. For instance, artificial intelligence can switch on the heat and purchase groceries from the nearby store, advancing AI home automation to new heights.

Additionally, the use of Internet of Things (IoT) technology services is increasing. IoT devices have grown widespread in a variety of fields, with prominent applications including smart homes, wearables, and intelligent cities. Smart home technologies such as Amazon Alexa, smart thermostats, lighting systems, locks, and security systems provide convenience and security. Wearables, such as smartwatches and fitness trackers, record daily activities and fitness objectives. There is a high demand for products that can work with voice assistants. This is another efficient method for addressing connectivity issues and adding voice control to any smart home device.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The smart home market was valued at around USD 168.9 Billion in 2023 and is anticipated to register a 10.3% CAGR between 2024 to 2032, owing to the security and efficiency offered by smart home solutions.

The security & access controls segment of the market will reach around USD 110.1 Billion by 2032, owing to the escalating installations of conventional CCTVs by property owners to protect their families and employees.

North America smart home market was worth around USD 64.1 Billion in 2023 and expected to reach around USD 132.8 Billion by 2032., attributed to the growing consumer interest in smart home devices.

ABB, Apple Inc, Crestron Electronics, Inc, Emerson Electric Co, Gira, Google LLC, Haier Group, Honeywell International Inc, Johnson Control on among others.