Download Sample, Rising Adoption of Internet of Things (IoT) Solutions is Propelling the Market Expansion
With the rise in popularity of smart homes, IoT-based solutions have gained significant traction. The IoT platform is one of the most important global economic drivers of smart home devices industry growth. The growing number of internet-connected devices prepares the way for a new age of Internet of Things (IoT) computing in which practically every object in the surroundings can be converted into smart entities by providing them with sensors, actuators, and networking technologies. As a result, key companies are focusing their efforts on the development of loT platforms and related technologies such as Machine Learning, Artificial Intelligence, and so on that may be used in smart home devices.
For instance, in February 2021, Panasonic India, a diversified technology company, reaffirmed its commitment to improving consumers' everyday lives by expanding its IoT & AI enabled Connected Living platform - Miraie and launching connected Refrigerators, Washing Machines, WiFi Fan, ROMA Smart digital Switches, and Smart WiFi Controller plugs and switches to the platform. These new models joined the initial generation of Miraie-connected devices, which included connected Air Conditioners, Smart Door phones, and Zigbee Plugs & Switches last year, making it the most comprehensive range of connected devices accessible on a single platform. Thus, the increasing prevalence of the Internet of Things in devices is anticipated to propel the market to a higher growth trajectory.
For instance, in February 2021, Panasonic India, a diversified technology company, reaffirmed its commitment to improving consumers' everyday lives by expanding its IoT & AI enabled Connected Living platform - Miraie and launching connected Refrigerators, Washing Machines, WiFi Fan, ROMA Smart digital Switches, and Smart WiFi Controller plugs and switches to the platform. These new models joined the initial generation of Miraie-connected devices, which included connected Air Conditioners, Smart Door phones, and Zigbee Plugs & Switches last year, making it the most comprehensive range of connected devices accessible on a single platform. Thus, the increasing prevalence of the Internet of Things in devices is anticipated to propel the market to a higher growth trajectory.
High Speed Internet, Energy Efficiency of Smart Devices and Rising Security Concerns are Driving the Market Growth
The potential of increased convenience when using these devices, the amount of time saved when compared to manually operating them, and the reduction in power and energy achieved are major factors that are expected to fuel the popularity of smart home appliances around the world during the forecast period. Additionally, the global market for smart home appliances is also being driven by an increase in the rate of adoption of mobile devices and technologically advanced products globally; the expansion of the high-speed Internet network; the energy-efficient nature of smart home appliances; technological advancements in the fields of connectivity mediums, sensors, microchips, and hardware products; and the expected decline in connectivity module prices during the forecast period.
Furthermore, manufacturers are also progressively moving their emphasis to the smart appliance category, as modern tech-savvy customers become more responsive to connected technologies and the various functions that they provide. These items are now more expensive than typical "non-smart" appliances; however, the market is anticipated to contain cost-effective solutions as more device makers challenge themselves to add connection functions in their appliances. Besides this, the rising security concerns in residential areas are also driving the market growth for smart home devices.
Smart homes are intended to automate different household equipment and gadgets with an integrated monitoring system, providing occupants with convenience, safety, efficiency, and security. As a result, home automation and control systems are increasingly being utilized to improve security in smart homes due to their high efficiency and sophistication. All these factors are anticipated to have a positive impact on the expansion of the smart home devices market during the forecast period.
Furthermore, manufacturers are also progressively moving their emphasis to the smart appliance category, as modern tech-savvy customers become more responsive to connected technologies and the various functions that they provide. These items are now more expensive than typical "non-smart" appliances; however, the market is anticipated to contain cost-effective solutions as more device makers challenge themselves to add connection functions in their appliances. Besides this, the rising security concerns in residential areas are also driving the market growth for smart home devices.
Smart homes are intended to automate different household equipment and gadgets with an integrated monitoring system, providing occupants with convenience, safety, efficiency, and security. As a result, home automation and control systems are increasingly being utilized to improve security in smart homes due to their high efficiency and sophistication. All these factors are anticipated to have a positive impact on the expansion of the smart home devices market during the forecast period.
Recent Trends in the Smart Home Devices Industry
- Voice-controlled assistants integrate with more devices for seamless automation.
- Rise of smart mirrors featuring integrated displays for information and entertainment.
- Enhanced smart lighting options with customizable colors, brightness, and scheduling features.
- Growth of modular smart home solutions for customizable setups and scalability.
- Increased adoption of AI-driven security systems with facial recognition features.
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New Product Launches are Stimulating the Smart Home Devices Market Development
Major industry players are concentrating their efforts on R&D in order to produce innovative products that will complement their current product offerings and enable them to strengthen their customer base. They are also strengthening their market position using a variety of market strategies such as product launches, mergers, collaborations, and acquisitions. For example, Resideo Technologies, Inc., a leading global provider of home comfort, security, and safety solutions, announced the release of Honeywell Home T10+ Smart Thermostat Kits in April 2023. The new Honeywell Home T10+ Smart Thermostat Kits with RedLINK® 3.0 allow users to operate three different types of IAQ devices at the same time. With a single device, Resideo's unique RedLINK® 3.0 technology and Equipment Interface Module allow easy setup and customisable functionality for each customer.
Earlier, in January 2022, Samsung Electronics joined the Home Connectivity Alliance (HCA), together with other major manufacturers in the smart home domain, to promote interoperability and increased safety. The initiative brings together major connected device manufacturers in order to improve smart appliance interoperability across brands. As part of the alliance, Samsung will collaborate with other members to create standard criteria for cloud-to-cloud interoperability that take data security and customer safety into account Also ABB India unveiled the newest Millenium and Zenit switches, which are ISI certified, in August 2021, offering clients with control, functionality, and comfort in smart buildings and premises upgraded with the latest smart home automation solutions. These switches are designed for both households and commercial buildings, to transition from traditional lighting to an eco-friendly intelligent alternative.
Earlier, in January 2022, Samsung Electronics joined the Home Connectivity Alliance (HCA), together with other major manufacturers in the smart home domain, to promote interoperability and increased safety. The initiative brings together major connected device manufacturers in order to improve smart appliance interoperability across brands. As part of the alliance, Samsung will collaborate with other members to create standard criteria for cloud-to-cloud interoperability that take data security and customer safety into account Also ABB India unveiled the newest Millenium and Zenit switches, which are ISI certified, in August 2021, offering clients with control, functionality, and comfort in smart buildings and premises upgraded with the latest smart home automation solutions. These switches are designed for both households and commercial buildings, to transition from traditional lighting to an eco-friendly intelligent alternative.
Rising Cyberattacks and Lack of Compatibility Pose Threat to the Market Growth
The growing cyberattacks on high-end connected devices are a serious impediment to commercial progress. Security concerns from all connected endpoints pose a danger to smart home technologies. Because intelligent technology is linked to every system and gadget in the home, hackers can acquire access to sensitive and personal information if it is not adequately secured. Connecting "standalone" smart devices like lights, appliances, and locks plainly introduces several new cyber security problems. This factor is expected to impede market expansion throughout the forecast period.
Furthermore, many players are now creating various systems using various technologies. It is relatively easy to integrate and connect devices made by the same manufacturer or vendor; however, integrating systems made by different manufacturers or suppliers is a time-consuming task that may result in limited functionality and unreliable services, as well as incompatibility issues. As a result, compatibility concerns across various devices provide a hindrance to the market's growth.
Apple Inc., Samsung Electronics Co. Ltd., Panasonic Corporation, LG Electronics, Sony Corporation, Siemens AG, Honeywell International Inc., Schneider Electric, Koninklijke Philips N. V, Amazon.com Inc., Robert Bosch GmbH, Nest Labs, UNITED TECHNOLOGIES, Midea Group, ORVIBO Inc. are some of the prominent market players operating in the global smart home devices market.
Furthermore, many players are now creating various systems using various technologies. It is relatively easy to integrate and connect devices made by the same manufacturer or vendor; however, integrating systems made by different manufacturers or suppliers is a time-consuming task that may result in limited functionality and unreliable services, as well as incompatibility issues. As a result, compatibility concerns across various devices provide a hindrance to the market's growth.
Apple Inc., Samsung Electronics Co. Ltd., Panasonic Corporation, LG Electronics, Sony Corporation, Siemens AG, Honeywell International Inc., Schneider Electric, Koninklijke Philips N. V, Amazon.com Inc., Robert Bosch GmbH, Nest Labs, UNITED TECHNOLOGIES, Midea Group, ORVIBO Inc. are some of the prominent market players operating in the global smart home devices market.
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Rising Demand for Energy Efficient Solutions, Increasing Disposable Income and Enhanced Standard of Living are Impacting the Market Expansion
North America accounts for a significant share in the smart home devices market owing to the increased demand for energy-saving and low-carbon-emission solutions in the region. Additionally, as global warming and regulatory requirements increase, there is an increasing need to reduce energy use and carbon emissions. This is anticipated to be the primary driver of smart home device market growth. Furthermore, the Asia Pacific region is anticipated to experience substantial growth in the smart home devices market during the forecast period. This growth can be attributed to the rising standard of living and increasing disposable income of the population in this region. Smartphones, the internet, and other technologically enhanced technology are likely to boost market expansion in the area.
Furthermore, the trend of employing Al-based digital assistance for everyday tasks, such as Siri and Alexa, has a substantial influence on industry growth. Besides, Europe is expected to witness significant growth in the smart home devices market owing to the presence of major market players such as ABB, Legrand, Schneider Electric SE, Siemens, Robert Bosch GmbH, and others. Furthermore, the rising standard of living, technologically advanced population, and favorable initiatives by the government boost the expansion of smart home devices and technology, which is likely to fuel the regional market.
Furthermore, the trend of employing Al-based digital assistance for everyday tasks, such as Siri and Alexa, has a substantial influence on industry growth. Besides, Europe is expected to witness significant growth in the smart home devices market owing to the presence of major market players such as ABB, Legrand, Schneider Electric SE, Siemens, Robert Bosch GmbH, and others. Furthermore, the rising standard of living, technologically advanced population, and favorable initiatives by the government boost the expansion of smart home devices and technology, which is likely to fuel the regional market.
The report provides a detailed overview of the smart home devices market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for smart home devices market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the smart home devices market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the smart home devices market. Some key country and region included in the smart home devices market report as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Belgium, Sweden, Norway, Denmark, Finland, Ireland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Turkey, Egypt, Morocco, Israel, Kenya, Rest of MEA |
Smart Home Devices Market Research Report Covers In-depth Analysis on:
- Smart home devices market detailed segments and segment-wise market breakdown
- Smart home devices market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in smart home devices industry)
- Current, historical, and forthcoming 10 years market valuation in terms of smart home devices market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Smart home devices market demand analysis
- Smart home devices market pricing analysis over the forecast period (by key segment and by region)
- Smart home devices market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in the smart home devices market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in the smart home devices market
- Smart home devices market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on smart home devices market forecast by countries
- Mergers and acquisitions in the smart home devices market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What factors are driving the growth of the smart home devices market?
The growth of the smart home devices market is driven by increasing consumer demand for convenience, energy efficiency, security enhancements, and the integration of IoT and voice-enabled technologies.
What are the key trends shaping the smart home devices market?
Key trends include the adoption of AI-driven home automation, compatibility with voice assistants, sustainability-focused devices, and expanding applications in health monitoring and home entertainment systems.
What are the primary challenges faced by smart home device manufacturers?
Manufacturers face challenges like ensuring seamless interoperability, addressing cybersecurity concerns, meeting energy-efficiency standards, and maintaining affordability without compromising on innovation.
