Smart Home Devices Market to Reach $707.2 Billion by 2032 at 21.5% CAGR: Allied Market Research
Rise in demand for convenience drives the growth of the global Smart home devices market.
NEW CASTLE, Del, Feb. 7, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Home Devices Market by Component (Solution and Services) and Type (Lighting Control, Security Access Control, HVAC Control, Entertainment & Other Controls, Smart Kitchen, Home Appliances, Smart Furniture, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032" According to the report, the global smart home devices market generated $101.6 billion in 2022 and is estimated to reach $707.2 billion by 2032, exhibiting a CAGR of 21.5% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Rising demand for convenience and rise in awareness of energy conservation are driving the market growth. In addition, enhancements in communication technology primarily drive the growth of the market. However high initial cost primarily is expected to hamper the growth of the market. Furthermore, integration with new technologies is expected to create lucrative growth opportunities for the market.
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The Solutions segment to rule the market
By component, the solutions segment held the major share in 2022, garnering nearly two-thirds of the global smart home devices market revenue, owing to the growing integration of artificial intelligence (AI) and machine learning (ML) into smart home solution propels the market growth significantly. The service segment would also display the fastest CAGR of 22.8% throughout the forecast period, owing to the growing need for comprehensive service packages that come with increasingly integrated smart homes.
The Smart Kitchen segment to dominate by 2032
By type, the lighting control segment accounted for nearly one-third of the global smart home devices market share in 2022 and is expected to rule the market by 2032, owing to offer users the ability to adjust color temperatures, brightness levels, and even create personalized lighting scenes to suit various moods and activities which propels the market growth significantly. The smart kitchen segment would also display the fastest CAGR of 23.5% throughout the forecast period, owing to offer users to control ovens, refrigerators, and other devices through natural language commands.
Asia-Pacific garnered the major share in 2032
By region, North America garnered the highest share in 2022, holding nearly two-fifths of the global smart home devices market revenue in 2022, and is projected to retain its dominance by 2032, owing to the increase in adoption of smart security systems, providing homeowners with real-time monitoring and alerts through connected devices aiding the growth of the Smart home devices market. The Asia-Pacific region would also portray the fastest CAGR of 26.1% during the forecast period, owing to the fast-paced urban lifestyle in the region, maintaining homes needs to be convenient and efficient, which is expected to fuel the market growth in Asia-Pacific.
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Leading Market Players
The report analyzes these key players in the global smart home devices market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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