Smart Home Devices Market Size Worth USD 205.60 Billion in 2030 | Emergen Research
VANCOUVER, BC, Feb. 22, 2023 /PRNewswire/ -- The Global Smart Home Devices Market is expected to grow at a CAGR of 10.4% during the forecast period, according to the latest analysis by Emergen Research. The market size of the Smart Home Devices Market was valued at USD 84.52 Billion in 2021 and is expected to reach USD 205.60 Billion in 2030. Smart home devices are electronic devices connected to the internet, allowing for remote access and control. These devices can be operated through mobile phones or other internet-enabled devices, making it possible for users to control them from anywhere, at any time.
The demand for home automation solutions and the growth of the Internet of Things (IoT) are key factors driving the growth of the Smart Home Devices Market. With the rise in consumer spending on technology and the increasing demand for convenience, safety, and energy efficiency, the adoption of smart home devices is on the rise. Smart home devices provide users with the ability to control their home appliances, lighting, security systems, and other systems remotely, using a smartphone or other internet-enabled device. This is driving the demand for smart home devices across the globe.
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The high initial cost of smart home devices is one of the major factors restraining the growth of the market. The cost of smart home devices is higher than traditional devices, making them less affordable for many consumers. Additionally, the lack of standardization of smart home devices and the security concerns related to the use of such devices may hinder market growth.
The Smart Home Devices Market is expected to grow at a CAGR of 10.4% during the forecast period. The market size is projected to increase from USD 84.52 Billion in 2021 to USD 205.60 Billion in 2030. The growth of the market is driven by the increasing demand for convenience, safety, and energy efficiency, coupled with the growth of the Internet of Things (IoT).
Current Trends and Innovations:
The Smart Home Devices Market is undergoing gradual changes during the forecast period. Currently, there is a trend towards the development of new and advanced smart home devices that are more energy-efficient, cost-effective, and convenient. The introduction of voice-controlled smart home devices has also gained significant traction in recent years. Furthermore, the development of smart home automation systems that can be integrated with existing home appliances is a key trend driving the growth of the market.
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Major companies included in the market report are Amazon Inc., Google LLC, Apple Inc., Samsung Electronics Co. Ltd., LG Electronics Inc., Sony Corporation, Xiaomi Corporation, ADT Inc., Control4 Corporation, and Honeywell International Inc.
These companies are increasingly investing in research and development of smart home devices to enhance their market presence and stay competitive. For instance, in October 2022, Amazon launched new Echo devices, including Echo Dot, Echo Dot with clock, and Echo Dot Kids, designed to provide a more personalized and improved user experience. Furthermore, in September 2022, Samsung Electronics launched the Samsung SmartThings Hub, an AI-powered smart home automation system that is designed to work with a range of smart home devices.
In conclusion, the Smart Home Devices Market is expected to witness significant growth during the forecast period, driven by the increasing demand for convenience, safety, and energy efficiency, and the growth of the Internet of Things (IoT). The trend towards the development of new and advanced smart home devices and the increasing investments in research and development by major companies are also expected to contribute to the growth of the market. However, the high initial cost and security concerns related to the use of smart home devices may act as a restraint to market growth.
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Scope of Research
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Emergen Research has segmented the global smart home devices market on the basis of product, price range, sales channel, and region:
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