Smart Apartments Global Market Report 2023: Increased Use of IoT Devices by People in Every Aspect of Their Daily Routine Drives Growth


Dublin, April 14, 2023 (GLOBE NEWSWIRE) -- The "Smart Apartments Global Market Report 2023" report has been added to's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global smart apartments market will grow from $2.67 billion in 2022 to $3.1 billion in 2023 at a compound annual growth rate (CAGR) of 16.4%. The smart apartments market is expected to grow to $5.3 billion in 2027 at a CAGR of 14.3%.

Major players in the smart apartments market are Pulte Group, Meritage Homes, Shea Homes, Lennar Homes, Metricon, Porter Davis, Henley and Carlisle

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The smart apartments construction market includes revenues earned by entities by constructing or remodelling and renovating smart apartments. This market includes the sales of residential housing general contractors (that is new construction, remodelling, or renovating existing residential structures), for-sale builders and remodelers of residential structures, residential project construction management firms, and residential design-build firms.

The smart apartment work performed includes new work, additions, alterations, maintenance, and repairs. Smart buildings use automatic processes to control the buildings' operations, such as air conditioning, lighting, security and other systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Smart apartments construction is the process of building, altering, repairing, improving, or demolishing any smart apartment using a detailed design and plan. Smart apartments are multifamily properties that are futuristic buildings equipped with advanced electronics and wireless devices. The smart apartments system requires a web portal or smartphone application to interact with the automated system as a user interface.

Asia Pacific is the largest region in the smart apartments market in 2022. Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the smart apartments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of products in smart apartments are building management systems (BMS), heating, ventilating, and air conditioning (HVAC), lighting control, security and access control, emergency alarm and evacuation systems, and audio and visual effects. Lighting controls are a class of smart lighting systems that can manage the amount, quality, and characteristics of light in a specific area. These smart devices help to reduce electricity waste while also boosting energy efficiency. Smart apartments are used in residential areas, hotels, and others.

The smart apartment market is driven by the increased use of IoT (Internet of Things) devices by people in every aspect of their daily routine. IoT involves sending and receiving data through a network of sensors, appliances, meters, and other devices. IoT-enabled sensors and devices are used to increase the efficiency of the appliances in a smart apartment, making it more efficient, sustainable, and safer.

For example, a few IoT-enabled sensors are capable of automatically turning the lights on after sensing the presence in a room, thus adding a distinctive attribute to the smart apartments. Thus, the increased adoption of IoT technology boosts the growth of the smart apartment market. For instance, global spending on IoT across markets grew 12.1% in 2020 to $128.9 billion. Thus, the increased demand for IoT devices that help ease the lifestyle boosts the growth of the smart apartments market.

The risk of a potential cyber-attack leading to a breach in privacy restricts the growth of the smart apartment market. A smart apartment uses a complex network of devices connected over the internet that uses sensors and controllers, which are used to control the ventilation systems, heating systems, lighting, water, video surveillance systems, alarms, and other critical functions.

Thus, any security breach caused due to a malicious cyber-attack affects the remote monitoring of temperature, system performance, and other variables of a smart building and intrudes the privacy of the residents. Any breach in the cybersecurity of a smart apartment may result in the exploitation of remote access privileges to gain access to the facility.

The concept of using an apartment as a service (AaaS) is the latest trend driving the smart apartment market. In the apartment as a service concept (AaaS), fully furnished smart apartments

are rented for very short to long periods of time. It helps to offer a cost-effective solution for tenants to live in a smart apartment. Using apartments as a service enables the rental operators to streamline their operations and costs, thus enhancing the resident's experience and discovering new revenue streams for the owner. For instance, as reported by Entrata, a USA-based provider of property management software, in the USA, almost 57% of apartment tenants can pay up to $20 per month if smart technology is installed in an apartment.

In June 2022, ADT Inc., a USA-based provider of electronic security, fire protection, and other related alarm monitoring services for homes, small business, and large businesses acquired IOTAS for an undisclosed amount.

Through the acquisition, ADT Inc. aims to strengthen its product line in the multifamily market. IOTAS is a US-based provider of a premier smart home technology platform. A smart home automation feature offered by IOTAS is commonly found in single-family homes. Additionally, the company provides technology to property management firms to help them attract tenants.

The countries covered in the smart apartments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

Key Attributes:

Report AttributeDetails
No. of Pages175
Forecast Period2023 - 2027
Estimated Market Value (USD) in 2023$3.1 billion
Forecasted Market Value (USD) by 2027$5.3 billion
Compound Annual Growth Rate14.3%
Regions CoveredGlobal

Key Topics Covered:

1. Executive Summary

2. Smart Apartments Market Characteristics

3. Smart Apartments Market Trends And Strategies

4. Smart Apartments Market - Macro Economic Scenario
4.1 COVID-19 Impact On Smart Apartments Market
4.2 Ukraine-Russia War Impact On Smart Apartments Market
4.3 Impact Of High Inflation On Smart Apartments Market

5. Smart Apartments Market Size And Growth
5.1. Global Smart Apartments Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Smart Apartments Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Smart Apartments Market Segmentation
6.1. Global Smart Apartments Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Building Management System (BMS)
  • Heating, Ventilating, And Air Conditioning (HVAC)
  • Lighting Control
  • Security And Access Control
  • Emergency Alarm And Evacuation System
  • Audio And Visual Effects

6.2. Global Smart Apartments Market, Segmentation By Technology Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Wi-Fi
  • Bluetooth
  • RFID
  • Other Technologies

6.3. Global Smart Apartments Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Residential
  • Hotel
  • Other Applications

7. Smart Apartments Market Regional And Country Analysis
7.1. Global Smart Apartments Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Smart Apartments Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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Global Smart Apartments Market

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