Smart Home and Office Market to Touch USD 186.61 Billion by 2030 as More Consumers Seek Out the Convenience, Energy Savings, and Security that These Devices Offer | By SNS Insider

According to SNS Insider analysis, as more consumers become aware of the benefits of smart home and office devices, adoption rates are expected to increase. This, in turn, will drive down costs and make these devices more accessible to a wider range of consumers.

Pune, May 16, 2023 (GLOBE NEWSWIRE) -- "The Smart Home And Office Market reached a valuation of USD 67.75 billion in 2022 and is projected to attain a value of USD 186.61 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.5% during the forecast period from 2023 to 2030", as reported by SNS Insider.

Market Report Scope

Smart Home and Smart Office are modern concepts that leverage advanced technologies to enhance the functionality, convenience, and efficiency of residential and commercial spaces, respectively. These innovative environments incorporate various interconnected devices, sensors, and systems that can be controlled and monitored remotely, usually through a central hub or a smartphone application. By integrating these technologies, Smart Home and Smart Office environments provide users with a seamless and personalized experience.

Market Analysis

The smart home and office market is expected to continue growing as more and more people recognize the benefits of automation. In addition to the convenience and cost savings, smart homes and offices can also increase property values and appeal to tech-savvy buyers or renters. As the technology continues to evolve and become more accessible, we can expect to see even greater demand for automated living and working spaces in the years to come. One of the most significant benefits of a smart home or office is the ability to save on energy expenses. With automated systems, you can set schedules for heating, cooling, and lighting to optimize energy usage and reduce waste.

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Smart Home and Office Market Report Scope:

Report AttributesDetails
Market Size in 2022US$ 67.75 Billion
Market Size by 2030US$ 186.61 Billion
CAGRCAGR of 13.5% From 2023 to 2030
Key Segments• By Product (Lighting Controls, Hvac Controls, Surveillance Products, Access Controls)
• By Standard (Wi Fi And Infrared, En Ocean, Bac Net, Z Wave, Zigbee, Dali, Knx)
Regional AnalysisNorth America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company ProfilesJohnson Controls International, United Technologies Corporation, Schneider Electric, Robert Bosch GmbH, Sony Corporation, Siemens, Honeywell, Samsung Electronics, Legrand SA, and Eaton Corporation PLC.
Market Drivers• Ownership of internet-enabled smart devices is increasing.
• Growing demand for energy-efficient buildings.

Impact of Recession

The impact of a recession on the smart home and office market could be significant. The market may experience a decrease in new installations, a shift in consumer preferences, and a slowdown in innovation. However, companies that are able to offer cost-effective solutions and adapt to changing consumer preferences may be able to weather the recession and maintain their market share.

Key Regional Development

The smart home and office market is expected to continue its growth trend in North America, as the region benefits from various government initiatives that support the implementation of smart technology in residential and commercial spaces. With an increasing awareness of the benefits of smart homes among customers, there is a rising demand for innovative solutions that can improve the efficiency and convenience of daily life. Another key factor driving market demand is the rise of security concerns among homeowners. With the increasing incidence of home burglaries and break-ins, many consumers are turning to smart home security cameras and other surveillance technologies to bolster their home defenses and keep their families safe.

Key Takeaway from Smart Home and Office Market Study

  • The lighting controls segment is taking the lead in the market. The benefits of these controls, including energy savings and improved comfort and productivity, are driving their adoption. As technology continues to advance, we can expect to see even more innovative lighting control systems that offer even greater functionality and ease of use. 
  • The Wi-Fi and infrared technology segment is set to take the lead in the market. Wi-Fi's ubiquity and affordability make it a natural fit for smart home and office applications, while infrared's advanced features make it an ideal technology for controlling devices and creating personalized environments.

Recent Developments Related to Smart Home and Office Market

  • Samsung and Google have recently announced their partnership to create an open standard for smart home devices called Matter. The goal is to simplify the setup and control of smart home devices and enable interoperability across different brands and ecosystems.
  • South Korean proptech startup, Zigbang, has announced the acquisition of Samsung SDS' smart home IoT business. The deal will allow Zigbang to expand its services into the rapidly growing smart home market in South Korea.

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Table of Content:

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

8. Smart Home and Office Market Segmentation, by product

9. Smart Home and Office Market Segmentation, by standard

10. Regional Analysis

11.Company Profiles

12.Competitive Landscape


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