Wilmington, Delaware, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Global Smart Home Automation System Market value is estimated at US$ 78 billion in 2023 and is expected to grow at a significant CAGR of over 27.3% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
There is a growing demand for smart home automation systems as consumers seek convenience, comfort, energy efficiency, and security in their homes. Smart home devices and technologies offer enhanced control and automation of various functions, such as lighting, temperature, security, entertainment, and appliances.
The evolution of IoT technology has significantly contributed to the growth of the smart home automation market. IoT enables seamless connectivity and communication between various smart devices and systems, allowing homeowners to remotely monitor and control their homes through smartphones or other devices. Plus, the increasing smartphone penetration is another big driver.
Moreover, consumers are increasingly demanding smart home automation systems that can make their lives more convenient and comfortable. For example, smart thermostats can learn users' heating and cooling preferences and automatically adjust the temperature accordingly, and smart lights can be turned on or off remotely or via voice command.
- According to a deep-dive market assessment by RationalStat, the global smart home automation system has been analyzed on the basis of market segments, including type, crop type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global smart home automation system covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global smart home automation system. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Smart Home Automation System Market: Segmental and Market Share Analysis
- On the basis of application, the Security segment is dominating the global smart home automation system market owing to the increasing crime rate coupled with rising disposable income.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 78 billion |
| Market Size Forecast | US$ 427 billion |
| Growth Rate | 27.3% |
| Key Market Drivers |
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| Dominating Region |
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| Dominating Segment |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global smart home automation system include,
- In June 2023, ABB acquired Eve Systems GmbH, a Munich-based provider of smart home products with operations in Europe and the US. The transaction is intended to make ABB a leader in smart home products based on Matter and Thread, the new interoperating standard and wireless connectivity technology.
Some of the prominent players and suppliers operating and contributing significantly to the global smart home automation system growth include ABB Ltd., Control4 Corporation, Crestron Electronics, Inc., Honeywell International, Inc., Ingersoll-Rand plc, Johnson Controls, Legrand SA, Leviton Manufacturing Company, Inc., Lutron Electronics Co., Inc., and Schneider Electric, among others.
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RationalStat has segmented the global smart home automation system market based on technology, application, and region.
- Global Smart Home Automation System Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Technology
- Cellular
- Wireless
- Others
- Global Smart Home Automation System Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Security
- Lighting
- Entertainment
- HVAC & Energy Management
- Smart Kitchen
- Other Appliance
- Global Smart Home Automation System Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Smart Home Automation System Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Smart Home Automation System Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Smart Home Automation System Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Smart Home Automation System Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Smart Home Automation System Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Smart Home Automation System Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Smart Home Automation System Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Smart Home Automation System Report:
- What will be the market value of the global smart home automation system by 2030?
- What is the market size of the global smart home automation system?
- What are the market drivers of the global smart home automation system?
- What are the key trends in the global smart home automation system?
- Which is the leading region in the global smart home automation system?
- What are the major companies operating in the global smart home automation system?
- What are the market shares by key segments in the global smart home automation system?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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