Wilmington, Delaware, Oct. 29, 2023 (GLOBE NEWSWIRE) -- Australia Smart Home Market value is assessed at a whopping US$ 2.0 billion in 2023 and is expected to grow at a significant CAGR of over 8.7% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
The smart home market refers to the rapidly expanding industry of networked and automated gadgets and systems within a home. These technologies are intended to improve households' convenience, security, energy efficiency, and overall well-being. Devices such as smart thermostats, smart lighting, home security systems, smart appliances, and voice-controlled assistants are examples of smart home technology.
The growth of the smart home industry in Australia is due to a mix of technological improvements, customer demand, government backing, and public knowledge of the benefits of smart home technology.
- According to a deep-dive market assessment by RationalStat, the Australia Smart Home market has been analyzed on the basis of market segments, including home automation systems, smart security systems, energy management systems, smart home entertainment systems and geography/regions (including Western Australia, Southern Australia, Eastern Australia, Northern and Central Australia). The report also offers Australia and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the Australia Smart Home market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the Australia Smart Home market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Australia Smart Home Market: Segmental and Market Share Analysis
- On the basis of home automation systems, smart home hubs segment is expected to grow with a significant CAGR of 10% from 2023-2030. This segment offers homeowners comfort, security, energy efficiency and convenience by allowing them to control their smart devices.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 2.0 billion |
| Market Size Forecast | US$ 3.5 billion |
| Growth Rate | 8.7% |
| Dominated Segment | Smart Home Hubs |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the Australia smart home market include,
- In 2021, Alarm.com created the first "Touchless Video Doorbell" device to make home visits safer and to reduce public health hazards.
- In 2020, Sonos Arc is a premium smart soundbar that delivers immersive, cinema-quality sound to homes across the world.
Some of the prominent players and suppliers operating and contributing significantly to the Australia smart home market growth include Google, Amazon, Apple, Samsung, Arlo, Ring, and Swann, among others.
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RationalStat has segmented the Australia smart home market based on home automation systems, smart security systems, energy management systems, smart home entertainment systems and region
- Australia Smart Home Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Home Automation Systems
- Smart Thermostats
- Smart Lighting
- Smart Home Hubs
- Australia Smart Home Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Smart Security Systems
- Smart Locks
- Smart Cameras
- Smart Alarms
- Australia Smart Home Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Energy Management Systems
- Smart Energy Meters
- Smart Energy Storage Systems
- Smart Energy Management Systems
- Australia Smart Home Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Smart Home Entertainment Systems
- Smart TVs
- Smart Home Theaters
- Smart Home Audio Systems
- Australia Smart Home Market Value (US$ Million), Volume (Units) and Market Share (2019-2030) Analysis by Region
- Australia Smart Home Market
- Western Australia
- Southern Australia
- Eastern Australia
- Northern and Central Australia
- Australia Smart Home Market
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Key Questions Answered in the Smart Home Report:
- What will be the market value of the Australia Smart Home market by 2030?
- What is the market size of the Australia Smart Home market?
- What are the market drivers of the Australia Smart Home market?
- What are the key trends in the Australia Smart Home market?
- Which is the leading region in the Australia Smart Home market?
- What are the major companies operating in the Australia Smart Home market?
- What are the market shares by key segments in the Australia Smart Home market?
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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 Australia 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 Australia 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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