Smart Home Market size worth $ 495.15 Billion, Globally, by 2028 at 23.59% CAGR: Verified Market Research®

The growth of the Smart Home Market is expected to be significantly driven by the increasing consumer preference for video doorbells, voice-assisted technologies (such as Alexa and Google Home), and surveillance systems.

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Jersey City, New Jersey, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Smart Home Market” By Technologies (Cellular Network Technologies, Protocols And Standards), By Product (Lighting Control, Security And Access Control, HVAC Control), and By Geography. According to Verified Market Research, the Global Smart Home Market size was valued at USD 98.24 Billion in 2020 and is projected to reach USD 495.15 Billion by 2028, growing at a CAGR of 23.59% from 2021 to 2028.

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Browse in-depth TOC onSmart Home Market

202 - Pages

126 – Tables

37 – Figures

Global Smart Home Market Overview

Increasing adoption of smartphones and growing penetration of the internet around the world are some of the significant factors affecting the growth of the secure mobile communication software market in the given analysis period. The Internet has made life simpler in several ways in recent years and is spreading ever more widely. In areas such as banking, transport, education, healthcare, shopping, home automation, and personal data analysis, the use of the Internet has increased. In this major rise in Internet use, mobile device plays an important role. Over the last year, the number of internet users has increased, with over 1 million people coming up every day online for the first time since January 2018.

In developing economies, home automation holds significant potential in the overall smart home industry. This is mainly due to the rising adoption of the internet of things mostly in developed countries. Users prefer a high level of living where they have access to technologically connected devices, including televisions, refrigerators, smartphones, and other electronic devices. Furthermore, a growing inclination for a luxurious lifestyle in developing countries coupled and increasing disposable income are some of the drivers expected to drive the growth of the smart home market.

The growth of the Smart Home Market is expected to be significantly driven by the increasing consumer preference for video doorbells, voice-assisted technologies (such as Alexa and Google Home), and surveillance systems. The growth in the adoption of consumer IoT is attributed to the rising penetration of the internet, the increasing usage of smartphones, and the expansion of social network platforms. The continuous rise in the number of internet users across the globe is expected to boost the growth of the overall Smart Home Market owing to the growing adoption of internet-enabled smart devices such as radio frequency identification (RFID), barcode scanners, and mobile computers.

Key Developments

  • Siemens AG, Honeywell International Inc, Schneider Electric SE, and Johnson Controls PLC.

Key Players

The major players in the market are Siemens AG, Honeywell International Inc, Schneider Electric SE, and Johnson Controls PLC.

Verified Market Research has segmented the Global Smart Home Market On the basis of Technologies, Product, and Geography.

  • Smart Home Market, By Technologies
    • Cellular Network Technologies
    • Protocols and Standards
    • Wireless Communication Technologies

  • Smart Home Market, By Product
    • Lighting Control
    • Security and Access Control
    • HVAC Control
    • Media & Entertainment
    • Others

  • Smart Home Market by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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