Smart Home Automation Market to Hit $444.98 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Feb. 14, 2023 /PRNewswire/ -- The global smart home automation market size is estimated to be valued at USD 444.98 billion by 2030, with a CAGR of 27.3% from 2023 to 2030, based on the latest report by Grand View Research, Inc. The smart home automation market demand is primarily driven by the rapid adoption of lighting, entertainment, and security & access solutions in the residential sector. Advanced technologies such as artificial intelligence, machine learning, and speech recognition, among others are expected to drive market growth. In addition, key market players have adopted various growth strategies such as partnerships and collaborations to provide technologically advanced solutions to create demand in the market. For instance, in January 2023, Xailient Inc. partnered with Adobe Systems to use artificial intelligence for privacy regulations-compliant face recognition in Adobe's smart home video doorbells.

Key Industry Insights & Findings from the report:

• The hardware segment is expected to record the highest market share of over 65% in 2023 due to the growing trend of intelligent homes, through the installation of smart home automation products such as Google Home, Amazon Echo, and Samsung Smart Things.
• Based on technology, the wireless segment is expected to expand at the highest CAGR over the forecast period from 2023 to 2030 owing to its ease of set-up, and ability to connect without laying wires.
• Based on application, the smart kitchen segment is predicted to expand at the highest CAGR over the forecast period from 2023 to 2030 due to the rising demand for smart automated appliances for cooking purposes.
• Based on fitment, the new construction segment is predicted to record the highest CAGR during the forecast period from 2023 to 2030 due to the rising demand from newly constructed houses, as installations are easier in new constructions as compared to established homes.
• By geography, North America accounted for the largest market revenue share in 2023, owing to the presence of legacy companies that already have a large customer base and high technology dependence in the region.

Read 163-page market research report for more latest Insights, "Smart Home Automation Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Service), By Technology, By Application, By Fitment, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Smart Home Automation Market Growth & Trends

The market is expected to benefit from the increasing applications of smart home automation in security & access, entertainment, lighting, HVAC, energy management, smart kitchen, and other appliances during the forecast period. Based on application, the smart kitchen segment is expected to dominate the market due to new product launches following the rising demand for ease of cooking processes. For instance, in January 2023, Samsung Electronics Co., Ltd. launched the Bespoke smart refrigerator, which includes a 32-inch touchscreen and an artificial intelligence-optimized cooling process. The touchscreen display acts as an automation hub and enables connection to other smart home devices.

North America accounted for the largest market revenue share in 2022 and is expected to grow at a significant rate during the forecast period. The region is home to legacy manufacturers and solution providers, such as Honeywell International Inc. and Lutron Electronics Co., Inc., with a technological and supplier dominance owing to their long-standing presence in the market, which provides them with a competitive edge over new market entrants. Moreover, the region's inclination to the adoption of modern technology such as artificial intelligence and the internet of things is expected to drive market growth.

Smart Home Automation Market Segmentation

Grand View Research has segmented the global smart home automation market based on component, technology, application, fitment, and region

Smart Home Automation Market - Component Outlook (Revenue, USD Million, 2018 - 2030)

• Hardware
• Lighting Control
• Security & Access
• HVAC Control
• Entertainment Control & Others
• Smoke Detector
• Others
• Software & Solutions
• Services

Smart Home Automation Market - Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Cellular
• Wireless
• Others

Smart Home Automation Market -  Application Outlook (Revenue, USD Million, 2018 - 2030)

• Security
• Lighting
• Entertainment
• HVAC & Energy Management
• Smart Kitchen
• Other Appliances

Smart Home Automation Market - Fitment Outlook (Revenue, USD Million, 2018 - 2030)

• New Construction
• Retrofit

Smart Home Automation Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East & Africa (MEA)

List of Key Players in the Smart Home Automation Market

• 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.
• Schneider Electric
• Siemens AG

Check out more related studies published by Grand View Research:

• Smart Home Market - The global smart home market size is expected to reach USD 537.00 billion by 2030, and to expand at a CAGR of 27.04% from 2022-2030, according to a new study by Grand View Research, Inc. The smart home is powered by computing devices and information technology that connect various apparatuses and gadgets in the house to provide convenience, comfort, and entertainment to residents in a sustainable way. The market's growth is attributed to the growing penetration of Internet of Things (IoT) and internet connectivity in homes. The integration of Artificial Intelligence (AI) has enabled more advanced and digitally sound smart devices for better living.
• Smart Home Platforms Market - The global smart home platforms market size is expected to reach USD 60.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.9% from 2022 to 2028. Improved experience gained by the users owing to the integration of smart home platforms is the key factor fueling the growth of the market. In addition, the use of smart home platforms allows remote control, thereby further driving the market. Concerns related to the security breach and unauthorized access to personal information and connected device of users is the major restraint for the market. Most of the key players operating in the market are adopting strategies such as adding new features to the platform, along with the development of new platforms that are compatible with various smart devices to capture maximum market share globally.
• Smart Home Services Market - The global smart home services market size is estimated to reach USD 11.7 billion by 2028 and is expected to expand at a CAGR of 11.2% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing demand for cognitive systems at smart homes is surging the adoption of installation and maintenance of smart home devices. In addition, customization of smart home devices by professional installers has also supported the expansion in the industry. However, the expensive nature of repair and maintenance services for smart home device is the key factor hindering the growth of the market. Most of the key industry players are adopting partnership and service expansion to capture maximum market share globally.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.