Smart Homes Market Size, Share, Opportunities, COVID-19 Impact, And Trends by Products (Security Control, Lighting Control, Access Control, Energy Management Systems, Home Health Systems, Smart Kitchen, Smart Entertainment Systems, HVAC Control, Others), by Services (Installation, Maintenance, Renovation and Customization), and by Geography – Forecast From 2019 To 2024

Smart homes are residences equipped with a high-end computational and operational network that automatically operates, interacts with, and responds to the needs of its residents. This impacts the occupants’ luxury and convenience. Other major purposes that are solved by smart homes are enhancing security measures, providing energy efficiency as well as providing timely entertainment. The global smart homes market is expected to grow at a CAGR of 17.86% reaching US$124.596 billion in 2024 from US$46.493 billion in 2018. Developed countries will be the major market providers at the initial stage but market size in growing economies is expected to increase in the long run due to rapidly increasing purchasing power in these economies and an overall push from governments towards automation and energy efficiency. A growing percentage of the aging population in developed countries with a higher rate of chronic conditions generates a high demand for energy-efficient smart home solutions. Apart from this, smart security systems as well as automatically coordinating interconnected home electrical appliances are huge drivers in this sector. Despite the presence of enormous driving forces in the market, factors like heavy initial costs and lack of consumer awareness are some restraints faced by the smart homes market.

DRIVERS

Energy efficient equipment like smart meters.
Electronic devices like refrigerators, air-conditioners and washing machines that are interconnected and can run with a two-way information channel.
Smart security systems are huge drivers at a time when home security is a big concern for people.
Demands of an aging population with a growing prevalence of chronic diseases.

RESTRAINTS

High up-front costs
Lack of awareness among consumers

RECENT DEVELOPMENTS

In January 2017, Honeywall International Inc. launched Lyric Cameras and an eventual software upgrade for Lyric Security Systems, thus making the system compatible with Apples’s HomeKit. They also added app integration with a lyric system for better monitoring and instant alerts.
In July 2018, Siemens AG added new features to their Synco IC cloud platform for remote heating, ventilation, and air-conditioning control.

Smart Homes Market Scope:

Report Metric	Details
Market size value in 2018	US$46.493 billion
Market size value in 2024	US$124.596 billion
Growth Rate	CAGR of 17.86% from 2018 to 2024
Base year	2018
Forecast period	2019–2024
Forecast Unit (Value)	USD Billion
Segments covered	Products, Services, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	Siemens Ag, Honeywell International Inc., Lutron Electronics, Emerson Electric Co.,   Control4 Corporation, Schneider Electric, United Technologies Corporation, Crestron   Electronics, Samsung Electronics, Sony Corporation
Customization scope	Free report customization with purchase

Segmentation

The global smart homes market has been analyzed through the following segments:

By Products

Security Control
Lighting Control
Access Control
Energy Management Systems
Home Health Systems
Smart Kitchen
Smart Entertainment Systems
HVAC Control
Others

By Services

Installation
Maintenance
Renovation and Customization

By Geography

North America
USA
Canada
Others

South America
Brazil
Argentina
Others

Europe
Germany
United Kingdom
France
Others

Middle East and Africa
Israel
UAE
Saudi Arabia
Others

Asia Pacific
China
South Korea
Japan
India
Others

---

Frequently Asked Questions (FAQs)

Q1. What will be the global smart homes market size by 2024?
A1. The global smart homes market is expected to reach a market size of US$124.596 billion in 2024. 

Q2. What factors are anticipated to drive the smart homes market growth?
A2. A growing percentage of the aging population in developed countries with a higher rate of chronic conditions generates a high demand for energy-efficient smart home solutions. 

Q3. What are the growth prospects for the smart homes market?
A3. The smart homes market is expected to grow at a CAGR of 17.86% during the forecast period. 

Q4. What is the size of the global smart homes market?
A4. Smart Homes Market was valued at US$46.493 billion in 2018. 

Q5. How is the smart homes market segmented?
A5. The global smart homes market has been segmented by products, services, and geography.

1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Currency
1.5. Assumptions
1.6. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Secondary Sources
3. KEY FINDINGS
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. GLOBAL SMART HOMES MARKET BY PRODUCTS
5.1. Security Control
5.2. Lighting Control
5.3. Access Control
5.4. Energy Management Systems
5.5. Home Health Systems
5.6. Smart Kitchen
5.7. Entertainment Systems
5.8. HVAC Control
5.9. Others
6. GLOBAL SMART HOMES MARKET BY SERVICES
6.1. Installation
6.2. Maintenance
6.3. Renovation and Customization
7. GLOBAL SMART HOMES MARKET BY GEOGRAPHY
7.1. North America
7.1.1. USA
7.1.2. Canada
7.1.3. Others
7.2. South America
7.2.1. Brazil
7.2.2. Argentina
7.2.3. Others
7.3. Europe
7.3.1. Germany
7.3.2. United Kingdom
7.3.3. France
7.3.4. Others
7.4. Middle East and Africa
7.4.1. Israel
7.4.2. UAE
7.4.3. Saudi Arabia
7.4.4. Others
7.5. Asia Pacific
7.5.1. China
7.5.2. South Korea
7.5.3. Japan
7.5.4. India
7.5.5. Others
8. COMPETITIVE INTELLIGENCE
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investments and Deals
8.3. Strategies of Key Players
9. COMPANY PROFILES
9.1. Siemens AG
9.2. Honeywell International Inc.
9.3. Lutron Electronics
9.4. Emerson Electric Co.
9.5. Control4 Corporation
9.6. Schneider Electric
9.7. United Technologies Corporation
9.8. Crestron Electronics
9.9. Samsung Electronics
9.10. Sony Corporation
LIST OF FIGURES
LIST OF TABLES

Siemens Ag
Honeywell International Inc.
Lutron Electronics
Emerson Electric Co.
Control4 Corporation
Schneider Electric
United Technologies Corporation
Crestron Electronics
Samsung Electronics
Sony Corporation