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The smart home automation market size is forecast to increase by USD 261.31 billion at a CAGR of 28.9% between 2024 and 2029.
The smart home automation industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
The hybrid segment is estimated to witness significant growth during the forecast period.
The market encompasses a range of IoT-enabled devices and systems, including Wi-Fi, voice-activated devices, household appliances, security systems, entertainment systems, and energy savings solutions. ML technologies and algorithms facilitate user preferences and daily routines, while data protection and consumer privacy are prioritized. Smart speakers, thermostats, lighting systems, and home security systems are among the popular applications. Consumer spending on non-essential items, such as component shortages, motion detection, temperature detection, and humidity detection devices, is on the rise. The wireless technology segment dominates the market, with wireless connectivity technologies enabling remote control via smartphone apps and voice command.
The retrofit sector is a significant growth area, with safety and security solutions, such as smart locks, video doorbells, and home surveillance cameras, gaining popularity. Energy costs and climate change have fueled demand for energy-efficient devices, including smart air purifiers, water filtration systems, sleep trackers, and health and wellness gadgets. Entertainment control, TV control, multi-room audio, virtual assistants, window shades, kitchen appliances, and coffee makers are other key areas of investment.
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The Hybrid segment was valued at USD 17.19 billion in 2019 and showed a gradual increase during the forecast period.
North America is estimated to contribute 34% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing significant growth due to the rising preference for home automation among consumers. With increasing disposable income and a desire for a luxurious lifestyle, homeowners are increasingly adopting smart home systems. IoT analytics, Wi-Fi, voice-activated devices, and household appliances are popular categories in this market. Security systems, entertainment systems, and energy savings are key drivers. ML technologies and algorithms are used to personalize user experiences based on preferences, daily routines, and user data. ML-enabled devices include smart speakers, thermostats, lighting systems, and home security systems. Consumer spending on non-essential items, such as smart locks, video doorbells, home surveillance cameras, and mobile apps, is also increasing.
Energy savings, climate change, and energy-efficient devices are major concerns, with smart air purifiers, water filtration systems, sleep trackers, and health and wellness devices gaining popularity. Wireless technology segments, such as wireless connectivity technologies, are driving innovation in the retrofit sector. Safety and security, including smart locks, window shades, and kitchen appliances, are key areas of focus. Energy costs, consumer privacy, and data protection are important considerations.
Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The smart home automation market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the smart home automation market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, smart home automation market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
ABB Ltd. - The company specializes in providing advanced home automation systems, enabling control over various functions including blinds, lighting, heating, air conditioning, and door communication. These solutions aim to streamline daily life and promote intelligent living.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth as consumers seek to enhance their living experiences through the integration of Internet of Things (IoT) technologies. This market encompasses a range of devices and systems, including Wi-Fi-enabled household appliances, voice-activated devices, and security systems. IoT analytics plays a crucial role in optimizing the performance of these systems. Machine learning technologies and algorithms analyze user preferences and daily routines to provide personalized experiences. User data and personal preferences are essential inputs for these systems, enabling them to learn and adapt to individual needs. Smart speakers and other voice-activated devices have become popular entrées into the market.
They offer convenience and ease of use, allowing users to control various aspects of their homes through simple voice commands. Energy savings is another significant driver of the market, as smart thermostats, lighting systems, and energy-efficient devices help reduce energy costs and mitigate the impact of climate change. Smart home security systems, including smart locks, video doorbells, and home surveillance cameras, provide peace of mind for consumers. These systems use motion detection, temperature detection, and humidity detection to monitor homes and alert users of potential intrusions or environmental concerns. The wireless technology segment is a major contributor to the market, with wireless connectivity technologies enabling seamless integration of various devices and systems.
The retrofit sector also presents significant opportunities for growth, as many consumers seek to upgrade their existing homes with smart technology. Consumer spending on non-essential items, such as smart home devices, has remained despite component shortages and other supply chain challenges. The market for smart air purifiers, water filtration systems, sleep trackers, and health and wellness devices continues to expand as consumers prioritize indoor air quality and personal well-being. Entertainment control is another key application area for smart home automation. Systems that enable users to control their TVs, multi-room audio, and virtual assistants offer convenience and enhanced user experiences.
Data protection and consumer privacy are critical considerations for the market. As users share increasing amounts of personal data with these systems, it is essential that manufacturers and service providers prioritize data security and privacy. In , the market is experiencing growth as consumers seek to enhance their living experiences through the integration of IoT technologies. The market encompasses a range of devices and systems, including smart speakers, thermostats, security systems, and entertainment control devices. IoT analytics, wireless technology, and consumer demand for energy savings and enhanced convenience are key drivers of market growth. Data protection and consumer privacy are critical considerations for the market, as users share increasing amounts of personal data with these systems.
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Market Scope |
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Report Coverage |
Details |
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Page number |
217 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 28.9% |
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Market growth 2025-2029 |
USD 261.31 billion |
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Market structure |
Fragmented |
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YoY growth 2024-2025(%) |
26.6 |
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Key countries |
US, China, Canada, UK, Japan, Germany, India, South Korea, Italy, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Technology
9 Market Segmentation by Component
10 Market Segmentation by Application
11 Customer Landscape
12 Geographic Landscape
13 Drivers, Challenges, and Opportunity/Restraints
14 Competitive Landscape
15 Competitive Analysis
16 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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