Home Press Releases The Future of Home Automation: Projected Market Value of $163.7 Billion by 2028

The Future of Home Automation: Projected Market Value of $163.7 Billion by 2028

by Press Room

(EMAILWIRE.COM, July 07, 2023 ) According to MarketsandMarkets, The Smart Home Market size is valued at USD 101.7 Billion in 2023 and is anticipated to be USD 163.7 Billion by 2028; growing at a CAGR of 10.0% from 2023 to 2028. Factors such as the increasing importance of home monitoring in remote locations, and the growing need for energy-saving and low-carbon emission-oriented solutions are driving the growth of the market during the forecast period.

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Based on the Sales Channel the smart home market has been segmented into Direct sales and indirect sales. The indirect sales channel segment is expected to grow at a higher CAGR during the forecast period. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales include the sale of smart home products through both online and offline modes. Offline sales channels comprise third-party cellular network carriers, wholesalers, retailers, and value-added resellers whereas online sales channels involve sales through e-commerce platforms and third party retailers.

Based on the Products the smart home market has been segmented into Lighting control, security & access control, HVAC control, entertainment & other controls, smart speakers, home healthcare, smart kitchen, home appliances, and smart furniture. The entertainment & other controls segment is likely to hold the largest share of the market during the forecast period The growth of the audio, volume, and multimedia room control market is driven by the convenience offered by these controls for managing as well as controlling entertainment systems within a house. Advancements in wireless communication technologies are boosting the growth of the home theater system control market, thereby driving the overall smart home market for entertainment & other controls.

Based on the Software and Services smart home market has been segmented into Behavioral, and proactive. The market for proactive software and services is expected to grow at a higher CAGR during the forecast period. The proactive software enables the transfer of a higher volume of data than the behavioral versions; they can provide end users with inputs on effective energy usage and actions on the physical parameters, such as ambient humidity and temperature, to reduce energy consumption. The algorithms associated with the proactive software and services can also comparatively analyze the energy usage patterns based on the time of the day, historical data, and weather conditions.

Key Market Players:

Major players operating in the smart home market include Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), and ASSA ABLOY (Sweden). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.

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