Smart Home Market Size & Forecast 2023

Smart Home Market Size & Forecast 2023–2028: Trends and Growth Insights

Posted 2025-07-22 07:29:16

Market Size, Growth & Valuation (2023-30)

Smart Home Market is projected to grow at a CAGR of around 23.8% during the forecast period, i.e., 2023-28.

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Smart Home Market Structure – Segmentation & Geography

By Technology

Cellular Network Technologies
Protocols and Standards
Wireless Communication Technologies

By Software & Service

Behavioral
Proactive

By Product Type

Entertainment Controls
- Audio, Volume and Multimedia Room Controls
- Home Theater System Control
- Touchscreen and Keypads
Security & Access Control
- Video Surveillance
  - Hardware
  - Software
  - Services
- Access Control
  - Non-Biometric Access Control
  - Biometric Access Control
- HVAC Control
  - Smart Thermostats
  - Sensors
  - Actuators
  - Dampers
  - Control Valves
  - Heating and Cooling Coils
  - Pumps & Fans
  - Smart Vents
- Smart Home Appliances
  - Smart Washer
  - Smart Dryers
  - Smart Water Heaters
  - Smart Vacuum Cleaners
- Smart Kitchen
  - Smart Dishwashers
  - Smart Refrigerators
  - Smart Cookers
  - Smart Ovens
  - Smart Coffee Makers
  - Smart Kettles
- Smart Lighting Control
  - Dimmers
  - Switches
  - Relays
  - Daylight Sensors
  - Timers
  - Others
- Smart Furniture
  - Smart Tables
  - Smart Stools and Benches
  - Smart Sofas
  - Smart Chairs
  - Smart Desks
- Others (Smart Plugs, Smoke Detectors, Smart Meters)

Entertainment Controls are anticipated to dominate the market with the largest share during 2023-28.

By Region

North America
South America
Europe
Middle East & Africa
Asia-Pacific.

North America is anticipated to make significant contributions to the overall market expansion in the coming years.

Key Growth Trends (2023-2028)

Rising Need for Energy Efficiency to Reduce Running Costs - With alarming levels of carbon emissions as a result of rising warming, energy efficiency is a crucial aspect of any country's development. As smart Home account for a considerable portion of the world's total energy consumption, the mounting consumer need for enhanced energy savings & minimized living costs is the prime aspect projected to drive the market during 2023-28. Additionally, the rising number of smart buildings owing to rapid urbanization, the increasing penetration of smartphones & the internet, growing adoption of intelligent technologies in Home, such as video doorbells, voice-assistants (Alexa and Google Home), & surveillance systems, among others, are also projected to fuel the market growth through 2028.

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Research Methodology

MarkNtel Advisors employs a thorough and iterative research methodology to enhance accuracy in market estimates. Our process combines bottom-up and top-down approaches, focusing on data triangulation for validation. It includes defining research objectives, selecting representative samples, and collecting data through surveys and interviews. Post-collection, we analyze and validate the data using statistical tools, ensuring reliability. Finally, we forecast market trends through predictive modeling, compiling our insights into detailed reports with charts and strategic recommendations for informed decision-making.

Competitive Analysis Framework

The Smart Home industry is moderately fragmented, with key players focusing on technological advancements and strategic partnerships. A detailed competitive analysis helps businesses benchmark against industry leaders and identify growth opportunities.

Leading Smart Home Companies are:

ABB Ltd.
AMX
Johnson Controls
United Technologies Corporation
Emerson Electronics Co.
Honeywell
Ingersoll-Rand PLC
Legrand S.A.
Lutron Electronics, Inc.
Schneider Electric S.A.
Siemen AG
Tyco International Ltd.
Robert Bosch GmbH
Siemens
Samsung.

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Key Questions Answered in This Report:

What is the current market size of Smart Home, and what growth rate is projected by 2028?
Which key trends are driving Smart Home market expansion in the next five years?
How does market segmentation impact industry dynamics?
Which geographic regions offer the highest growth potential?
What are the primary challenges hindering Smart Home industry growth?
How do regulatory policies influence market development?
What are the latest technological advancements impacting the sector?
Who are the leading Smart Home companies, and what are their market shares?
What strategies are top competitors adopting to maintain dominance?
What are the emerging niche segments with high growth potential?
How do macroeconomic factors affect market performance?
What are the investment opportunities for new entrants?
How does pricing strategy vary across different market segments?
What are the future innovation trends expected in this industry?

Other Report:

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