Blockchain in Smart Home Market Size, Share and Industry Analysis By Blockchain Type (Public, Private, Consortium, and Hybrid), By Application (Home Automation, Home Entertainment, Home Security, Home Healthcare, and Others), and Regional Forecast till 2032

The global blockchain in smart home market is witnessing significant growth due to the increasing demand for establishing efficient and sustainable smart home systems. The increasing popularity of smart home applications is surging the demand for improving the underlying information technology infrastructure for ensuring the security, transparency, and privacy of data, further driving blockchain demand.

• As per industry experts, in 2022, the consumer spending on smart home technology reached USD 135 billion and the number is estimated to rise to USD 170 billion by 2025.

Impact of AI and Blockchain on Smart Home Technology

AI and blockchain are two emerging technologies that help the advancement of the smart home technology in various ways. Blockchain is a distributed ledger that records transactions in a transparent, secure, and immutable way. AI is the capability of machines to perform tasks that normally require human intelligence, including reasoning, learning, and decision-making. Blockchain can enhance smart home technology by providing trustless, decentralized, and verified platform for data management, exchange, and governance. Blockchain helps the smart home device to share the data without relying on intermediary or central authority including utility company or cloud provider. For instance, IOTW is blockchain-based platform that creates a decentralized network for smart home devices so the devices can exchange data.

AI can enhance smart home technology by providing capabilities for predictions, data analysis, automation, and optimization. AI helps smart home devices to process huge amount of data from various sources, extract meaningful insights, and anticipate future events or outcomes based on historical data. This helps owners to plan and take preventive measures. For instance, Netatmo is a smart home device which uses AI for forecasting weather conditions based on local data and other is Amazon Echo that uses AI for providing voice-based interaction and personalized recommendation.

Blockchain in Smart Home Market Driver

Increasing Popularity of Smart Homes to Drive the Market Growth

Smart homes have gained popularity in the last few years due to the advancement of the technology at a rapid pace. As per Security.org Survey, around 78% of people are willing to pay more for a smart home. As smart home applications are becoming popular, the demand for secure and efficient data management is increasing and due to this, the adoption of blockchain in smart homes is increasing as blockchain provides enhanced security, reliability, and transparency in managing the data and devices. Therefore, the increasing the popularity of smart homes is expected to drive the market growth.

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In 2025, the number of smart homes will increase and reach around 478.2 million due to the increasing availability and affordability of smart home technology. The number is surging owing to features that offer control and convenience.

Blockchain in Smart Home Market Restraint

High Installation Cost of the Technology May Hinder Industry Growth

Switching from the existing traditional home systems to smart home systems requires high installation cost. The use of blockchain in smart home technology has various benefits. However, the integration requires huge data storage capacity, lot of processing power and additional cost for integrating the blockchain in smart home system. Therefore, high installation cost restricts the market growth.

Blockchain in Smart Home Market Opportunity

Increasing Demand for Interoperability to Boost the Market Growth

With millions of smart home devices available from manufacturers, interoperability has become a significant challenge in the smart home ecosystem. Blockchain technology helps to facilitate seamless communication and interoperability between disparate devices and platforms, enabling a more cohesive and integrated smart home experience.

• According to a survey by industry experts, around 79% of respondent said that interoperability is important for them while purchasing smart home devices.

Segmentation

Key Insights

The report covers the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by Key Players


• Impact of Generative AI on the Global Hospice Care Market


• Consolidated SWOT Analysis of Key Players

Analysis by Blockchain Type

By blockchain type, the market is segmented into public, private, consortium, and hybrid.

The public blockchain segment accounts for the largest market share due to emphasis on security, community collaboration, transparency, and interoperability. The segment is estimated to grow significantly as private blockchain provides extra security to sensitive information and allow for greater control over who has access to data on the network.

Analysis by Application

Based on application, the market is categorized into home automation, home entertainment, home healthcare, home security, and others.

The home security segment is the largest contributor to the market as the security system adds an extra layer of security in smart home premises and devices, including smart locks, security cameras, doorbell and others, connected to the internet.

The home entertainment segment is estimated to grow significantly over the coming years as smart home entertainment devices have smart hubs, smart gaming console, smart projectors, smart TV, and others. These devices collect and store huge amount of data exposed to vulnerability and the adoption of blockchain is increasing in home entertainment. 

Regional Analysis

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North America accounted for the largest share in 2023 owing to government initiatives to support energy-efficient buildings. The increasing awareness in the region regarding security, safety, water management, and energy is increasing the demand for blockchain in smart homes.

The U.S. is leading in the region on account of technological advancements. As of 2024, around 69.91 million households in the country are actively using smart home devices.

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The Asia Pacific market is estimated to grow significantly over the coming years. This is owing to rising internet penetration and a surge in government initiatives including energy cost saving program, carbon reduction strategies, and others.

The blockchain in smart home market is estimated to grow rapidly in the Middle East region due to the mounting demand for smart devices, including smart security, smart ovens, and smart fridges, for their convenience.

Key Players Covered

The global blockchain in smart home market is fragmented with the presence of a large number of group and standalone providers.

The report includes the profiles of the following key players:

• Telstra (Australia)


• Comcast (U.S.)


• Blockchain App Factory (S A Eonsofttech Pvt Ltd) (India)


• TokyoTechie (India)


• Xage Security (U.S.)


• Protokol BV (Netherlands)


• Aciana Health Systems (U.S.)


• Mobiloitte (India)


• Samsung (South Korea)


• Tata Consultancy Services Limited (India)

Key Industry Developments

• In July 2024, Samsung SmartThings and Leap, a virtual power plant platform entered a partnership for offering SmartThings Energy Flex Connect Program to U.S. residents. The program would help qualified users win rewards and save energy with their smart home devices.


• In October 2022, Samsung introduced blockchain-based security solution Knox Matrix for strengthening security through multi-layered mutual monitoring across connected devices.