Smart Home Market to Exhibit a Stellar CAGR of 22.9% from 2024 to 2032; Market Value to Grow Owing to High Uptake of Internet of Things (IoT) Solutions

The global smart home market size stood at USD 101.07 billion in 2023. The market value is slated to rise from USD 121.59 billion in 2024 to USD 633.20 billion by 2032 at a CAGR of 22.9% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Smart Home Market Size, Share & Industry Analysis, By Device Type (Safety & Security Access Control, Home Appliances, HVAC, Lighting Control, Smart Entertainment Devices, Smart Kitchen Appliances, and Others), By Application (Retrofit and New Construction), By Protocol (Wired and Wireless), and Regional Forecast, 2024-2032”.

Smart homes provide convenient solutions with an internet connection offering home appliances to be controlled by mobile devices. The rising incorporation of interoperable and energy-efficient smart home systems is impelling the market growth. Energy-saving attributes are offered by IoT-based equipment at home.

Amid the COVID-19 pandemic, people had to spend more time in their homes due to lockdown restrictions, which allowed more vendors to enter the market making a positive impact in the market.

Lumos and CPI Security Unveiled to Partner to Deliver Ultra-fast Solutions

In August 2023, Lumos and CPI Security announced a partnership to offer homeowners located in the Southeast with ultra-fast total home Wi-Fi. Moreover, it will offer better support to their customized smart home security systems. Through this deal, Lumos expects to deliver more dependable and quicker bandwidth to support the mission of CPI Security in providing safety to neighborhoods and families.

Heightened Uptake of Internet of Things (IoT) Solutions to Escalate Market Growth

As per GSMA Intelligence, Internet of Things (IoT) connections are poised to hit around 25 billion globally by 2025, which was 10.3 billion in 2018. It depicts that there will be vast clusters of devices, things, and sensors that can communicate through high-speed technology, such as 5G, within some years. Hence, the rising proliferation of IoT devices is slated to bolster smart home market growth.

Despite an expanding scope for the adoption of the solution, the threats associated with security may impede market growth.

Key Players Deploy Product Development Strategies to Outshine the Competition

Leading corporations are making heavy investments in R&D to deliver advanced services and products to their clients. The market is experiencing the deployment of a wide array of strategic moves by prominent companies. Collaborations, mergers, acquisitions, and capacity expansions are some of these strategies. Some companies are also implementing product development strategies to stand out from the competition.

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List of Key Players Profiled:

• Apple Inc. (U.S.)


• Amazon Inc. (U.S.)


• Centrica Connected Home Limited (U.K.)


• Emerson Electric Co. (U.S.)


• General Electric Company (U.S.)


• Honeywell International (U.S.)


• SAMSUNG (South Korea)


• Schneider Electric SE (France)


• Sony Corporation (Japan)


• Johnson Controls (U.S.)

Key Industry Development

• January 2023: Schneider Electric announced the launch of Schneider Home, an energy management solution. The solution is inclusive of a powerful solar inverter, a smart electric panel, light switches and connected electrical outlets, an EV charger, and a house battery for storing sustainable energy. A user-friendly Schneider Home app can be used to control the complete system easily.

Further Report Findings:

• North America is expected to witness the largest smart home market share during the forecast period. This can be credited to the robust presence of key companies in the market, such as Sony Corporation, Honeywell International Ltd., Amazon Inc., and Apple Inc.


• Europe’s market growth can be attributed to the rising requirement for smart monitoring and security systems in the region.


• On the basis of application, the market is segmented into new construction and retrofit. The new construction segment is anticipated to expand at a leading CAGR during the forecast period due to the growing preference of people for housing with installed in-built solutions.

Table of Segmentation