(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 28, 2024 (GLOBE NEWSWIRE) -- The "Smart Homes and Home automation 11th Edition" report has been added to ResearchAndMarkets.com's offering. 126 million homes in Europe and North America were smart at the end of 2023
A point solution will in many cases constitute a consumer's first smart home purchase. The most popular point solutions to date, in terms of sold units, include smart thermostats, smart light bulbs, smart plugs, connected security cameras, voice-controlled smart speakers and floor cleaning robots. These products are marketed by incumbent OEMs such as Signify, Resideo, Danfoss, Belkin, Chamberlain, Schlage, Assa Abloy and iRobot and newer entrants such as Ecobee, Sonos, Arlo, Nuki, Mysa, IKEA, Wyze Labs and SharkNinja.
In the whole-home system market, traditional home automation vendors such as Crestron Electronics, Control4, Savant Systems, eQ-3, Shelly and Loxone are facing new competition as companies from adjacent industries have entered the market. Communications and security service providers such as Verisure, ADT, Vivint, Comcast, SimpliSafe and Telus have established themselves among the largest whole-home solution vendors in North America and Europe by combining home security services with smart home features.
The North American smart home market continues to grow. The installed base of smart home systems reached 279.4 million at the end of 2023. An estimated 40 million of these were multifunction or whole-home systems whereas 239.4 million were point solutions designed for one specific function.
As some homes have more than one smart system in use, the installed base totalled an estimated 60.8 million smart homes at the end of the year. This corresponds to 41.3 percent of all households, placing North America as the most advanced smart home market in the world. Between 2023 and 2028, the number of households that adopt smart home systems is forecasted to grow at a compound annual growth rate (CAGR) of 6.6 percent, resulting in 83.8 million smart homes. Market revenues reached US$_48.1 billion (€ 44.5 billion) in 2023. The market is expected to grow at a CAGR of 9.2 percent between 2023 and 2028, reaching US$_74.8 billion (€ 69.1 billion) in yearly revenues at the end of the forecast period.
The European market for smart home systems is still behind the North American market in terms of market penetration and maturity. However, the market has now grown to become almost as large as the North American market. At the end of 2023, there were a total of 218.2 million smart home systems in use in the EU27+3 countries. Around 28.9 million of these systems were multifunction or whole-home systems whereas 189.3 million were point solutions. This corresponds to around 65.5 million smart homes when overlaps are taken into account, meaning that 27.8 percent of all households in Europe were smart at the end of the year. The number of European households to adopt smart home systems is forecasted to grow at a compound annual growth rate (CAGR) of 9.1 percent during the next five years, resulting in 101.2 million smart homes by 2028. Market revenues reached € 36.2 billion (US$ 39.1 billion) in 2023.
The market is forecasted to grow at a CAGR of 12.5 percent between 2023 and 2028 to reach € 65 billion (US$ 70.3 billion) at the end of the forecast period.
Connectivity adds several benefits to the most commonly used products and systems in the home, including home security systems, door locks, indoor climate control devices, lights, irrigation systems, home appliances and entertainment solutions. The ability to view information and manage various settings of the home from remote enables energy and cost savings, enhances security and safety, and provides convenience for homeowners. In several product categories connectivity is now becoming a standard feature and consumers are increasingly expecting new products to be smart and connected.
Key market trends
A new major platform player is challenging the incumbents The rise and potential fall of smart speakers and voice assistant services Will Matter solve the interoperability problems in the smart home industry? Surging energy prices create demand for smart energy efficiency solutions Connectivity - soon a standard feature in the home appliances segment Lower price points opens the doors to the mass market Cellular IoT in the smart home and home security markets Open versus closed smart home ecosystems Short product lifecycles damage consumer trust Smart home companies introduce paid services Smart insurance for the connected home Mergers and acquisitions in the smart home industry
Highlights from the report
Insights from 30 executive interviews with market leading companies. 360-degree overview of the smart homes & home automation ecosystem. Summary of industry trends in key vertical market segments. Statistical data on adoption of smart home systems in Europe and North America. New market forecasts lasting until 2028. Detailed reviews of the latest initiatives launched by industry players. Updated profiles of the key vendors on this market.
The report answers the following questions
Which are the main applications within smart homes and home automation? What are the main drivers behind growth in Europe and North America? What are the business models and channels-to-market for smart home solutions? How are product OEMs and whole home solution vendors positioning themselves? Will the new Matter standard become a market catalyst? Which are the leading whole-home system vendors in Europe and North America? What is the potential market size for cellular IoT in home automation? How will the smart home market evolve in the next five years?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 240 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $87.2 Billion |
| Forecasted Market Value (USD) by 2028 | $145.1 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
Key Topics Covered:
1 Smart Homes and Home Automation
1.1 Introduction
1.2 Types of home automation
1.3 Home automation market segments
1.4 Channels to market
2 Networks and Communications Technologies
2.1 Overview
2.2 Smart home networking technologies and standards
Bluetooth DECT ULE EnOcean Home Connectivity Alliance (HCA) KNX LPWA Matter Open Connectivity Foundation OpenTherm Thread Wi-Fi Zigbee Z-Wave
2.3 Smart home ecosystems and hubs
Amazon Alexa Apple HomeKit and Siri Flic (Shortcut Labs) Google Home and Google Assistant Homey (LG Electronics) IFTTT LG Electronics Mediola Olisto Samsung SmartThings
2.4 Smart home platforms
Ayla Networks Essence Group OBLO Living ThroughTek Tuya Yonomi (Allegion)
3 Technology Providers and OEMs
3.1 Market overview
3.2 Security and access control system vendors
Arlo Technologies Assa Abloy Canary (Smartfrog Group) Chamberlain Group Ezviz Network (Hikvision) Minut Nuki Home Solutions Reolink Schlage Wyze Labs YI Technology
3.3 Energy management and climate control system vendors
Centrica Danfoss Ecobee (Generac) Eve Systems (ABB) Google Nest Mysa Netatmo (Legrand) Sensibo Tado Toon (Eneco)
3.4 Audio-visual and entertainment system vendors
Bose Harman (Samsung Electronics) Kaleidescape Naim Audio Sonos Sound United (Masimo)
3.5 Lighting and window control system vendors
Acuity Brands Belkin IKEA Ledvance (MLS) Leviton LIFX (Feit Electric) Merkury Innovations Plejd Signify Velux
3.6 Irrigation and water management system vendors
Hozelock Flume Gardena and Orbit Irrigation (Husqvarna) Moen (Fortune Brands Innovations) Rachio
3.7 Home appliances vendors
BSH Hausgerate (Bosch) Electrolux GE Appliances (Haier) Haier Whirlpool
3.8 Service robotics vendors
Ambrogio Robot (Zucchetti Centro Sistemi) Dyson Ecovacs Husqvarna iRobot Labrador Systems Robomow (Stanley Black & Decker) Roborock SharkNinja Operating Worx Landroid (Positec)
4 Service Providers and Whole-Home System Vendors
4.1 Market overview
4.2 Market segments and go-to-market strategies
4.3 Whole-home system OEMs
ABB Bosch Control4 (Resideo) Crestron Electronics Delta Dore Deutsche Telekom D-Link Eltako Ezlo Innovation Futurehome Gira Grenton HomeMatic (eQ-3) Leedarson IoT Technology Legrand Loxone Electronics Lutron Electronics myGEKKO (Ekon) Nice Group Resideo Technologies Savant Systems Schneider Electric Shelly Group Somfy ThinKnx (Pulsar Engineering) TP-Link Universal Electronics Xiaomi
4.4 Smart home service providers
ADT Altice France Brinks Home (Monitronics) Comcast Cox Communications Frontpoint Prosegur Ring (Amazon) Sector Alarm Simplisafe Telus Verisure Vivint Smart Home (NRG Energy)
5 Market Forecasts and Conclusions
5.1 Europe
5.2 North America
5.3 Popular smart home product categories
5.4 Market trends and analysis
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Smart Homes and Home Automation Market
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