Smart Home Market To USD 755.8 Billion By 2032, Owing To Growing Consumer Demand For Energy Efficiency | Research By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) The Smart Home market is experiencing rapid growth due to rising consumer demand for convenience, energy efficiency, and enhanced security solutions.

Pune, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Smart Home Market Size Analysis:

“ The SNS Insider report indicates that the Smart Home Market size was valued at USD 101.1 billion in 2023 and is expected to grow to USD 755.8 billion by 2032, growing at a CAGR of 25.07% over the forecast period of 2024-2032. ”

Driving the Future of Living: How Smart Home Technologies are Shaping Connected, Efficient, and Personalized Homes

The smart home market is the fastest-growing industry in the world powered by near-futuristic technology, continuing urbanization, and interconnected living structures. the Internet of Things device demand is driven by the increasing uptake of smart home products, including thermostats, security cameras, lighting controls, and voice assistants. Also, the emergence of high-speed internet and efficient wireless communication protocols such as Zigbee and Wi-Fi 6 are improving the interoperability of devices and consumer adoption of smart home solutions. In addition to this, the market is also gaining from the growing geriatric demographic, particularly in developed economies as smart home technologies address the need for elderly care by providing voice-activated help, remote health monitoring, fall-detection, and voice-activated alerts. The adoption of smart appliances has also been boosted by government initiatives promoting energy-efficient appliances and renewable energy integration measures.

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Major Players Analysis Listed in this Report are:

• Amazon – Echo Smart Speaker
• Google – Nest Learning Thermostat
• Apple – HomePod
• Samsung – SmartThings Hub
• Philips – Hue Smart Lighting
• Honeywell – Lyric T5 Wi-Fi Thermostat
• ADT – Pulse Smart Security System
• LG Electronics – Smart ThinQ Refrigerator
• Xiaomi – Mi Smart Home Hub
• Ring – Video Doorbell
• Bosch – Smart Home Controller
• Siemens – Home Automation System
• Legrand – Smart Lighting Controls
• Ecobee – SmartThermostat with Voice Control
• Arlo Technologies – Arlo Pro 4 Security Camera

Smart Home Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 101.1 Billion
Market Size by 2032	USD 755.8 Billion
CAGR	CAGR of 25.07% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers	. Increasing preference for convenience, energy efficiency, and enhanced security in residential spaces. . Growing adoption of IoT-enabled devices for seamless home automation and interoperability.

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Smart Home Market by Application: Retrofit Dominates with 65% Share, While New Construction Sees Rapid Growth in the Coming Years

The demand for the construction of smart technologies in existing homes, rather than in innovative buildings, was a major factor, as the retrofit segment occupied more than 65% revenue share of the market in 2023. Increasing numbers of homeowners are retrofitting their pads with thermostats, lighting controls, and security systems to make their homes more convenient, energy-efficient, and secure.

The new construction segment is anticipated to grow with the fastest CAGR over the forecast period from 2024 to 2032, as well as expanding the application of smart home technologies in new homes. With this high demand modern living spaces with smart technology commit builders to construct smart homes containing smart devices like smart thermostats, smart lighting, smart locks, and smart security cameras.

Smart Home Market by Protocol: Wired Protocol Leads with 71% Share, While Wireless Protocol Set for Rapid Growth with Advancements in IoT and Wi-Fi 6

In 2023, the wired protocol segment dominated the market and held a revenue share of more than 71% owing to both the reliable and secure nature wired provides over its counterpart, namely, wireless. Wired systems, or Ethernet and powerline communication, provide reliable and high-speed data transfer, making them ideal for applications with strict performance requirements, like security systems, home automation hubs, and entertainment devices.

In terms of both convenience and flexibility throughout the buildings, smart home installations prefer wireless protocol, which holds the fastest CAGR during the forecast period. Depending on wireless technologies such as Wi-Fi, Zigbee, Z-Wave, and Bluetooth, alleviate the need for wires, provide ease of configuration and scalability, and reduce installation costs for IoT devices. Explosive usage of IoT devices and the requirement for seamless connectivity within homes fuel this segment.

Smart Home Market Segmentation:

By Device Type

• Safety & Security Access Control
• Home Appliances
• Smart Thermostats
• Smart Entertainment Devices
• Smart Kitchen Appliances
• Others

By Application

• Retrofit
• New Construction

By Protocol

• Wired
• Wireless

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Smart Home Market Regional Landscape: North America Leads with 41% Share, While Asia Pacific Poised for Fastest Growth Driven by Urbanization and Tech Adoption

The majority of the market share was held by North America, contributing to more than 41% of the total revenue in 2023 due to higher demand, more smartphone adoption; ongoing technology evolution; and large-scale value-added investment into smart home infrastructure. The U.S. remains the largest market and the adoption of energy-efficient, secure, and home automation solutions is rapidly maturing. Factors such as abundant high-speed internet in the region and the presence of well-known smart home device manufacturers such as Amazon, Google, and Apple, are expected to drive the market growth.

Asia Pacific is also projected to record the fastest CAGR over the forecast period from 2024 to 2032 due to rapid urbanization, high disposable income and rising consumer income for consumer preference for smart home technologies. In countries like China, Japan, and India, the connected device market has grown rapidly due to the youth as well as encouragement from the governments to kick-start smart city initiatives and similar projects.

Recent Smart Home Developments: January 2024 - Philips Hue, March 2024 - Connectivity Standards Alliance

• January 2024 - Philips Hue : Introduced Sensify, a technology that turns Zigbee-powered light bulbs into motion sensors through a firmware update, enhancing home automation without additional hardware.
• March 2024 - Connectivity Standards Alliance (CSA) : Announced plans to improve the Matter protocol to enhance device interoperability and reliability across smart home ecosystems by 2025.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Smart Home Market Segmentation, By Device Type

8. Smart Home Market Segmentation, by Application

9. Smart Home Market Segmentation, by Protocol

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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