This report describes and explains the smart homes market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global smart homes market reached a value of nearly $126.92 billion in 2024, having grown at a compound annual growth rate (CAGR) of 14.37% since 2019. The market is expected to grow from $126.92 billion in 2024 to $327.74 billion in 2029 at a rate of 20.89%. The market is then expected to grow at a CAGR of 19.86% from 2029 and reach $810.77 billion in 2034.
Growth in the historic period resulted from increasing adoption of IoT solutions, rising demand for energy efficiency solutions, proliferation of affordable smart devices and growing importance of smart security and surveillance systems. Factors that negatively affected growth in the historic period were privacy and security concerns and high costs.
Going forward, government initiatives, rising smartphone usage and internet penetration, rise in deployment of 5G networks, increase in work-from-home trends and expansion of e-commerce will drive growth. Factor that could hinder the growth of the smart homes market in the future include were supply chain disruptions and complexity in setup and use.
Asia-Pacific was the largest region in the smart homes market, accounting for 40.96% or $51.98 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the smart homes market will be Africa and South America where growth will be at CAGRs of 24.17% and 23.89% respectively. These will be followed by Middle East and Asia-Pacific where the markets are expected to grow at CAGRs of 22.95% and 21.58% respectively.
The global smart homes market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 18.16% of the total market in 2023. Xiaomi Corp. was the largest competitor with a 8.46% share of the market, followed by NRG Energy, Inc. with 1.45%, Honeywell International, Inc with 1.41%, ADT Inc. with 1.31%, ABB Ltd. with 1.23%, Siemens AG with 1.02%, Johnson Controls International Inc. with 1.00%, ASSA ABLOY AB with 0.86%, Legrand Group with 0.86% and Schneider Electric SE with 0.55%.
The smart homes market is segmented by product into lighting control, security and access control, heating, ventilation and air conditioning (HVAC) control, entertainment control and other controls, smart kitchen, home appliances and other products. The security and access control market was the largest segment of the smart homes market segmented by product, accounting for 28.15% or $35.73 billion of the total in 2024. Going forward, the security and access control segment is expected to be the fastest growing segment in the smart homes market segmented by product, at a CAGR of 25.95% during 2024-2029.
The smart homes market is segmented by software and services into behavioral and proactive. The behavioral market was the largest segment of the smart homes market segmented by software and services, accounting for 67.22% or $85.94 billion of the total in 2024. Going forward, the proactive segment is expected to be the fastest growing segment in the smart homes market segmented by software and services, at a CAGR of 24.45% during 2024-2029.
The smart homes market is segmented by sales channel into direct and indirect. The indirect market was the largest segment of the smart homes market segmented by sales channel, accounting for 63.83% or $81.01 billion of the total in 2024. Going forward, the indirect segment is expected to be the fastest growing segment in the smart homes market segmented by sales channel, at a CAGR of 22.74% during 2024-2029.
The smart homes market is segmented by technology into wireless technology and cellular network technology. The wireless technology market was the largest segment of the smart homes market segmented by technology, accounting for 84.00% or $106.61 billion of the total in 2024. Going forward, the cellular network technology segment is expected to be the fastest growing segment in the smart homes market segmented by technology, at a CAGR of 24.35% during 2024-2029.
The top opportunities in the smart homes market segmented by product will arise in the security and access control segment, which will gain $77.52 billion of global annual sales by 2029. The top opportunities in the smart homes market segmented by software and services will arise in the behavioral segment, which will gain $119.47 billion of global annual sales by 2029. The top opportunities in the smart homes market segmented by sales channel will arise in the indirect segment, which will gain $144.62 billion of global annual sales by 2029. The top opportunities in the smart homes market segmented by technology will arise in the wireless technology segment, which will gain $160.75 billion of global annual sales by 2029. The smart homes market size will gain the most in the USA at $60.64 billion.
Market-trend-based strategies for the smart homes market include focus on AI-powered smart refrigeration for energy efficiency and freshness, enhancing smart home security with advanced surveillance technology, integration of AI to enhance connectivity and visual clarity in smart home security, advancements in cleaning technology with laser navigation systems, launch of next generation smart lighting solutions, strategic partnerships and collaborations among major players drive innovation, introduction of smart home as a service (SHaaS) platforms to improve connectivity and focus on matter-compatible technologies to ensure centralized control of smart home devices.
Player-adopted strategies in the smart homes market include focus on launching new product solutions to expand business, strategic acquisitions to expand business expertise and strengthening business operations through the launch of new products and solutions.
To take advantage of the opportunities, the analyst recommends the smart homes to focus on technological advancements in smart appliances, focus on enhancing smart camera features for security and convenience, focus on AI-powered solutions for energy efficiency and personalized comfort, focus on enhancing security and convenience through smart deadbolts, focus on AI integration for enhanced connectivity and visual clarity, focus on advancements in laser navigation systems for smart home cleaning solutions, focus on next-generation smart lighting solutions, focus on smart home as a service (Shaas) for growth, focus on matter-compatible technologies for seamless integration, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels through strategic partnerships, focus on competitive pricing and value-based strategies for smart home companies, focus on targeted digital advertising, focus on influencer and affiliate marketing and focus on targeting end-user needs and preferences.
The global smart homes market reached a value of nearly $126.92 billion in 2024, having grown at a compound annual growth rate (CAGR) of 14.37% since 2019. The market is expected to grow from $126.92 billion in 2024 to $327.74 billion in 2029 at a rate of 20.89%. The market is then expected to grow at a CAGR of 19.86% from 2029 and reach $810.77 billion in 2034.
Growth in the historic period resulted from increasing adoption of IoT solutions, rising demand for energy efficiency solutions, proliferation of affordable smart devices and growing importance of smart security and surveillance systems. Factors that negatively affected growth in the historic period were privacy and security concerns and high costs.
Going forward, government initiatives, rising smartphone usage and internet penetration, rise in deployment of 5G networks, increase in work-from-home trends and expansion of e-commerce will drive growth. Factor that could hinder the growth of the smart homes market in the future include were supply chain disruptions and complexity in setup and use.
Asia-Pacific was the largest region in the smart homes market, accounting for 40.96% or $51.98 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the smart homes market will be Africa and South America where growth will be at CAGRs of 24.17% and 23.89% respectively. These will be followed by Middle East and Asia-Pacific where the markets are expected to grow at CAGRs of 22.95% and 21.58% respectively.
The global smart homes market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 18.16% of the total market in 2023. Xiaomi Corp. was the largest competitor with a 8.46% share of the market, followed by NRG Energy, Inc. with 1.45%, Honeywell International, Inc with 1.41%, ADT Inc. with 1.31%, ABB Ltd. with 1.23%, Siemens AG with 1.02%, Johnson Controls International Inc. with 1.00%, ASSA ABLOY AB with 0.86%, Legrand Group with 0.86% and Schneider Electric SE with 0.55%.
The smart homes market is segmented by product into lighting control, security and access control, heating, ventilation and air conditioning (HVAC) control, entertainment control and other controls, smart kitchen, home appliances and other products. The security and access control market was the largest segment of the smart homes market segmented by product, accounting for 28.15% or $35.73 billion of the total in 2024. Going forward, the security and access control segment is expected to be the fastest growing segment in the smart homes market segmented by product, at a CAGR of 25.95% during 2024-2029.
The smart homes market is segmented by software and services into behavioral and proactive. The behavioral market was the largest segment of the smart homes market segmented by software and services, accounting for 67.22% or $85.94 billion of the total in 2024. Going forward, the proactive segment is expected to be the fastest growing segment in the smart homes market segmented by software and services, at a CAGR of 24.45% during 2024-2029.
The smart homes market is segmented by sales channel into direct and indirect. The indirect market was the largest segment of the smart homes market segmented by sales channel, accounting for 63.83% or $81.01 billion of the total in 2024. Going forward, the indirect segment is expected to be the fastest growing segment in the smart homes market segmented by sales channel, at a CAGR of 22.74% during 2024-2029.
The smart homes market is segmented by technology into wireless technology and cellular network technology. The wireless technology market was the largest segment of the smart homes market segmented by technology, accounting for 84.00% or $106.61 billion of the total in 2024. Going forward, the cellular network technology segment is expected to be the fastest growing segment in the smart homes market segmented by technology, at a CAGR of 24.35% during 2024-2029.
The top opportunities in the smart homes market segmented by product will arise in the security and access control segment, which will gain $77.52 billion of global annual sales by 2029. The top opportunities in the smart homes market segmented by software and services will arise in the behavioral segment, which will gain $119.47 billion of global annual sales by 2029. The top opportunities in the smart homes market segmented by sales channel will arise in the indirect segment, which will gain $144.62 billion of global annual sales by 2029. The top opportunities in the smart homes market segmented by technology will arise in the wireless technology segment, which will gain $160.75 billion of global annual sales by 2029. The smart homes market size will gain the most in the USA at $60.64 billion.
Market-trend-based strategies for the smart homes market include focus on AI-powered smart refrigeration for energy efficiency and freshness, enhancing smart home security with advanced surveillance technology, integration of AI to enhance connectivity and visual clarity in smart home security, advancements in cleaning technology with laser navigation systems, launch of next generation smart lighting solutions, strategic partnerships and collaborations among major players drive innovation, introduction of smart home as a service (SHaaS) platforms to improve connectivity and focus on matter-compatible technologies to ensure centralized control of smart home devices.
Player-adopted strategies in the smart homes market include focus on launching new product solutions to expand business, strategic acquisitions to expand business expertise and strengthening business operations through the launch of new products and solutions.
To take advantage of the opportunities, the analyst recommends the smart homes to focus on technological advancements in smart appliances, focus on enhancing smart camera features for security and convenience, focus on AI-powered solutions for energy efficiency and personalized comfort, focus on enhancing security and convenience through smart deadbolts, focus on AI integration for enhanced connectivity and visual clarity, focus on advancements in laser navigation systems for smart home cleaning solutions, focus on next-generation smart lighting solutions, focus on smart home as a service (Shaas) for growth, focus on matter-compatible technologies for seamless integration, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels through strategic partnerships, focus on competitive pricing and value-based strategies for smart home companies, focus on targeted digital advertising, focus on influencer and affiliate marketing and focus on targeting end-user needs and preferences.
Major Market Trends
- AI-Powered Smart Refrigeration for Energy Efficiency and Freshness
- Enhancing Smart Home Security With Advanced Surveillance Technology
- Strategic Partnerships Driving Innovation in Smart Home Security
- Revolutionizing Smart Home Cooling With AI-Powered Air Conditioners
- Enhancing Smart Home Security With Advanced Smart Deadbolts
- Integration of AI to Enhance Connectivity and Visual Clarity in Smart Home Security
- Advancements in Cleaning Technology With Laser Navigation Systems
- Focus on Launch of Next Generation Smart Lighting Solutions
- Strategic Partnerships and Collaborations Among Major Players Drive Innovation
- Introduction of Smart Home as a Service (SHaaS) Platforms to Improve Connectivity
- Focus on Matter-Compatible Technologies to Ensure Centralized Control of Smart Home Devices
Key Mergers and Acquisitions
- Johnson Controls Acquired Webeasy
- ABB Ltd. Acquired Lumin
- Develco Products Acquired Datek Smart Home
- Daisy Acquired SaaviHome
- Almeida Strategic Investments Acquired Brilliant
- LG Electronics Acquired Athom
- Resideo Technologies Inc. Acquired Snap
- ABB Acquired Eve Systems GmbH
- NRG Acquired Vivint Smart Home Inc.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Global Smart Homes
9 Global Smart Homes Market Segmentation
10 Smart Homes Market, Regional and Country Analysis
11 Asia-Pacific Market
12 Western Europe Market
13 Eastern Europe Market
14 North America Market
15 South America Market
16 Middle East Market
17 Africa Market
18 Competitive Landscape and Company Profiles
19 Other Major and Innovative Companies
22 Key Mergers and Acquisitions
23 Recent Developments in the Smart Homes Market
24 Opportunities and Strategies
25 Smart Homes Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Smart Homes Global Market Opportunities and Strategies to 2034 provides the strategists; marketers and senior management with the critical information they need to assess the global smart homes market.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for smart homes? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The smart homes market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider smart homes market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product, by technology, by software and services and by sales channel.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Global Market Size and Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by product, by software and services, by sales channel, by technology and by standards and protocols in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for smart homes market providers in terms of product/service offerings geographic expansion, marketing strategies and target groups next five years.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) by Product: Lighting Control; Security and Access Control; Heating, Ventilation and Air Conditioning (HVAC) Control; Entertainment Control and Other Control; Smart Kitchen; Home Appliances; Other Products2) by Software and Service: Behavioral; Proactive
3) by Sales Channel: Direct; Indirect
4) by Technology: Wireless Technology; Cellular Network Technology
Key Companies Profiled: Xiaomi Corp; NRG Energy Inc; Honeywell International Inc; ADT Inc; ABB Ltd.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; smart homes indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes."
Companies Mentioned
The companies featured in this Smart Homes market report include:- Xiaomi Corp
- NRG Energy Inc
- Honeywell International Inc
- ADT Inc
- ABB Ltd.
- Siemens AG
- Johnson Controls International Inc.
- ASSA ABLOY AB
- Legrand Group
- Schneider Electric SE
- Alibaba
- Baidu Inc.
- Blockchain Lock Inc
- Haier Group Corporation
- Huawei
- KT Corporation
- LG
- Lockin
- Lumi United Technology Co., Ltd
- Mitsubishi Electric
- Panasonic
- Polycab Wires Private Limited
- Samsung SDS
- Silvan Innovation Labs
- SK Telecom
- Sony Group Corporation
- ZTE Corporation
- Zigbang Co., Ltd.
- Athom B.V.
- APPG
- Policy Connect
- Elero GmbH
- Nice SpA
- Eve Systems
- Thermondo
- Alarm.com
- DAKO Sp. z o.o.
- Fibar Group S.A.
- Bosch
- Nice Polska
- Google Nest
- Amazon
- Apple
- Ring
- Homey
- Daisy
- SwitchBot
- Vivint Smart Home
- Roku, Inc.
- TELUS
- Ecobee
- Tuya Smart
- Persona
- Tracxn
- Positivo Tecnologia
- Electrolux AB
- EZVIZ Inc.
- Smart Homy
- Aqara
- Hisense
- Coway Co., Ltd.
- Lutron HDL Automation Co., Ltd.
- Electronics Co., Inc.
- Airties Kablosuz Iletisim Sanayi ve Dis Ticaret AS
- Emirates Telecommunications Group Company PJSC (e&)
- TCL Electronics Holdings Limited (TCL)
- VAAL Real Estate
- Airtel
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 372 |
| Published | June 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 126.92 Billion |
| Forecasted Market Value ( USD | $ 810.77 Billion |
| Compound Annual Growth Rate | 20.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 69 |
