Product Code: A110806
According to a new report published by Allied Market Research, titled, "Smart Home Hardware Market," The smart home hardware market was valued at $72.4 billion in 2022, and is estimated to reach $213.6 billion by 2032, growing at a CAGR of 12% from 2023 to 2032.
Smart home hardware consists of a number of interconnected systems and technologies that enable homeowners to control several devices at their homes. Thermostats, for example, are examples of smart home equipment that can manage temperature based on personal preferences, assuring comfort and energy economy. Another example is smart lighting systems, which may turn on or alter lighting settings when someone enters a room. Also, energy monitoring and management are important features of smart home gear. Smart plugs, smart meters, and energy monitoring systems enable homeowners to measure and optimize their energy usage. This aids in the reduction of energy use and the promotion of sustainability..
The smart home market is growing due to a number of factors include increase in use of the Internet, smartphones, and social networks. The market growth is being driven by increasing global urbanization and rising incomes in developing countries, which have resulted in new ways of living. One of the primary smart home technology trends is the increase in use of home artificial intelligence systems. Artificial intelligence can be used to take AI home automation to the next level. It might be either computer vision or voice-controlled smart devices employing NLP engines to analyze speech that allows a Samsung Family Hub to detect things in the fridge and produce a shopping list. AI is used in such systems to improve the user experience for smart home users. These factors are anticipated to boost the smart home hardware market share.
Smart home devices heavily rely on a stable and reliable Internet connection to function optimally. Any disruption in Internet connectivity can impact the performance and functionality of these devices. Power outages or network outages can temporarily render smart home devices inaccessible or non-functional, affecting the user experience. The rapid pace of technological advancements can lead to the uselessness of smart home hardware devices. As new technologies emerge and become mainstream, older devices may lack compatibility or miss out on new features and functionalities.
The smart home hardware market is expanding into health & wellness applications, such as remote health monitoring, ambient-assisted living, and personalized healthcare. Smart home devices can track vital signs, provide medication reminders, and create ambient environments to support well-being and aging-in-place. The integration of smart home hardware with smart grids and smart city infrastructure presents opportunities for energy management, demand response, and grid optimization. Smart homes can play a vital role in creating more sustainable and efficient energy ecosystems by participating in dynamic pricing programs, load management, and renewable energy integration.
The COVID-19 pandemic led to disruptions in global supply chains, affecting the manufacturing and distribution of smart home hardware. Lockdowns, travel restrictions, and temporary factory closures disrupted the production and delivery of components, leading to delays in product launches and shortages of certain devices. These supply chain challenges affected the availability and accessibility of smart home hardware in the market. During the pandemic, market participants have seen a decrease in smart home system installations. Some smart home products require professional installation and programming on-site. Therefore, buyers have been hesitant to install these devices in order to avoid contact with outside people during the COVID-19 pandemic.
The key players profiled in this report include: Google LLC (Alphabet), Honeywell Corporation, Inc., Amazon.com Inc., Schneider Electric SE., Johnson Controls International plc, ABB Ltd., Legrand SA, Panasonic Corporation, Samsung Electronics Co Ltd, and General Electric. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart home hardware market analysis from 2022 to 2032 to identify the prevailing smart home hardware market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart home hardware market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart home hardware market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Security and Surveillance
- Smart Appliances
- Smart Infotainment
- Utility Management
- Others
By Region
- North America
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players:
- ABB Ltd.
- Amazon.com Inc.
- General Electric
- Google LLC (Alphabet)
- HONEYWELL CORPORATION, INC.
- Johnson Controls International plc
- Legrand SA
- Panasonic Corporation
- Samsung Electronics Co Ltd
- Schneider Electric SE.
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter's five forces analysis
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities
- 3.5. COVID-19 Impact Analysis on the market
- 3.6. Average Selling Price
- 3.7. Market Share Analysis
- 3.8. Brand Share Analysis
- 3.9. Value Chain Analysis
- 3.10. Key Regulation Analysis
- 3.11. Patent Landscape
- 3.12. Regulatory Guidelines
- 3.13. Trade Data Analysis
CHAPTER 4: SMART HOME HARDWARE MARKET, BY PRODUCT TYPE
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Security and Surveillance
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Smart Appliances
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.4. Smart Infotainment
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
- 4.5. Utility Management
- 4.5.1. Key market trends, growth factors and opportunities
- 4.5.2. Market size and forecast, by region
- 4.5.3. Market share analysis by country
- 4.6. Others
- 4.6.1. Key market trends, growth factors and opportunities
- 4.6.2. Market size and forecast, by region
- 4.6.3. Market share analysis by country
CHAPTER 5: SMART HOME HARDWARE MARKET, BY REGION
- 5.1. Overview
- 5.1.1. Market size and forecast By Region
- 5.2. North America
- 5.2.1. Key trends and opportunities
- 5.2.2. Market size and forecast, by Product Type
- 5.2.3. Market size and forecast, by country
- 5.2.3.1. U.S.
- 5.2.3.1.1. Key market trends, growth factors and opportunities
- 5.2.3.1.2. Market size and forecast, by Product Type
- 5.2.3.2. Canada
- 5.2.3.2.1. Key market trends, growth factors and opportunities
- 5.2.3.2.2. Market size and forecast, by Product Type
- 5.2.3.3. Mexico
- 5.2.3.3.1. Key market trends, growth factors and opportunities
- 5.2.3.3.2. Market size and forecast, by Product Type
- 5.3. Europe
- 5.3.1. Key trends and opportunities
- 5.3.2. Market size and forecast, by Product Type
- 5.3.3. Market size and forecast, by country
- 5.3.3.1. Germany
- 5.3.3.1.1. Key market trends, growth factors and opportunities
- 5.3.3.1.2. Market size and forecast, by Product Type
- 5.3.3.2. UK
- 5.3.3.2.1. Key market trends, growth factors and opportunities
- 5.3.3.2.2. Market size and forecast, by Product Type
- 5.3.3.3. France
- 5.3.3.3.1. Key market trends, growth factors and opportunities
- 5.3.3.3.2. Market size and forecast, by Product Type
- 5.3.3.4. Spain
- 5.3.3.4.1. Key market trends, growth factors and opportunities
- 5.3.3.4.2. Market size and forecast, by Product Type
- 5.3.3.5. Italy
- 5.3.3.5.1. Key market trends, growth factors and opportunities
- 5.3.3.5.2. Market size and forecast, by Product Type
- 5.3.3.6. Rest of Europe
- 5.3.3.6.1. Key market trends, growth factors and opportunities
- 5.3.3.6.2. Market size and forecast, by Product Type
- 5.4. Asia-Pacific
- 5.4.1. Key trends and opportunities
- 5.4.2. Market size and forecast, by Product Type
- 5.4.3. Market size and forecast, by country
- 5.4.3.1. China
- 5.4.3.1.1. Key market trends, growth factors and opportunities
- 5.4.3.1.2. Market size and forecast, by Product Type
- 5.4.3.2. Japan
- 5.4.3.2.1. Key market trends, growth factors and opportunities
- 5.4.3.2.2. Market size and forecast, by Product Type
- 5.4.3.3. India
- 5.4.3.3.1. Key market trends, growth factors and opportunities
- 5.4.3.3.2. Market size and forecast, by Product Type
- 5.4.3.4. South Korea
- 5.4.3.4.1. Key market trends, growth factors and opportunities
- 5.4.3.4.2. Market size and forecast, by Product Type
- 5.4.3.5. Australia
- 5.4.3.5.1. Key market trends, growth factors and opportunities
- 5.4.3.5.2. Market size and forecast, by Product Type
- 5.4.3.6. Rest of Asia-Pacific
- 5.4.3.6.1. Key market trends, growth factors and opportunities
- 5.4.3.6.2. Market size and forecast, by Product Type
- 5.5. LAMEA
- 5.5.1. Key trends and opportunities
- 5.5.2. Market size and forecast, by Product Type
- 5.5.3. Market size and forecast, by country
- 5.5.3.1. Brazil
- 5.5.3.1.1. Key market trends, growth factors and opportunities
- 5.5.3.1.2. Market size and forecast, by Product Type
- 5.5.3.2. UAE
- 5.5.3.2.1. Key market trends, growth factors and opportunities
- 5.5.3.2.2. Market size and forecast, by Product Type
- 5.5.3.3. Saudi Arabia
- 5.5.3.3.1. Key market trends, growth factors and opportunities
- 5.5.3.3.2. Market size and forecast, by Product Type
- 5.5.3.4. South Africa
- 5.5.3.4.1. Key market trends, growth factors and opportunities
- 5.5.3.4.2. Market size and forecast, by Product Type
- 5.5.3.5. Rest of LAMEA
- 5.5.3.5.1. Key market trends, growth factors and opportunities
- 5.5.3.5.2. Market size and forecast, by Product Type
CHAPTER 6: COMPETITIVE LANDSCAPE
- 6.1. Introduction
- 6.2. Top winning strategies
- 6.3. Product Mapping of Top 10 Player
- 6.4. Competitive Dashboard
- 6.5. Competitive Heatmap
- 6.6. Top player positioning, 2022
CHAPTER 7: COMPANY PROFILES
- 7.1. Google LLC (Alphabet)
- 7.1.1. Company overview
- 7.1.2. Key Executives
- 7.1.3. Company snapshot
- 7.2. HONEYWELL CORPORATION, INC.
- 7.2.1. Company overview
- 7.2.2. Key Executives
- 7.2.3. Company snapshot
- 7.3. Amazon.com Inc.
- 7.3.1. Company overview
- 7.3.2. Key Executives
- 7.3.3. Company snapshot
- 7.4. Schneider Electric SE.
- 7.4.1. Company overview
- 7.4.2. Key Executives
- 7.4.3. Company snapshot
- 7.5. Johnson Controls International plc
- 7.5.1. Company overview
- 7.5.2. Key Executives
- 7.5.3. Company snapshot
- 7.6. ABB Ltd.
- 7.6.1. Company overview
- 7.6.2. Key Executives
- 7.6.3. Company snapshot
- 7.7. Legrand SA
- 7.7.1. Company overview
- 7.7.2. Key Executives
- 7.7.3. Company snapshot
- 7.8. Panasonic Corporation
- 7.8.1. Company overview
- 7.8.2. Key Executives
- 7.8.3. Company snapshot
- 7.9. Samsung Electronics Co Ltd
- 7.9.1. Company overview
- 7.9.2. Key Executives
- 7.9.3. Company snapshot
- 7.10. General Electric
- 7.10.1. Company overview
- 7.10.2. Key Executives
- 7.10.3. Company snapshot