The Global Smart Home Services Market size is expected to reach $10.9 Billion by 2028, rising at a market growth of 10.2% CAGR during the forecast period.
Smart home services utilize the Internet of Things (IoT) to connect a variety of intelligent devices and combine the necessary data to process and apply novel preferences. With the aid of digitalization, high-end modernization techniques may be used to address every facet of an ideal house. Interoperable features and well-connected intercommunication equipment improve user experiences as a result of digitalization. Smart house or Home Automation is one such marvel that has eased the lives of humans more than ever before. Smart home technology improves the levels of security, and efficiency by lowering energy consumption expenses.
To grow their crowded company environments, mobile carriers and cable TV business suppliers seek to build new business profit models. As mobile telecommunications markets have shifted from voice communication and text messaging services to utilizing mobile data and accessing media content, the majority of market participants have worked to build solutions for a variety of media content accessible via mobile devices. In addition, because the traditional markets of TV business suppliers also reach the plateau of the profit designs of the markets that focus on Internet, cable TV, wireless and wired telephone services and their supplementary products, suppliers have attempted to develop strategies for retaining their customers and creating new profit models to expand their markets.
The market for smart home services is seen as one of the most promising. The demand for smart home services and home security devices has expanded significantly because of the increasingly dispersing infrastructure of mobile network settings. Compared to mobile telecommunications, the Internet and cable TV services in South Korea are believed to have achieved saturation, and the diffusion rate of smart home services is significantly lower than that of other services.
COVID-19 has prompted individuals, organizations, and governments to alter their policies, priorities, and activities. These occurrences catalyze technical progress and creativity. However, the home automation industry has risen quickly in recent years, a trend fostered in part by COVID-19 and the fact that individuals have been compelled to spend more time at home because of lockdown limitations. These factors have created a wide market for home goods and smart home technologies and are anticipated to fuel market expansion.
In addition to fundamental duties such as shutting the curtains, smart houses are also capable of doing complex jobs such as immediately lighting evacuation routes in the case of a fire alert. Several domestic products, including security cameras, utility meters, and thermostats, are now equipped with connection as a luxury feature. In the following years, the connection trend is expected to extend to the point where it almost pervades every device and piece of equipment in a home. Smart homes are using home automation and control systems to raise the degree of security as a result of their capacity to assure high efficiency and sophistication which increases the adoption of the smart home services market.
Over the past many years, the market for lighting controls has expanded significantly. This market contains a vast array of devices, including dimmers, timers, motion detectors, daylight sensors, and relays. These items can be used alone or in an integrated fashion. Through wired and wireless technology, they are compatible with home automation systems. Lighting controllers must be externally integrated with communication protocols to enable automated operation. Nevertheless, lighting control makers increasingly produce solutions with built-in data communication. It is therefore an ideal time to develop the Internet of Lights, i.e., a sophisticated lighting system with IoT at its core which surge the growth of the smart home services market.
A smart house helps collect data on energy consumption and bills, purchases, movements, and music preferences, among others, so that its systems may be tailored to the resident's lifestyle. Smart home devices may be susceptible to simple hacking techniques. Since data about personal information, protection from harm, medical care, and houses are digitally kept on the cloud, the likelihood of cybercriminals misusing this data is great. A compromised monitor might enable access to further personal data and information, which could then be utilized to victimize a user or homeowner. For instance, an attacker who compromises a thermostat might conceivably get access to a whole network and remotely open a door or change the PIN for a keypad to limit admission which hampers growth of the smart home services market.
Based on the Type, the Smart Home Services Market is segmented into IoT Services for Control & Connectivity Devices, IoT Services for Security & Surveillance Equipment, and IoT Services for Smart Appliances. The IoT services for security & surveillance equipment segment witnessed a significant revenue share in the smart home services market in 2021. After setup and installation, IoT services for security and surveillance systems require continual maintenance to function properly. Modern security and surveillance equipment need periodic software upgrades to ensure optimal performance. The maintenance consists of security patches, tamper detection, firmware upgrades, and camera downtime warnings that must be addressed every few months.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 5.6 Billion |
| Market size forecast in 2028 | USD 10.9 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 10.2% from 2022 to 2028 |
| Number of Pages | 138 |
| Number of Tables | 174 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the Smart Home Services Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region garnered a promising growth rate in the smart home services market in 2021. The increasing demand for connected home services in this region contributes to the expansion of the business. In addition, the need for developing technologies, the desire to upgrade lifestyles, and the popularity of voice technology in emerging economies such as China, India, and Japan are expected to accelerate the development of smart home services.
Free Valuable Insights: Global Smart Home Services Market size to reach USD 10.9 Billion by 2028
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Comcast Corporation is the forerunners in the Smart Home Services Market. Companies such as Johnson Controls International PLC, Lumen Technologies, Inc. and Charter Communications, Inc. are some of the key innovators in Smart Home Services Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, Lumen Technologies, Inc., Comcast Corporation, Charter Communications, Inc., Telus International (Telus Communications Inc.), Vivint Smart Home, Inc., ADT, Inc. (Apollo Global Management, Inc.), Trane Technologies PLC, Rexel Group, and Calix, Inc.
By Type
By Geography
The global Smart Home Services Market size is expected to reach $10.9 Billion by 2028.
Increasing population anxiety about safety, security, and convenience are driving the market in coming years, however,Concerns around security and privacy violations restraints the growth of the market.
Johnson Controls International PLC, Lumen Technologies, Inc., Comcast Corporation, Charter Communications, Inc., Telus International (Telus Communications Inc.), Vivint Smart Home, Inc., ADT, Inc. (Apollo Global Management, Inc.), Trane Technologies PLC, Rexel Group, and Calix, Inc.
The expected CAGR of the Smart Home Services Market is 10.2% from 2022 to 2028.
The North America market dominated the Global Smart Home Services Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.8 billion by 2028.
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