Smart Home Market size was valued at USD 79.55 billion in 2022 and is poised to grow from USD 101.84 billion in 2023 to USD 734.75 billion by 2031, at a CAGR of 28.02% during the forecast period (2024-2031).
Growing Penetration of the Internet and the Use of Smartphones to Drive Smart Home Market
The smart home market is emerging with new promises presented by the software companies including smart home services and products. Today, with the advancements in internet technology, more and more people worldwide are demanding smart home devices with improved connectivity.
Modernized smart homes present a unified integration of devices linked via IoT. Devices like Alexa and Google Home let users communicate with their home via voice commands, security systems, controlling, heating, lighting, and more. Also, smart security systems are more mature combining motion sensors and real-time observation abilities. These systems deliver improved defense against invasions and enable owners to monitor their homes remotely through mobile apps. Energy management is yet another key feature since devices like energy-efficient appliances and smart thermostats can study much from owner habits and change settings to control waste, thereby reducing power bills and contributing to the environment. Smart homes are progressively fixed with technologies that improve owners’ comfort and health.
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Artificial Intelligence and Internet of Things to be the Pillars of the Market
The Internet of Things is quite complex to understand. Still, the progress in smart homes concerning IoT will hold major implications to make lives easier, especially in the smart bathroom space and smart kitchen. After the smart speakers, another prominently adopted tech device is smart thermostats. They can be easily installed and adjusted as per the owner’s needs and routines, streamlining the home adjustment from anywhere in the house. Also, with the major importance of working from home, smart home modernizations, mainly for home offices, gained attention post-pandemic and are still evolving as companies offer permanent remote work and hybrid work-from-home rules. Technology from noise-cancellation windows to bypassing neighbor’s lawn mowing, to AI filters that hide disorganized room when on video conferencing, are just a few potentials for development in this area.
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In April 2024, Crestron launched a permitted update to ‘Crestron Home OS 4.1’, its smart home platform that comprises fresh audio-over-IP services.
Schneider Electric, launched ‘Schneider Home’,a unique home energy management product for individuals whoprefer comfort, savings, and energy independence at the Consumer Electronics Show.
In December 2023, LG Electronics will launch its modernized smart home (AI) agent, at CES (a Tech Event) in 2024. LG’s smart home artificial intelligent agent brags robotic, multi-modal and AI technologies that allow its mobility, learn, understand and involve in all forms of conversations.
In May 2024, Signify, formerly known as Philips Lighting N.V., announced the introduction of the Philips (SLH) Smart Light Hub in Indore, India. Crossing over an expansive 700 sq.ft, the Philips Smart Light Hub brags a broad range of over 250+ SKUs, making it a widespread hub for all lighting demands.
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The smart home future offers more innovations as technologies continue to progress at a swift rate. Individuals can expect several IoT devices to make their lives much easier. Mainly, it simply suggests that a particular device will control all the aspects of one’s daily life. Apart from these, smart homes do not only mean entertainment and comfort, but they also offer better security and enhance human health.
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