The smart home industry accounted for a revenue of US$104.42 billion in 2021 globally. This revenue is expected to grow at an annual rate of 13.30% from 2022 to 2026, resulting in a market volume of US$207.80 billion in 2026. In the smart home market, the number of active households is expected to reach 573.7 million users by 2026.
The global smart home market size was valued at USD 80.21 billion in 2022. The market is projected to grow to USD 338.28 billion by 2030, exhibiting a compound annual growth rate of 20.1% during the forecast period.
China and the Far East are the most prominent smart home markets by sales volume, with 40% of manufactured devices selling in the region. By 2023, the number of smart homes globally will surpass 350 million.
Vivint is a dominant force in the U.S. smart home market, boasting installations in over 2 million homes. The company offers an array of innovative smart home products and solutions with a focus on enhancing security and convenience.
The smart home industry is still developing with new products and solutions continually being introduced. As technology advances, smart devices are becoming more affordable and useful for homeowners seeking security, efficiency, and convenience through home automation.
A smart home is a home setup where internet-enabled appliances and devices can be automatically controlled remotely using a networked device. Smart homes and home automation are expanding due to technologies like the Internet of Things, Sensors, Cloud computing, and Artificial Intelligence. In a smart home, users can automate the working of smart devices or control them remotely, such as environment control devices like the Nest Thermostat, which learns user behavior and controls room temperature accordingly. Various smart home automation devices are available in the market at a very affordable price, and they have the following applications:
- Monitor and control smart home devices remotely.