Smart Homes & Buildings Market Size, Share, Growth, and Industry Analysis, By Type (Safety & Security Products/Devices, Controllers, and Home Appliance & Entertainment Controllers), By Downstream Industry (Government, Residential, and Commercial) and Regional Forecast to 2032

Updated On: 04 November 2024

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SMART HOMES & BUILDINGS MARKET REPORT OVERVIEW

The Smart Homes & Buildings Market Size is Projected to be worth US$ 1784 Million in 2023, Market is likely to Surpass US$ 10285.3 Million by 2032 at a CAGR of 19.14% During the Forecast period [2024-2032].

The term smart homes and buildings can be explained as a concept of introducing advanced technologies in residential and commercial buildings to make processes within them more controlled, secure, and energy-wise. Electronics are communications connected through the use of a smartphone or other device and that includes smart thermostats, smart lighting, security cameras, and smart appliances that can be operated remotely from a smartphone. The capture of information and the modification of settings based on the environmental conditions and tenants’ preferences are commonly observed in smart homes and structures. There has been tremendous growth in the market of smart buildings and smart homes because of the enhanced IoT devices and connections along with customer awareness regarding energy saving and automation.

The smart homes and buildings market is increasing hastily worldwide and is predicted to reach a considerable marketplace in the coming years. The spread of the Internet of Things gadgets, growing electricity prices that drive people's interest in energy-green answers, and the enlargement of the fairly priced smart domestic era are a number of the elements riding this upward push. Giants inside the IT area, domestic automation corporations, and energy management companies are a number of the most important contributors within the marketplace which might be preventing market dominance and innovation in this emerging enterprise. Smart home technologies are expected to proliferate and exchange how humans manage and interact with their dwelling and operating spaces as they come to be more broadly available and adaptable.

COVID-19 Impact: The Pandemic Decreased the Market Growth Due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market growth and demand returning to pre-pandemic levels.

The pandemic had several negative effects on the market for smart homes & buildings. Disruptions inside the delivery chain caused a put-off in the supply of smart domestic additives and devices, which raised expenses and prolonged project timelines. Adoption prices have been also slowed via customer tension and monetary downturns, which reduced discretionary spending. Restrictions on residence visits and installations additionally hampered the adoption of smart home technology, which affected contractors and service providers. All matters considered, the pandemic decreased development prospects and made issues worse in the marketplace for smart homes and houses.

LATEST TRENDS

"Integration of Advanced Technologies Leads to Market Growth"

The new wave of smart homes & buildings automation majorly focuses on connectivity and control through IoT, AI, and advanced ML. Some of them include energy efficient control, secure home through smart cameras and sensors, and voice control through voice assistants. Also, there is an increased level of sensibility of the devices to the environment and sustainability, where smart devices adapt to energy consumption as per received information. Furthermore, customization ranges to let individuals organize their surroundings with easy-to-use applications and programs because smart apps control smart homes and even smart buildings.

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SMART HOMES & BUILDINGS MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Safety & Security Products/Devices, Controllers, and Home Appliance & Entertainment Controllers.

• Safety & Security Products/Devices: These include alarm systems that are connected with home automation to improve security, motion detectors, smart locks, and cameras.

• Controllers: These gadgets act as the main control centers for several smart home features, such as lighting, temperature regulation, and security systems.

• Home Appliance & Entertainment Controllers: In smart home configurations, these allow for the automation and remote control of appliances like TVs, refrigerators, washing machines, and entertainment systems.

By Downstream Industry

Based on downstream industry the market is classified into as Government, Residential, and Commercial.

• Government: Contains smart building techniques used in infrastructure owned by the government, including offices, public spaces, and administrative buildings.

• Residential: Contains smart home technologies created specifically for individual homes, providing homeowners with automation and connectivity.

• Commercial: Refers to the application of smart building technologies to improve user experience and efficiency in commercial buildings such as hotels, retail stores, and offices.

DRIVING FACTORS

"Increasing Demand for Energy Efficiency and Sustainability Leads to an Increase in Market Demand"

Smart homes & buildings market growthis fuelled by using the multiplied cognizance of sustainability and strength performance. Governments, businesses, and customers all have a growing awareness of the way vintage building methods and strength use patterns affect the environment. Energy-green appliances, automatic HVAC and light controls, and the mixing of renewable strength sources are only a few of the answers that smart technology provides. These solutions lower working fees and lessen carbon emissions. The need for eco-friendly methods and stepped-forward operational efficiency is using the global marketplace for smart buildings and residences.

"Technological Advancements and Product Innovations Accelerate Market Growth"

New technologies matter because they enable smart gadgets and systems to be more capable as well as more connected. That is why such developments such as the Internet of Things (IoT), automation, and artificial intelligence are capable of controlling a multitude of operations within homes and buildings. The use of smart solutions is made easier through technological development since this offers ease, safety, and effectiveness- smart thermostats for power conservation, and smart security systems to monitor homes.

RESTRAINING FACTORS

"Concerns Associated With Data Privacy and Cyber Security Slows Down the Market Growth"

Data privacy and cyber security worries are the main elements holding returned the marketplace for smart homes & buildings. The diploma to which those technologies are ingrained in day-by-day existence increases the opportunity for hacking and unauthorized get entry. Businesses and clients alike are cautious of giving linked gadgets with touchy personal or operational statistics unless they have robust safety guarantees. It can be essential to address these problems with strict cybersecurity safeguards and open statistics safety pointers if the smart houses and buildings enterprise is to see broad recognition and long-term achievement.

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SMART HOMES & BUILDINGS MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America to Dominate the Market due to Strong Infrastructure "

Owing to its highly developed infrastructure and great penetration of smart techs among consumers, as well as extensive investments in IoT and automation systems, the present market share for smart homes and buildings belongs to the North American area. The availability of the internet, favorable legislation for energy-efficient products, and strong representation of the leading technology companies influencing the market’s development can also be considered as its main factors. Also, customer awareness and the global need for effective, sustainable, intelligent, and energy-efficient spaces, are Northern America’s strengths for dominating this increasingly emerging smart homes & buildings market share.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Several critical organizations that innovate and provide essential generation and answers are driving the marketplace for smart homes and buildings. These players give attention to developing networked answers that improve security, power efficiency, and automation in homes and agencies. They provide sophisticated sensors, smart home equipment, and incorporated structures that offer manipulation and tracking from a distance. Furthermore, the combination of IoT and artificial intelligence is fueled through their studies and improvement activities, which additionally bring about sustainable ecosystems and seamless person reviews. These individuals will have a huge effect on how smart dwellings and sustainable urban development progress in the future.

LIST OF MARKET PLAYERS PROFILED

• Smarthome (U.S.)
• Hitachi (Japan)
• Emerson Electric (U.S.)
• Cisco Systems (U.S.)
• Ingersoll-Rand (U.S.)
• Schneider Electric (France)
• Honeywell (U.S.)
• Siemens (Germany)
• Delta Controls (Canada)
• Control4 Corporation (U.S.)

INDUSTRIAL DEVELOPMENT

November 2023: ABB Smart Buildings and Samsung C&T Corporation Engineering & Construction Group entered a new global agreement to jointly deliver integrated, holistic building automation, reliable energy distribution, and energy management solutions. The goal of this agreement is to improve the livability and energy efficiency of large residential, commercial, and multi-dwelling residential buildings. 

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence the market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.