The Smart Home Market represents smart devices in the home connected by an Internet, LAN, Bluetooth or other networks. A Smart Home system usually controls lighting, temperature, entertainment systems, smart home appliances and even home security devices such as access control, smart locks, video doorbells, and alarm systems. Smart Home systems allow a user to remotely control and manage Smart Home devices through a control panel, networked devices, voice command hubs such as smart speakers, or smartphones without having to be physically present. The most common voice assistants include Google Assistant, Amazon Alexa, Microsoft Cortana, and Apple's Siri. One of the most prominent Smart Home Trends is the increasing variety of devices that can be connected within a Smart Home. These smart home trends can be seen in the growing adoption of smart home devices and the increasing amount of residential construction with smart home technology built-in.
The chart above represents Smart Home Market Size data for the Smart Home Market and provides Smart Home trends across smart home technologies and sub-segments. The Smart Home market size was estimated to be $207M in 2018 and is forecast to grow an average of 9.5% per year until 2022 to a $298M market. The Smart Home Security market size was $7.5B in 2018 and is projected to grow at 21.7% per year. The smart home lighting market size was $1.8B in 2018 growing at 27% per year. The Smart Speaker market size was $11.8B in 2018 growing at 23.7% per year. The Smart Thermostat market size was $2.9B in 2018 growing at 30.1% per year. The Smart Video Entertainment market size was $157.4B in 2018 growing 5.1% per year. For more data on the Smart Home Market, Smart Home Trends, and Smart Home Statistics please visit T4’s platform here.
Access These Reports & More
The chart provides a snapshot of the Smart Home Market and Smart Home Trends within several leading subcategories. All the Smart Home market segments except for Video Entertainment are expected to at least double in size between 2018 and 2022. The largest Smart Home market sub-segment in 2018 by device shipments was Video Entertainment with a Smart Home market size of 310 million devices shipped across the globe, followed by Home Monitoring & Security devices at nearly 98 million global shipments. View the source for Smart Home Market Shipments by sub-category and other Smart Home Statistics and trends here.
Demand for Smart Home Industry technology remains strong going forward, based on the high level of consumer interest for new consumer IoT products. The Smart Home industry evolution can be attributed to the following factors: a growing number of internet users who are comfortable using connected smart gadgets at home; the increasing importance of Remote Home Monitoring and Security; the rising need for energy-saving devices and lighting to help reduce wasteful energy consumption and save costs. Smart Home trends from survey data indicate that the security and privacy of data collected by these smart devices will be of greater importance for the consumer in the next few years as smart home automation becomes more commonplace.
Access These Reports & MoreThough there is a consensus among most of the researchers on the growth potential for Smart Home market technology, there is a wide disparity in reporting the Smart Home Market Size of sub-segments. This is mainly due to the variation in defining what products constitute the the Smart Home subcategories and what is considered a Smart device. However on a broad scale, most reports agree that Amazon is the global Smart Home market share leader across most smart device categories, especially in the North American regional Smart Home market. See each source’s view of the Smart Home market on the T4 Platform.
T4 comprehensively aggregated more than 50 reports from more than 10 publishers covering smart home trends and statistics in the Smart Home Industry. This includes Smart Home Market trends, Smart Home Market Size, Smart Home Shipments by region and application, Installed base, and more than 10 additional Smart Home statistics. The Smart Home Industry falls under T4's (IoT) Internet of Things industry coverage within the Technology sector. Industries related to the Smart Home market in the T4 taxonomy include Home Automation and Management, Smart Appliances, Smart Assistants, Smart City, and Smart Utilities, Smart Thermostats, Smart Lighting, Smartphones, Smart Appliances, and Smart Speakers. Related subcategories of the Smart Home Industry include Smart Home Control & Connectivity, Smart Home Devices, Smart Home Entertainment, and Smart Home Security. You can find reports covering more Smart Home trends and trends in these industries on T4’s Platform.
Schedule a Demo