Rising Adoption of Smart Devices is Expected to Propel Growth

The global smart homes market is expected to grow from $76.95 billion in 2021 to $91.79 billion in 2022 at a compound annual growth rate (CAGR) of 19.3%. The smart homes market is expected to grow to $205.61 billion in 2026 at a CAGR of 22.3%.

The smart homes market consists of sales of smart home solutions by entities (organizations, sole traders, and partnerships) that are defined as a system that connects with the appliances in the house for automating various tasks. Smart homes offer homeowners comfort, security, energy efficiency, and convenience by allowing them to control their smart devices. They are remotely controlled through a smart home app on the smartphone or various other networked devices.

The main types of smart homes are lighting control, security and access control, heating, ventilation, and air conditioning (HVAC) control, entertainment control, and other controls, smart speaker, home healthcare, smart kitchen, home appliances, and smart furniture. Lighting controls refer to a group of smart lighting systems that can control the amount, quality, and characteristics of light in a specific area.

They come in behavioral and proactive software and services and are sold by direct, and indirect channels. The technologies used are wireless technology and cellular network technology that has various standards and protocols such as wireless protocols, wired protocols, and hybrid protocols.

Asia Pacific was the largest region in the smart homes market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in smart homes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.