Smart home market size to grow by USD 133.01 billion between 2022 and 2027

The smart home market size is estimated to increase by USD 133.01 bn from 2022 to 2027, with a CAGR of 18.36%, according to the recent market study by Technavio. This report offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report - Request a sample report

The smart home market is fragmented due to the presence of several regional and global vendors. The vendors in the market compete on several factors, such as product portfolio, quality of the product, reliability of the product, and other factors. The competition in the market is intensifying with the entry of new vendors, technological innovations, and partnerships among vendors and service providers.

The market is segmented by application (home entertainment, smart appliances, energy management, lighting control system and HVAC, and safety and security system), technology (wireless and wired), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

Growing smartphone penetration and increasing internet speed will emerge as the key trend in the market. The growing penetration of the internet and smartphones has encouraged consumers to invest in smart appliances that can be remotely monitored. In addition, an increase in internet speed has made it easier for customers to use smart home appliances. Thus, the increase in smartphone and Internet penetration will positively influence the market growth over the forecast period.