Global Smart Home Market to be Worth USD 151 Bn by 2023
According to a new Research on Global Markets report, the global smart home market is expected to reach a value of USD 151 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 24.6% during the 2018-2023 period. The growth of the smart home market is due to the rapid adoption by consumers for convenience, advanced safety and security systems, and the growing need for connectivity.
The global smart home market is segmented based on products and technologies. Based on products, the home appliances segment will expand at 20.8% CAGR through the forecasted period, and is expected to have a market share of 42.4% by 2023. The smart speakers segment is expected to witness the highest growth rate, expanding at a CAGR of 31.2% through the forecasted period, and will account for a market share of 15.3%. Within the technology segment, cellular network technology is expected to witness the highest growth rate through the forecasted period. This growth in cellular network technology is mainly due to the advent of 5G technology.
Research on Global Markets tracks the performance of the global smart home market across the key geographies of North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. North America currently holds the largest market share, owing mainly to the availability of sophisticated technologies, and growing awareness in the region about security. Despite North America leading the market for smart home solutions, Asia-Pacific is expected to be the fastest-growing region during the forecasted period.
Check out the Research on Global Markets report featured in this article:
Key highlights of this report:
- Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography-wise market revenue (USD Bn), and market attractiveness analysis
- Qualitative analysis of the drivers and challenges affecting the global market
- Significant trends in the global smart home market
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Market segmentation based on products (smart speakers, security and access control systems, smart lighting, smart thermostats, smart home appliances, healthcare and assisted living systems, and others) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on technology (cellular network technology and wireless technology) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on region (North America, Europe, Asia-Pacific, and The Middle East and Africa)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for smart home solutions across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.