Insights Into The Smart Home Devices Market’s Growth Opportunities Through 2023-2032 – Includes Smart Home Devices Market Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The rise in the need to save energy and decrease carbon emissions are expected to drive innovation in smart home devices manufacturing, thus driving the market during the forecast period.
The global smart home devices market is expected to grow from $92.48 billion in 2022 to $108.83 billion in 2023 at a compound annual growth rate (CAGR) of 17.7%. The global smart home devices market is expected to grow to $209.25 billion in 2027 at a CAGR of 17.8%.
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- By Technology: Wi-Fi Technology, Bluetooth Technology
- By Application: Energy Management, Climate Control System, Healthcare System, Home Entertainment System, Lighting Control System, Security & Access Control System
- By Sales Channel: Online, Offline
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global smart home devices market in 2021.
Major Market Players in the smart home devices market include ABB Ltd., General Electric Company, Johnson ControlsInc., Siemens AG, Schneider Electric SE, Honeywell International, LG Electronics.
Companies are developing voice assistants to control smart home devices. Voice assistants are digital assistants that react to voice commands and reply with relevant information. They are different from traditional keyboard-based searches. They put more focus on the conversational phrasing of any content and prioritize the long tail keywords for any search. For example, Amazon and Google have launched their voice assistants in their respective smart speakers. Amazon has launched Alexa Voice Assistant in its Echo smart speaker while Google has launched ‘Google Assistant voice assistant for its Google Home smart speaker.
The Smart Home Devices Global Market Report 2023 provides a smart home devices market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The smart home devices market forecast analyzes smart home devices market size, smart home devices market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Smart home devices are defined as devices that are controlled remotely from any internet-connected place in the world using a mobile or any other network device. Smart home appliances are interconnected in such a way that the user has access to control functions such as home security checks, temperature, lighting, and home theatre.
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