The rising adoption of advanced technologies is anticipated to drive the growth of the global smart home hardware market during the forecast period from 2023 to 2032. The North America region is projected to hold the majority of the market share by 2032.
PORTLAND, Ore., July 10, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Smart Home Hardware Market by Product Type (Security and Surveillance, Smart Appliances, Smart Infotainment, Utility Management, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global smart home hardware market generated $72.4 billion in 2022, and is anticipated to generate $213.6 billion by 2032, witnessing a CAGR of 12% from 2023 to 2032.
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Prime Determinants of Growth
In the last few years, there has been a steady increase in the adoption of advanced technologies such as Artificial Intelligence (AI) and Near-Field Communication (NFC). As a result, the demand for smart home hardware has increased, which is predicted to be one of the important factors driving the growth of the global smart home hardware market in the forecast timeframe. However, the high cost of smart home hardware may hamper the smart home hardware market growth in the coming period. On the contrary, an increase in the disposable income of people across the globe is expected to offer growth opportunities for expansion of the smart home hardware market in the 2023-2032 forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $72.4 billion |
Market Size in 2032 | $213.6 billion |
CAGR | 12 % |
No. of Pages in Report | 290 |
Segments covered | Type and Region |
Drivers | Steady increase in adoption of advanced technologies such as Artificial Intelligence and Near Field Communication Rising disposable incomes of global populations |
Opportunities | The rise in demand for high-end energy-consuming products Growing number of startups investing in smart home hardware development |
Restraints | High cost of smart home hardware |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global smart home hardware market. The lockdowns led to massive disruptions in the global supply chains which hampered the manufacturing of smart home hardware components. This brought down the growth rate of the market.
- Also, the installation of smart home hardware was postponed in different parts of the world due to travel restrictions and shortage of labor. This further affected the growth rate of the market.
- The smart home hardware market is, however, projected to show steady growth in the future due to the growing importance of having a dedicated home office or workspace in the post-pandemic period.
Product Type: Security & Surveillance Sub-segment Projected to Gather a Huge Revenue During the Forecast Period
The security & surveillance sub-segment accounted for the highest smart home hardware market share in 2022 and is expected to continue to maintain its dominance during the forecast period. With the emergence of intelligent home technology like intelligent doorbells, intelligent lighting, and surveillance cameras, the security and surveillance systems have become more sophisticated in the past few years. This has led to an increase in demand for these systems which is predicted to boost the sub-segment's growth by 2032.
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Region: North America Market to be One of the Fastest Growing by 2032
The North America region accounted for the highest share in the global smart home hardware market in 2022 and is expected to generate tremendous revenue during the forecast period. The increasing number of houses across various countries of this region utilizing connected gadgets and automated systems is expected to be the main growth driver of the market in North America region by 2032.
Leading Players in the Smart Home Hardware Market:
- Google LLC (Alphabet)
- Johnson Controls International plc
- Panasonic Corporation
- Honeywell Corporation, Inc.
- ABB Ltd.
- Samsung Electronics Co Ltd
- Amazon.com Inc.
- Legrand SA
- General Electric
- Schneider Electric SE
The report provides a detailed analysis of the key players of the global smart home hardware market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart home hardware market analysis and smart home hardware market outlook from 2021 to 2031 to identify the prevailing market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart home hardware market trends, key players, market segments, application areas, and market growth strategies.
Smart Home Hardware Market Key Segments:
By Product Type
- Security and Surveillance
- Smart Appliances
- Smart Infotainment
- Utility Management
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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