Smart Home Hardware Market Growth & Trends
The global smart home hardware market size was estimated to reach USD 50,272.7 million by 2028 and is expected to expand at a CAGR of 12.7% from 2022 to 2028, according to a new report by Grand View Research, Inc. The increasing consumer focus on home security devices is the key factor that drives the growth of the smart home hardware Industry. In addition, growing demands for energy-efficient appliances also drive the smart home hardware market. However, high costs incurred for the installation and maintenance of smart home hardware are limiting the adoption among consumers is the major restraint for the smart home hardware market. Most of the key players operating in the market are adopting a strategy of new product development to fulfill the growing needs and to capture maximum market share globally.
Smart Home Hardware Market Segmentation
Grand View Research has segmented the smart home hardware market based on type, and region:
Based on the Type Insights, the market is segmented into IoT Hardware for Control & Connectivity Devices, IoT Hardware for Security & Surveillance Equipment and IoT Hardware for Smart Appliances.
- The IoT hardware for smart appliances segment dominated the market and contributed a revenue share of over 65% in 2021 and is forecast to expand at a CAGR of 13.0% from 2022 to 2028. The demand for smart appliances has increased more due to the COVID-19 pandemic because most of the population is working from home, which resulted in spending more on smart appliances. Moreover, smart home appliances are being highly adopted as they can be remotely controlled, and thus, huge demand for IoT hardware for smart appliances contributes to the market revenue.
- The IoT hardware for security & surveillance equipment segment is expected to witness 2nd highest CAGR of 12.3% from 2022 to 2028. IoT hardware for security & surveillance equipment is used to keep watch over homes and property from both inside and outside by acting as an extra pair of eyes and ears to monitor. As per the survey, the adoption of IoT hardware for security & surveillance equipment is increasing due to smart camera systems and analytical software. The security & surveillance equipment is highly used for detection as well as monitoring purpose. Thus, the IoT hardware for the security & surveillance equipment segment is expected to register the 2nd fastest CAGR during the forecast period.
Smart Home Hardware Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Market Share Insights
- October 2020: Google LLC introduced Google Nest's new smart thermostat in their smart home In addition to that, some of the top market players such as Amazon.Com Inc., Google LLC, and Samsung Electronics Co. Ltd. are making product development to gather maximum market share.
Key Companies Profile & Market Share Insights
The global market is characterized by the presence of established as well as new players. Major players operating in this market are offering various advantages such as new product launches and partnerships.
Some of the prominent players operating in the global smart home hardware market include,
- Google LLC
- Com Inc.
- Honeywell Corporation Inc.
- Schneider Electric SE
- Johnson Control Inc.
- ABB Ltd.
- Legrand
- Panasonic Corporation
- Samsung Electronics Co. Ltd.
- General Electric Company
Order a free sample PDF of the Smart Home Hardware Market Intelligence Study, published by Grand View Research.
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