The global smart home automation system market was estimated at a market value of US$ 62 billion in 2022 and is expected to grow at a significant CAGR of over 27.3% over the forecast period of 2023-2028.
There is a growing demand for smart home automation systems as consumers seek convenience, comfort, energy efficiency, and security in their homes. Smart home devices and technologies offer enhanced control and automation of various functions, such as lighting, temperature, security, entertainment, and appliances.: The evolution of IoT technology has significantly contributed to the growth of the smart home automation market. IoT enables seamless connectivity and communication between various smart devices and systems, allowing homeowners to remotely monitor and control their homes through smartphones or other devices. Plus, the increasing smartphone penetration is another big driver.
Market Scope and Report Overview
According to a deep-dive market assessment by RationalStat, the global smart home automation system market has been analyzed based on market segments, including technology, application, and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2028.
Market intelligence for the global smart home automation system market covers market sizes on the basis of market value (US$/EUR Million) and volume (‘000 units/tons/liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector, and products/services 10-year outlook and its implications on the global smart home automation system market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
Period Covered includes data for 2019-2028 along with year-wise demand estimations
The smart home automation system market report analyzes the market based on global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.
RationalStat offers market analysis and consulting studies based on dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The global smart home automation system market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the global smart home automation system market provides a detailed competition benchmarking analysis based on the market share of the leading companies/brands/producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across most industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
Competition Analysis and Market Structure
Some of the prominent players that contribute significantly to the global smart home automation system market growth include ABB Ltd., Control4 Corporation, Crestron Electronics, Inc., Honeywell International, Inc., Ingersoll-Rand plc, Johnson Controls, Legrand SA, Leviton Manufacturing Company, Inc., Lutron Electronics Co., Inc., Schneider Electric among others.
RationalStat has segmented the global smart home automation system market based on technology, application, and region.
- Global Smart Home Automation System Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2023-2028) Analysis by Technology
- Global Smart Home Automation System Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2023-2028) Analysis by Application
- HVAC & Energy Management
- Smart Kitchen
- Other Appliances
- Global Smart Home Automation System Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2023-2028) Analysis by Region
- North America Smart Home Automation System Market
- Latin America Smart Home Automation System Market
- Rest of Latin America
- Western Europe Smart Home Automation System Market
- Rest of Western Europe
- Eastern Europe Smart Home Automation System Market
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Smart Home Automation System Market
- South Korea
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Smart Home Automation System Market
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Rest of the Middle East & Africa
- North America Smart Home Automation System Market
- Leading Companies and Market Players
- ABB Ltd.
- Control4 Corporation
- Crestron Electronics, Inc.
- Honeywell International, Inc.
- Ingersoll-Rand plc
- Johnson Controls
- Legrand SA
- Leviton Manufacturing Company, Inc.
- Lutron Electronics Co., Inc.
- Schneider Electric
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Key Questions Answered in the Smart Home Automation System Report
- What will be the market value of the global smart home automation system market by 2028?
- What is the market size of the global smart home automation system market?
- What are the global smart home automation system market drivers?
- What are the key global smart home automation system market trends?
- Which region is the leading global smart home automation system market?
- What are the major companies operating in the global smart home automation system market?
- What are the market shares by key segments in the global smart home automation system market?
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