Smart Home Hardware Market Size, Share & Growth Report 2031
Smart Home Hardware Market Size, Share & Growth Report 2031
Segments - Smart Home Hardware Market by Type (IoT Hardware for Control & Connectivity Devices, IoT Hardware for Security & Surveillance Equipment, and IoT Hardware for Smart Appliances) and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :ICT-SE-5089
| 4.4 Rating
| 69 Reviews
| 211 Pages
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Report Description
The global smart home hardware market size was USD 21.83 Bn in 2022 and is likely to reach USD 48.1 Bn by 2031, expanding at a CAGR of 12.6% during 2023–2031. High demand for smart home hardware and the application of home monitoring systems is contributing to the market growth.
Smart home hardware are devices that can sense data and can connect wirelessly. Smart home hardware stores information from the internet and then stores them on the cloud. The devices also use remote monitoring when connected to a device. The devices include doorbells, alarm systems, speakers, and others. Smart home devices have various advantages such as, it increases house security and helps manage devices from one place to another.
The COVID-19 pandemic has propelled the smart home hardware market. At the time of the pandemic, the sale of smart devices has increased. As per research from Xiaomi, during the pandemic around 51% of users acquired smart home devices. Smart home devices include air purifiers which further work against COVID-19 spread. Air purifiers help to decrease the toxicity of air. According to the Centers for Disease Control and Prevention, if used properly, these purifiers help reduce the risk of different viruses.
Smart Home Hardware Market Dynamics
Major Drivers
Rising use of Internet of Things (IoT) platforms is projected to fuel the market during the forecast period. Internet of Things (IoT) solutions are being developed with time including internet-connected smart home devices, sensors, security solutions, and other such solutions. The 5G network connectivity is expected to be a major boost for keeping these devices connected to the internet 24/7. Such smart home IoT hardware has plenty of benefits to offer including energy-saving potential. Smart home hardware indicates when users are consuming more power than they need to, which in turn helps users to save energy. All these factors are likely to propel the market in the years ahead.
Existing Restraints
Security concerns are expected to restrain the market. Smart home devices are linked with smartphone applications. Thus, sometimes it becomes a threat to households, as hackers might hack the applications to gain access to the house. Smart devices are often connected with wireless communication, hence it becomes possible for hackers to access the Wi-Fi. Smart home hardware systems are usually cost-effective; however, some of them are expensive, as they come with different advanced specifications. According to Rambus Incorporated, a developer, licensers, and chip interface technology designers are under the threat of attacks. Thus, smart device security concern is likely to hamper the market.
Emerging Opportunities
High demand for home automation devices is likely to create lucrative opportunities in the market. The automated systems have been simplified with the development of inventive wireless technologies including Bluetooth and ZigBee. Rising implementation of home monitoring systems and growing consumer awareness are expected to create opportunities in the market.
Scope of Smart Home Hardware Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Smart Home Hardware Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (IoT Hardware for Control & Connectivity Devices, IoT Hardware for Security & Surveillance Equipment, and IoT Hardware for Smart Appliances) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Schneider Electric; SAMSUNG; Johnson Controls.; ABB; Honeywell International Inc.; Legrand.; Panasonic Holdings Corporation; General Electric; and Google LLC. |
Smart Home Hardware Market Segment Insights
Based on type, the smart home hardware market is divided 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 is expected to expand at a significant pace during the projection period. IoT hardware appliances are automated with certain applications that transfer data from one network to another with the help of the Internet. IoT device uses AI and machine learning to bring autonomy and intelligence to systems including, electronic home locks, autonomous driving, smart home appliances, and medical equipment.
In terms of region, the global smart home hardware market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is projected to dominate the market during the projection period. According to research, China is the second largest market, by size, for the smart home hardware market. In Asia Pacific, smart devices are made economically that are technologically advanced. These devices include kitchen appliances, smart refrigerators, and others. Additionally, growing urbanization, rapid economic growth, and presence of large telecom industry are propelling the demand for the smart home hardware in the region.
During the pandemic, employers offered flexible work hours for employees, which encourages the adoption of smart home devices in North America. According to Smart Home Technology Usage, Satisfaction, and Purchase Intent, over 80 million residents in the US acquired smart home hardware devices in 2020. Thus, fueling the demand for smart home hardware devices in the region.
Segments
The smart home hardware market has been segmented on the basis of
Type
- IoT Hardware for Control & Connectivity Devices
- IoT Hardware for Security & Surveillance Equipment
- IoT Hardware for Smart Appliances
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Schneider Electric
- SAMSUNG
- Johnson Controls.
- ABB
- Honeywell International Inc.
- Legrand.
- Panasonic Holdings Corporation
- General Electric
- Google LLC
Competitive Landscape
Key players competing in the global smart home hardware market include Schneider Electric; SAMSUNG; Johnson Controls.; ABB; Honeywell International Inc.; Legrand.; Panasonic Holdings Corporation; General Electric; and Google LLC.
These key players adopt various strategies including partnerships, mergers, acquisitions, collaboration, R&D investments, and production expansion to gain large consumer base around the globe. For instance,
- In January 2022, Johnson acquired FogHorn, a prominent developer of Edge AI software for commercial and industrial IoT solutions. The main reason for the acquisition is to solve some of the world’s most compelling challenges of energy efficiency and sustainability.
- In March 2022, Samsung Electronics has collaborated with CommScope RUCKUS, a brand of wireless and wired networking software and equipment. The aim of the collaboration is to give building owners and landlords access to the residents and tenants.
- In April 2022, Samsung Electronics partnered with ABB, a technological company to integrate SmartThings and ABB's free@home solutions. It allows businesses and users to control smart home hardware devices from ABB’s fleet automation with Samsung phones.
- In August 2021, General Electric has entered into a partnership with Google Cloud, a cloud computing service. This partnership is aimed at integrating the company’s proficiencies to bring forward new smart home hardware technologies and good experiences.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Home Hardware Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Smart Home Hardware Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Smart Home Hardware Market - Supply Chain
4.5. Global Smart Home Hardware Market Forecast
4.5.1. Smart Home Hardware Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Smart Home Hardware Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Smart Home Hardware Market Absolute $ Opportunity
5. Global Smart Home Hardware Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Smart Home Hardware Market Size and Volume Forecast by Types
5.3.1. IoT Hardware for Control & Connectivity Devices
5.3.2. IoT Hardware for Security & Surveillance Equipment
5.3.3. IoT Hardware for Smart Appliances
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Smart Home Hardware Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Smart Home Hardware Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Smart Home Hardware Demand Share Forecast, 2019-2026
7. North America Smart Home Hardware Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Smart Home Hardware Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Smart Home Hardware Market Size and Volume Forecast by Types
7.4.1. IoT Hardware for Control & Connectivity Devices
7.4.2. IoT Hardware for Security & Surveillance Equipment
7.4.3. IoT Hardware for Smart Appliances
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Smart Home Hardware Demand Share Forecast, 2019-2026
8. Latin America Smart Home Hardware Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Smart Home Hardware Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Smart Home Hardware Market Size and Volume Forecast by Types
8.4.1. IoT Hardware for Control & Connectivity Devices
8.4.2. IoT Hardware for Security & Surveillance Equipment
8.4.3. IoT Hardware for Smart Appliances
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Smart Home Hardware Demand Share Forecast, 2019-2026
9. Europe Smart Home Hardware Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Smart Home Hardware Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Smart Home Hardware Market Size and Volume Forecast by Types
9.4.1. IoT Hardware for Control & Connectivity Devices
9.4.2. IoT Hardware for Security & Surveillance Equipment
9.4.3. IoT Hardware for Smart Appliances
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Smart Home Hardware Demand Share Forecast, 2019-2026
10. Asia Pacific Smart Home Hardware Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Smart Home Hardware Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Smart Home Hardware Market Size and Volume Forecast by Types
10.4.1. IoT Hardware for Control & Connectivity Devices
10.4.2. IoT Hardware for Security & Surveillance Equipment
10.4.3. IoT Hardware for Smart Appliances
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Smart Home Hardware Demand Share Forecast, 2019-2026
11. Middle East & Africa Smart Home Hardware Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Smart Home Hardware Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Smart Home Hardware Market Size and Volume Forecast by Types
11.4.1. IoT Hardware for Control & Connectivity Devices
11.4.2. IoT Hardware for Security & Surveillance Equipment
11.4.3. IoT Hardware for Smart Appliances
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Smart Home Hardware Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Smart Home Hardware Market: Market Share Analysis
12.2. Smart Home Hardware Distributors and Customers
12.3. Smart Home Hardware Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Schneider Electric
12.4.2. SAMSUNG
12.4.3. Johnson Controls.
12.4.4. ABB
12.4.5. Honeywell International Inc.
12.4.6. Legrand.
12.4.7. Panasonic Holdings Corporation
12.4.8. General Electric
12.4.9. Google LLC
Methodology
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