Smart Homes Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Products (Security Control, Lighting Control, Access Control, Energy Management Systems, Home Health Systems, Smart Kitchen, Smart Entertainment Systems, HVAC Control, Others), By Services (Installation, Maintenance, Renovation And Customization), And By Geography – Forecast From 2019 To 2024

Published: May 2020 | Report Code:  KSI061612599 | Pages:  108

Smart homes are residences equipped with a high-end computational and operational network that automatically operates, interacts with and responds to the needs of its residents. This impacts the occupants’ luxury and convenience. Other major purposes that are solved by smart homes are enhancing security measures, providing energy efficiency as well as providing timely entertainment. The global smart homes market is expected to grow at a CAGR of 17.86% reaching US$124.596 billion in 2024 from US$46.493 billion in 2018. Developed countries will be the major market providers at the initial stage but market size in growing economies is expected to increase in the long run due to rapidly increasing purchasing power in these economies and an overall push from governments towards automation and energy efficiency. A growing percentage of the aging population in the developed countries with a higher rate of chronic conditions generates a high demand for energy efficient smart home solutions. Apart from this, smart security systems as well as automatically coordinating interconnected home electrical appliances are huge drivers in this sector. Despite the presence of enormous driving forces in the market, factors like heavy initial costs and lack of consumer awareness are some restraints faced by the smart homes market.


Energy efficient equipment like smart meters.
Electronic devices like refrigerators, air-conditioners and washing machines that are interconnected and can run with a two-way information channel.
Smart security systems are huge drivers at a time when home security is a big concern for people.
Demands of an aging population with a growing prevalence of chronic diseases.


High up-front costs
Lack of awareness among consumers


In January 2017, Honeywall International Inc. launched Lyric Cameras and an eventual software upgrade for Lyric Security Systems, thus making the system compatible with Apples’s HomeKit. They also added app integration with a lyric system for better monitoring and instant alerts.
In July 2018, Siemens AG added new features to their Synco IC cloud platform for remote heating, ventilation, and air-conditioning control.

Smart Homes Market Scope:

Report Metric Details
 Market size value in 2018  US$46.493 billion
 Market size value in 2024  US$124.596 billion
 Growth Rate  CAGR of 17.86% from 2018 to 2024
 Base year  2018
 Forecast period  2019–2024
 Forecast Unit (Value)  USD Billion
 Segments covered  Products, Services, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  Siemens Ag, Honeywell International Inc., Lutron Electronics, Emerson Electric Co.,   Control4 Corporation, Schneider Electric, United Technologies Corporation, Crestron   Electronics, Samsung Electronics, Sony Corporation
 Customization scope  Free report customization with purchase


The global smart homes Market has been analyzed through the following segments:

By Products

Security Control
Lighting Control
Access Control
Energy Management Systems
Home Health Systems
Smart Kitchen
Smart Entertainment Systems
HVAC Control

By Services

Renovation and Customization

By Geography

North America

South America

United Kingdom

Middle East and Africa
Saudi Arabia

Asia Pacific
South Korea

Frequently Asked Questions (FAQs)

Q1. What will be the global smart homes market size by 2024?
A1. The global smart homes market is expected to reach a market size of US$124.596 billion in 2024.
Q2. What factors are anticipated to drive the smart homes market growth?
A2. A growing percentage of the aging population in the developed countries with a higher rate of chronic conditions generates a high demand for energy-efficient smart home solutions.
Q3. What are the growth prospects for the smart homes market?
A3. The smart homes market is expected to grow at a CAGR of 17.86% during the forecast period.
Q4. What is the size of the global smart homes market?
A4. Smart Homes market was valued at US$46.493 billion in 2018.
Q5. How is the smart homes market segmented?
A5. The global smart homes market has been segmented by products, services, and geography.

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