The smart home market size is valued at USD 101.7 Billion in 2023 and is anticipated to be USD 163.7 Billion by 2028; growing at a CAGR of 10.0% from 2023 to 2028. Factors such as the Increasing number of internet users and growing adoption of smart devices, and Increasing disposable income of people in developing economies are driving the growth of the market during the forecast period.
Key players in the smart home market include Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Crestron Electronics (US), SimpliSafe (US), Savant (US), ecobee (Canada), Canary (US), LG Electronics (South Korea), Lutron (US) and Legrand (France).
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These companies have employed a variety of growth approaches, such as product launches and development, expansions, collaborations, and acquisitions, to compete in the smart home market. Partnerships and acquisitions have been the key strategy of players from 2019 to 2022 for expanding their customer base and strengthening their product portfolio.
Johnson Controls is a global leader in providing facility management services, building technology, and energy solutions. The company offers a diverse range of innovative smart home products aimed at enhancing security, comfort, convenience, and energy efficiency. Johnson Controls leverages advanced home automation technology to create integrated solutions that can be customized to meet the unique needs of any home. The company's product portfolio includes connected thermostats, lighting controls, door locks, and security systems, among others. Johnson Controls is a major player in the smart home market, catering to a large customer base and generating ~51% of its revenue from the US in 2022.
Schneider Electric is one of the leading providers of smart home solutions. Its solutions enable customers to automate and remotely control their homes, helping them to save energy and reduce their energy bills. Its products range from switches, dimmers, and outlets to thermostats, sensors, and wireless switches. It also provides solutions for lighting, security, and home automation. Its solutions are available through a range of channels, including retail stores, online, and professional installers. Its solutions are used by homeowners, businesses, and public entities. Schneider focuses on strategic collaborations, agreements, and partnerships to strengthen its core businesses. For instance, in November 2022, Schneider Electric partnered with Smartworld Developers (India) to develop home automation solutions.
Siemens is a major player in the electrical and electronics engineering sector, with a presence in over 200 countries across the globe, including the Americas, Europe, Asia Pacific, and the Middle East & Africa. The company operates various business segments, including Digital Industries, Smart Infrastructure, Mobility, and Siemens Healthineers, forming Industrial Business, Portfolio Companies, and Siemens Financial Services (SFS). Siemens is widely recognized for its automation and control offerings, catering to the increasing demand for industrial automation. With production and manufacturing plants worldwide and office buildings, warehouses, and R&D facilities in almost every region of the world, Siemens has a workforce of 311,000 employees across the globe.
Honeywell is a leading provider of various products, software, solutions, and technologies that help enhance connectivity and security for homeowners using smart home products. Honeywell Smart Home products provide customers with comfort, security, and convenience through cutting-edge, affordable home automation and energy management technology. These products are designed to make life easier, more comfortable, and more secure. Honeywell Smart Home provides everything from lighting and temperature control to video surveillance and door locks, all of which can be controlled locally or remotely using a mobile device or web browser. It also offers integrated energy management solutions, allowing customers to monitor and save on their energy usage.
ASSA ABLOY is a key player in door-opening solutions. The company operates through four business divisions, namely, Electromechanical and Electronic Locks; Entrance Automation; Mechanical Locks, Lock Systems, and Fittings; and Security Doors and Hardware. The company caters to the smart home market through these four segments. Acquisitions are a crucial part of the company's growth strategy. Since its foundation, the company has acquired more than 300 companies. In 2021, ASSA ABLOY acquired Spectrum Brands' Hardware and Home Improvement business unit, which represents one of its biggest acquisitions and will contribute to 15% in annual sales.
Smart Home Market size by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen and Smart Furniture), Software and Services, Sales Channel and Region - Global Forecast to 2028
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