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Global Smart Homes Market Trends In 2018 —What Industry Insiders Tell Us About The Future Forecast 2023

Smart homes market is expected to cross $70.2 billion by 2023, growing at a CAGR of over 14.0% between 2017-2023. The market is gaining traction due to increasing internet penetration globally, and significant growth in automation technologies such as internet of things (IoT). Furthermore, recent developments in home automation technologies have resulted in drop in prices of sensors and processors, which are contributing to the growth of smart homes industry.

Technology manufacturers investing and promoting automation in residential and household sector are also expected to back the market growth. Adoption of advanced electronic technology enables various household appliances, such as refrigerators, dishwashers, and washing machines, to operate smartly and with low energy wastage, on account of which growth in the market for smart homes is anticipated during the forecast period.

The smart homes market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. The anticipated high growth in Asia-Pacific can be attributed to factors such as advancement in home automation technologies, rapid growth in industry digitalization, new technological developments in telecom industry, along with setting up of advanced hardware and software manufacturing units, and increasing adoption of data analytics across industries in the region

Some of the key players operating in the smart homes market are Honeywell International Inc., Siemens AG, Schneider Electric SE, ABB Limited, Johnson Controls Inc., Samsung Electronics Co. Ltd., United Technology Corporation, and Cisco Systems Inc.

GLOBAL SMART HOMES MARKET SEGMENTATION
By Product
• Home Entertainment System
• Lighting Control System
• Smart Home Appliance
• Security & Access Control
• Smart Home Healthcare
By Technology
• Wi-Fi
• Bluetooth
• GSM/GPRS
• RFIS
• Others
By Geography
• North America
• Europe
• Asia-Pacific
• (MEA)

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