December 8, 2022

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Smart Home Devices Market is Expected to Register a CAGR of 18.7% and Hit a Stupendous Growth Revenue during the Forecast Period of 2021-31

Future Market Insights Global and Consulting Pvt. Ltd.

Sales in the U.S. is expected to account for a notable share of 72.5% of sales within North America. The demand for entertainment and other control smart home devices is considerably high, accounting for maximum sales in the smart home devices market.

NEWARK, Del, Nov. 21, 2022 (GLOBE NEWSWIRE) — The global smart home devices market is exhibiting an impressive growth rate over the projection period from 2021 to 2031. Owing to a significant surge in popularity over the recent years along with rapid technological advancements and devices has led to the focus on appliance manufacturers and fostering smart homes all over the world.

Due to the emergence of advanced automated systems such as monitor lighting, temperature, multi-media, security shields, entertainment systems, window and door operations, and others, have allowed users to operate via smartphones and computers are being launched. Focus on smart home technologies is predicted to surge and pave way for the expansion of the smart home devices market.

One of the vital aspects of smart home technology is that it aids in saving the world’s limited resources. Since they utilize controllers that are efficiently integrated with home sub-systems to make their homes smart and green, people are becoming more aware of the capabilities of smart home devices.

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The emergence of the 1900s saw the introduction of some of the first home appliances attributed to the industrial revolution. Clothes dryers, washing machines, refrigerators, and electric dishwashers were introduced after vacuum cleaners. Despite them not being “smart” appliances, their emergence in the 20th century changed the world for consumers. Furthermore, several other aspects are igniting consumer interest in smart devices such as Amazon Alexa and others have been fueling the demand for connected devices. Driven by this, the smart home devices market is forecast to exhibit an 18.7% CAGR between 2021 and 2031.

Key Takeaways

  • Advantages obtained by connecting household items to the internet or the Internet of Things (IoT) are many in number. Connected devices have gained massive traction among residential consumers. The IoT connects goods, software algorithms, services, and end-users, allowing data to flow freely and real-time decisions to be made.

  • The Internet of Things has proven to be extremely valuable over time by enhancing the performance and functionality of automation systems. Several huge, mid-sized, and small businesses around the world are heavily investing in IoT and IoT-enabled devices. Such advanced technological innovations have impacted a broad variety of application areas, including lighting, HVAC, defense, healthcare, and entertainment, as most companies moving towards IoT.

  • A significant surge in customer preference has been observed for video doorbells, voice-assisted technologies (such as Alexa and Google Home), and security systems are anticipated to accelerate the smart home devices market. Due to the adoption of internet-enabled smart devices such as radio frequency identification (RFID), barcode scanners, and mobile computers, the overall IoT market is expected to develop.

  • Consumer preferences are rapidly evolving due to drastic technological advancements. As the standard of living is on the rise, consumers expect more revolutionary smart devices. As a result, manufacturers are encouraged to invest in state-of-the-art and innovative technologies to expand their product portfolio and tailor them to meet the needs of customers.

  • Millennial consumers showcase a great influence on prevailing market trends over the coming years. This era has also granted millennials a different set of expectations and priorities. They are more interested to know and adopt new things, which is why they are better connected to the digital world.

  • Several smart home appliances such as temperature control mugs have a certain advantage that is anticipated to drive their demand. Furthermore, manufacturers are focusing on implementing advanced technology in their products, creating prospects for increasing penetration of the smart home devices market in the coming years.

Competitive Landscape

Some of the prominent players in the global smart home devices market comprise opportunities to generate sales by implementing the latest ideas into their products. They are also expected to broaden their distribution methods by collaborating with the industries. There is an incredible focus on staying up to date with the latest technologies. Hence, product launches are a common strategy as market players seek to offer state-of-the-art technologies to their consumers.

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More Insights into the Smart Home Devices Market

Germany is anticipated to dominate the global smart home devices market by accounting maximum portion of the leading market for smart technology in the coming years. The digitization of private household applications, such as in the areas of comfort and protection, energy management, and self-determination in old age, is rapidly advancing.

Smart Home Devices Market by Category

Product Type:

  • Security Lighting Control Smart Home Device

  • Dimmers

  • Switches

  • Sensors

  • Access Control Smart Home Device

  • Video Surveillance

  • Access Control

  • Fire and Smoke Detectors

  • HVAC Control Smart Home Device

  • Smart Thermostats

  • Heating and Cooling Coils

  • Entertainment and Other Control Smart Home Device

  • Others

Price Range:

  • Below US$ 25 Smart Home Device

  • US$ 25-35 Smart Home Device

  • Above US$ 35 Smart Home Device

Sales Channel:

Region:

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Table of Content

1. Executive Summary

  1.1. Global Market Outlook

  1.2. Summary of Key Findings

  1.3. Summary of Key statistics

  1.4. FMI Analysis and Recommendations

2. Market Overview

  2.1. Market Taxonomy

  2.2. Market Definition

3. Key Market Trends

  3.1. Key Trends Impacting the Market

      3.1.1. Changing Trends Influence Manufactures;

      3.1.2. Eco-Friendly Smart Home Devices

      3.1.3. Expanding Urban Population

      3.1.4. Consumers Becoming Tech Savvy

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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