Goal: Learn Global Smart Home Market Size & Growth Projections

The objective of this report was to provide insights into the size and projected growth of the global smart home market. Areas of interest include the different categories of smart home devices and select manufacturers of each smart home device type.

The Scope: Provide Global and U.S. Markets Insights & 4 Broad Category Overviews of Smart Home Devices

The report provided market size estimates and growth projections for the global and U.S. smart home markets, as well as the four broad categories of smart home devices. The analysis also explored each category of smart home devices while profiling select manufacturers of different smart home devices.

Analysis Summary:

The smart home market consists of devices that connect to the Internet for the purpose of controlling and monitoring the functions of a household. This market can be broadly divided into four categories of smart home devices:

• Gateways and Speakers: Gateways and remotes that control other categories of devices, control units for wall switches and plugs, and smart sound systems and speakers that can act as digital assistants

• Lighting and Energy: Temperature or precipitation sensors, automatic heating control or window shutters, smart light bulbs, and garage door controls

• Risk Monitoring and Security: Surveillance cameras, motion sensors, remote door locks, other security products, and risk monitoring devices like smoke or carbon monoxide detectors

• Appliances: Large smart appliances—like washing machines, refrigerators, dishwashers, ovens—and small smart appliances like vacuums, lawn mowers, microwaves, and blenders

Taken together, the global smart home market is estimated to be worth $69.6 billion in 2019. In the U.S., the smart home market is worth $27.2 billion. Both the global and U.S. smart home markets are expected to grow significantly by 2023. Likewise, each individual category of smart home devices is also expected to expand rapidly in size globally between 2019 and 2023.