The global smart home market is anticipated to grow at an exponential CAGR of 20.4% during the forecast period. An increase in the adoption of artificial intelligence technology and the Internet of things (IoT) in smart home devices is driving the growth of the smart home market across the globe. Manufacturing companies are upgrading their products and using artificial intelligence technology to enhance product features and resulting in increased demand for smart home devices. AI technology enables many facilities which make daily activities easy and quicker, which further increases the implementation of AI technology in smart home devices. For instance, in January 2020, TCL Corp. launched AI-powered TVs and air conditioners (AC) in the Indian market. The company introduced the next-generation ‘AI x IoT’ concept with its C8 AI Android TV Series, TCL Home App, and Smart Air Conditioners. The product launched operates on Android Pie (9.0) system with a built-in Google assistant and is available in two sizes including a 55-inch screen (55C8) and a 65-inch screen (65C8). The other smart features include hands-free voice control for controlling TVs.
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Additionally, the growing inclination of the global population for a luxurious lifestyle is another factor contributing to the growth of the market. People are focusing more on the modernization of their homes due to which the purchase of advanced technological home products has increased over the past few years, which further led to the growth of the smart home market. For instance, in March 2021, Avalon SteriTech and SoftBank Robotics Group launched Whiz Gambit, the 2-in-1 AI-powered cleaning and disinfection robotic solution, where “Whiz” is an AI cleaning robot of SoftBank Robotics and “Gambit” is Avalon’s disinfection unit dedicated for “Whiz”. Moreover, in September 2020, Panasonic India launched its latest digital campaign titled ‘IntelligentHAI’ for its all-new range of AI-enabled refrigerators.
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Market Coverage
- Segment Covered-
o By Product Type
o By Distribution Channel
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape – Inter IKEA Systems B.V., Legrand North and Central America, LLC, Milano Smart Living, Robert Bosch GmbH, Sleep Number Corp., and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Smart Home Market Report Segment
By Product Type
- Comfort and Lighting
- Control and Connectivity
- Energy Management
- Home Entertainment
- Security and Smart Appliances
- Others
By Distribution Channel
- Online
- Offline
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