In a new report, Technavio predicts that the smart home market will grow by USD 133.01 billion from 2022 to 2027. The growth is being driven by increased consumer interest in home automation. The report highlights the rising adoption of smart thermostats, security systems, energy management solutions, wearable devices, and entertainment systems as key drivers for the market. The integration of smart speakers and home platforms further amplifies the trend towards automated home experiences. The report also identifies rising smartphone penetration and improved internet speeds as enabling factors for the adoption of digital assistants, IoT devices, and intelligent appliances. However, the report also points out that comprehensive network coverage remains a challenge for the smart home market, particularly in terms of remote monitoring, energy management, and home and health monitoring. The report forecasts that the North American market will contribute 37% to the global market growth during the forecast period. Key companies in the smart home market include ABB Ltd., Alphabet Inc., Amazon.com Inc., Apple Inc., and Samsung Electronics Co. Ltd.
The report also covers related markets, including the smart home appliances market forecast to grow at a CAGR of 14.45% between 2022 and 2027, and the smart home cameras market forecast to grow at a CAGR of 14.88% during the same period.