The number of households worldwide using smart home products and services is forecast to reach nearly *** million in 2022. By 2022, the number of smart system homes increased even further to almost *** million. This is a stronger growth than previously expected in 2021 as can be seen by the lower estimates for 2023-2025.

Global smart home market was valued at US$ 127.56 Billion in 2024 and is set to reach around US$ 1403.42 Billion by 2034 at a CAGR of about 27.1%.

The number of smart homes in the smart home market worldwide was modeled to amount to ************ users in 2024. Following a continuous upward trend, the number of smart homes has risen by ************** users since 2018. Between 2024 and 2029, the number of smart homes will rise by ************** users, continuing its consistent upward trajectory.Further information about the methodology, more market segments, and metrics can be found on the dedicated Market Insights page on Smart Home.

The global market for smart and connected homes is predicted to grow from *** billion U.S. dollars in 2019 to *** billion U.S. dollars in revenue by 2025. As time progresses, many more devices at home are connected with the help of the Internet of Things leading to smarter homes and lifestyles.

The Smart Homes Market Report is Segmented by Components (Consumer Electronics, Access Control, Safety, and Security, Lighting, Energy Management, Smart HVAC / Climate Control, Controllers / Hubs, Smart-Home Healthcare, and Smart Kitchen), Housing Type (Single-Family and Multi-Family), Installation Type (New Construction and Retrofit), Sales Channel (Online and Offline), and Geography.

United States Home Sales: Existing: All Residential data was reported at 361.418 Unit th in Mar 2023. This records an increase from the previous number of 268.092 Unit th for Feb 2023. United States Home Sales: Existing: All Residential data is updated monthly, averaging 442.971 Unit th from Jan 2012 (Median) to Mar 2023, with 135 observations. The data reached an all-time high of 657.491 Unit th in Jun 2021 and a record low of 230.259 Unit th in Jan 2023. United States Home Sales: Existing: All Residential data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB: Home Sales.

Consumer spending on smart home products and services is forecast to grow to more than *** billion U.S. dollars by 2025. At that time the number of households with smart home systems is projected to exceed *** million globally. Smart Home Systems Smart home systems provide a variety of functions that can be managed remotely by a smartphone or computer. Many consumers are likely to purchase smart speakers and smart home entertainment systems. However, use of smart devices goes beyond simply entertainment, as smart home appliances such as security systems or automatic heating and lighting can help improve the safety and comfort of being at home. Smart speaker: a versatile favorite Smart speakers are an increasingly popular component of a smart home and will have shipped over ** million units by the end of 2019. These devices are more than simply music players, as many have smart assistant capabilities, and can respond to verbal prompts or command other smart home devices. Of these speakers, a majority are sold by Amazon, though in recent quarters, Google and Baidu have both grown to be close competitors in terms of unit shipments.

United States Home Sales: Existing: Single Family Residential data was reported at 271.821 Unit th in Mar 2023. This records an increase from the previous number of 202.117 Unit th for Feb 2023. United States Home Sales: Existing: Single Family Residential data is updated monthly, averaging 338.667 Unit th from Jan 2012 (Median) to Mar 2023, with 135 observations. The data reached an all-time high of 497.307 Unit th in Jun 2021 and a record low of 173.984 Unit th in Jan 2023. United States Home Sales: Existing: Single Family Residential data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB: Home Sales.

Global Long-Term Care Recipients at Home Share by Country (Units (Persons) Aged 80+), 2023 Discover more data with ReportLinker!

BCC Research Market Analyst says global market for smart home technologies is expected to increase from $102.3 billion in 2023 to $166.7 billion by the end of 2028, with a CAGR of 10.3%.

Global Smart Luxury Homes Market is segmented by Application (Residential_Commercial_Hospitality_Healthcare_Energy), Type (Home Automation Systems_Smart Thermostats_Smart Lighting_Smart Security_Voice Assistants), and Geography (North America_ LATAM_ West Europe_Central & Eastern Europe_ Northern Europe_ Southern Europe_ East Asia_ Southeast Asia_ South Asia_ Central Asia_ Oceania_ MEA)

The Global Smart Home Market size is valued at USD 27.07 billion in 2023, driven by market opportunities, sector trends, and player analysis. Explore market segmentation, strategic insights, and future trends.

The global revenue in the smart home market was forecast to continuously increase between 2023 and 2028 by in total **** billion U.S. dollars (+***** percent). After the ninth consecutive increasing year, the indicator is estimated to reach ***** billion U.S. dollars and therefore a new peak in 2028. Notably, the revenue of the smart home market was continuously increasing over the past years.Find other key market indicators concerning the number of users and user penetration. The Statista Market Insights cover a broad range of additional markets.

Snapshot img

Smart Home Market Size 2025-2029

The smart home market size is valued to increase by USD 255.2 billion, at a CAGR of 23.5% from 2024 to 2029. Growing consumer interest in home automation will drive the smart home market.

Major Market Trends & Insights

North America dominated the market and accounted for a 36% growth during the forecast period.
By Application - Home entertainment segment was valued at USD 19.70 billion in 2023
By Technology - Wireless segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 598.40 billion
Market Future Opportunities: USD 255.20 billion
CAGR from 2024 to 2029 : 23.5%

Market Summary

The market is experiencing unprecedented expansion, fueled by escalating consumer demand for convenience, energy efficiency, and enhanced security. According to recent market intelligence, The market is projected to reach a value of USD151.4 billion by 2023, underscoring its significant growth trajectory. This expansion is driven by strategic partnerships and alliances between industry leaders, which are fostering innovation and expanding the market's reach. However, challenges persist, particularly in the realm of interoperability. As the number of connected devices in homes continues to proliferate, ensuring seamless communication and compatibility between them remains a complex issue.
Despite these hurdles, the future of the market is promising, with advancements in artificial intelligence and machine learning set to revolutionize the way we manage our living spaces.

What will be the Size of the Smart Home Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Smart Home Market Segmented ?

The smart home industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Home entertainment
  Smart appliances
  Energy management
  Lighting control system and HVAC
  Safety and security system


Technology

  Wireless
  Wired


Installation Type

  New Construction
  Retrofit


Product Type

  Smart Lighting
  Smart Appliances
  Security Systems


End-User

  Residential
  Commercial
  Property Developers


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    Spain
    UK


  APAC

    China
    India
    Japan


  Rest of World (ROW)

By Application Insights

The home entertainment segment is estimated to witness significant growth during the forecast period.

The market is a dynamic and evolving landscape, with home automation systems and IoT devices increasingly becoming the norm. According to recent market research, the home entertainment segment holds the largest market share, accounting for over 40% of the market. This dominance is attributed to the widespread adoption of voice assistants or smart speakers, such as Google Home and Amazon Echo, which have revolutionized voice user interfaces. These devices offer a user-friendly, hands-free experience, enabling users to control various smart home applications, including HVAC control, energy management systems, and lighting, with just a voice command.

Additionally, smart speakers are equipped with open APIs, automated scheduling, and wireless communication protocols like Bluetooth and Wi-Fi technology, ensuring seamless integration with cloud computing platforms and mobile apps. The market is further characterized by ongoing activities, such as device interoperability, data encryption, and sensor networks, which contribute to energy efficiency metrics and home security. With the increasing focus on cybersecurity protocols, smart locks, home security cameras, and geofencing technology, the market is expected to continue its growth trajectory.

Request Free Sample

The Home entertainment segment was valued at USD 19.70 billion in 2019 and showed a gradual increase during the forecast period.

Request Free Sample

Regional Analysis

North America is estimated to contribute 36% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

See How Smart Home Market Demand is Rising in North America Request Free Sample

The North American region dominates The market, accounting for the largest share due to the growing consumer preference for home automation. With increasing disposable income, homeowners in North America are embracing luxurious lifestyles, leading to a significant increase in the adoption of smart home systems. By the end of 2022, smart home penetration in North America reached 35.9%, and this trend is expected to continue.

The market i

Trends in House price index. The latest data for over 100 countries around the world.

The Report Covers Global Home Healthcare Industry Analysis and is Segmented by Product Type (product, Services, Software), by Indication (cardiovascular, Diabetes and More) and Geography. The Value is Provided in (USD) for the Above Segments.

Global Live Home Security Market is segmented by Application (Residential Properties_ Small Businesses_ Smart Homes), Type (Video Surveillance_ Smart Locks_ Alarm Systems_ Monitoring Devices), and Geography (North America_ LATAM_ West Europe_Central & Eastern Europe_ Northern Europe_ Southern Europe_ East Asia_ Southeast Asia_ South Asia_ Central Asia_ Oceania_ MEA)

United States Home Sales: Existing: Single Units Only data was reported at 353.003 Unit th in Mar 2023. This records an increase from the previous number of 261.754 Unit th for Feb 2023. United States Home Sales: Existing: Single Units Only data is updated monthly, averaging 433.634 Unit th from Jan 2012 (Median) to Mar 2023, with 135 observations. The data reached an all-time high of 642.939 Unit th in Jun 2021 and a record low of 223.770 Unit th in Jan 2023. United States Home Sales: Existing: Single Units Only data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB: Home Sales.

United States Home Sales: sa: Existing: All Residential data was reported at 501.968 Unit th in Jan 2021. This records an increase from the previous number of 500.749 Unit th for Dec 2020. United States Home Sales: sa: Existing: All Residential data is updated monthly, averaging 458.013 Unit th from Jan 2012 (Median) to Jan 2021, with 109 observations. The data reached an all-time high of 501.968 Unit th in Jan 2021 and a record low of 367.467 Unit th in Jan 2012. United States Home Sales: sa: Existing: All Residential data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB: Home Sales.