The global for connected home devices market had a valuation of USD 83.8 Billion in 2022 and is anticipated to reach USD 91.6 Billion by 2032, with a projected revenue compound annual growth rate (CAGR) of 12.5% throughout the forecast period. Key drivers propelling this market's revenue expansion include the escalating adoption of smart home technologies, a surging appetite for energy-efficient products, and a rising consumer preference for home automation.
The surging popularity of smart home technology stands out as a pivotal catalyst behind the market's revenue surge. Consumers are increasingly seeking devices that can be seamlessly controlled through a single application, streamlining their daily lives for enhanced convenience. Moreover, there is a growing demand for interconnected devices that respond to voice commands, a trend propelled by the rising popularity of voice assistants such as Amazon Echo and Google Home.
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Top Profiled Companies:
Alphabet Inc. (Google)
Samsung Electronics Co., Ltd.
LG Electronics Inc.
Honeywell International Inc.
Crestron Electronics, Inc.
Smart Home Device Market Growth
Increasing Consumer Adoption: Consumers are becoming more tech-savvy and interested in smart home solutions. They see the value in connected devices that offer convenience, security, energy savings, and entertainment.
Voice Assistants: Voice-controlled smart speakers like Amazon Echo and Google Home have gained popularity. These devices serve as central hubs for controlling other smart devices, making it easier for users to adopt additional connected devices.
Energy Efficiency: Smart thermostats, lighting systems, and appliances are being adopted to reduce energy consumption and lower utility bills.
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Product Type Outlook:
- Smart Speakers
- Smart Thermostats
- Smart Lighting
- Smart Locks
- Smart Cameras
Key Takeaways of the Global Smart Home Device Market Report:
A comprehensive overview of the global Connected Home Device industry.
Accurate market projections in terms of market size, share, and volume.
Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
Deep-dive analysis of the upcoming market trends.
Qualitative and quantitative analyses of the global Smart Home Device Market.
Elaborate study of the leading regional markets in the global Smart Home Device Market.
Complete overview of the markets competitive landscape.
Brief look at the company profiles and portfolios.
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