Category: smart home market trends
The Power of the Smart Home Market 2024: Transformations, Trends, and Future Expectations
A smart home is defined as a residence equipped with internet-connected devices that enable remote management and automation of various household systems, including lighting, climate control, entertainment, and security. This sector’s rapid growth is driven by advancements in technology, increasing consumer awareness, and a growing emphasis on energy efficiency and sustainability. According to Statista, the global smart home market revenue is projected to reach $158 billion by 2024 (Statista). Smart Home Market Size & Trends The global smart home market size was valued at USD 79.16 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 27.07% from 2023 to 2030. Smart home products are available in the form of cameras, smart lights, streaming devices, dishwashers, and more. The growing trend of integrating Artificial Intelligence (AI) in smart home products for smart features is expected to increase product demand. Moreover, the high penetration rate of smartphones and the …
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