Smart Home Market Report 2023–2028: Size, Share & Forecast

Jun 25, 2025 - 09:52

According to recent findings, the Global Smart Home Market is projected to grow at a CAGR of around 23.8% during the forecast period, i.e., 2023-28.

At MarkNtel Advisors, we continuously monitor and analyze industry trends to provide reliable insights that support informed decision-making and the key factors contributing to the market's promising outlook.

Smart Home Overview:

Most of the market expansion would be driven by the growing penetration of the internet & smartphones worldwide, coupled with the ever-increased focus of several countries on reducing carbon emissions & promoting the use of energy-efficient appliances & devices. Besides, the rising adoption of security cameras, video door alarms, facial-recognition devices, ultra-modern burglar alarms, and remote-controlled locks by households is another prominent aspect projecting a significant boost for the market.

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Smart Home Outlook and Market Driver :

Rising Need for Energy Efficiency to Reduce Running Costs - With alarming levels of carbon emissions as a result of rising warming, energy efficiency is a crucial aspect of any country's development. As smart Home account for a considerable portion of the world's total energy consumption, the mounting consumer need for enhanced energy savings & minimized living costs is the prime aspect projected to drive the market during 2023-28. Additionally, the rising number of smart buildings owing to rapid urbanization, the increasing penetration of smartphones & the internet, growing adoption of intelligent technologies in Home, such as video doorbells, voice-assistants (Alexa and Google Home), & surveillance systems, among others, are also projected to fuel the market growth through 2028.

Global Smart Home Segmentation Analysis:

By Technology

Cellular Network Technologies
Protocols and Standards
Wireless Communication Technologies

By Software & Service

Behavioral
Proactive

By Product Type

Entertainment Controls
- Audio, Volume and Multimedia Room Controls
- Home Theater System Control
- Touchscreen and Keypads
Security & Access Control
- Video Surveillance
  - Hardware
  - Software
  - Services
- Access Control
  - Non-Biometric Access Control
  - Biometric Access Control
- HVAC Control
  - Smart Thermostats
  - Sensors
  - Actuators
  - Dampers
  - Control Valves
  - Heating and Cooling Coils
  - Pumps & Fans
  - Smart Vents
- Smart Home Appliances
  - Smart Washer
  - Smart Dryers
  - Smart Water Heaters
  - Smart Vacuum Cleaners
- Smart Kitchen
  - Smart Dishwashers
  - Smart Refrigerators
  - Smart Cookers
  - Smart Ovens
  - Smart Coffee Makers
  - Smart Kettles
- Smart Lighting Control
  - Dimmers
  - Switches
  - Relays
  - Daylight Sensors
  - Timers
  - Others
- Smart Furniture
  - Smart Tables
  - Smart Stools and Benches
  - Smart Sofas
  - Smart Chairs
  - Smart Desks
- Others (Smart Plugs, Smoke Detectors, Smart Meters)

According to reports,Entertainment Controls are anticipated to dominate the market with the largest share during 2023-28.

By Region

North America
South America
Europe
Middle East & Africa
Asia-Pacific.

According to reports, North America is anticipated to make significant contributions to the overall market expansion in the coming years.

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Some of the Market players in the Global Smart Home are:

8 Ltd.
AMX
Johnson Controls
United Technologies Corporation
Emerson Electronics Co.
Honeywell
Ingersoll-Rand PLC
Legrand S.A.
Lutron Electronics, Inc.
Schneider Electric S.A.
Siemen AG
Tyco International Ltd.
Robert Bosch GmbH
Siemens

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Key Highlights of the Report – Unlock Valuable Market Insights

Market Size, Share & Future Projections – Understand the current market dimensions and forecasted growth trajectory.
In-Depth Pricing Analysis – Get clarity on pricing trends and cost structures across segments.
Company Strategies & Developments – Discover recent mergers, acquisitions, partnerships, and innovations.
Key Stakeholders & Value Chain Insights – Identify the main players and their roles within the industry ecosystem.
Import & Export Dynamics – Analyze global trade flows, regional export trends, and supply chain movements.
Competitive Benchmarking – Gain a clear view of the leading companies and their market positioning.
Emerging Growth Opportunities – Spot untapped areas and niche markets for potential investment.
Market Trends & Growth Drivers – Stay ahead with insights into evolving consumer behavior and industry indicators.

Research Methodology Summary

A systematic approach is used to ensure accurate market insights, combining both bottom-up and top-down methods. Data triangulation validates findings from multiple angles.

Key Steps:

Define objectives and research design
Collect data through surveys and interviews
Analyze and validate data using reliable tools
Forecast trends and deliver actionable insights

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