Global Market for Smart Home Devices to Grow by 3% in 2023
Global Market for Smart Home Devices is expected to grow by 3% in 2023 to 900 million units, dominated by smart speakers and video entertainment devices such as TV and streaming devices.
According to Rationalstat nee report, the major factors driving the growth of the global smart home devices market are the rising need for home security coupled with the need for remote monitoring, which are expected to bolster the growth of the market.
The global smart home devices market is expected to grow at a robust growth rate of around 14% during the forecast period 2022-2028. The growing importance of remote home monitoring, the necessity for energy-efficient equipment, and the rapid expansion of the smartphone and smart gadget markets are all contributing to the overall growth of the smart homes market.
In addition, the growing desire to reduce carbon emissions and save energy is expected to boost smart home devices as it improves the performance and functionality of automation systems without leaving a significant effect on the environment.
The global smart home devices market is fragmented in nature with the presence of various players operating in the region. Leading companies operating in the smart home devices market are focusing on introducing new & better technologies catering to different lifestyles and comfort.
Moreover, these players adopt various strategies to increase their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, Partnerships, and collaborations are some of the strategies followed by industry players. Some of the key developments in the global smart home devices market include,
In December 2022, power company NRG Energy Inc. announced to buy Vivint Smart Home Inc. for US$ 2.8 billion in cash, adding security and other automation products to its home service offerings.
In May 2021, Dwelo, a smart home devices business, was acquired by Level Home for US$ 100 million.
With the purchase of Dwelo, Level Home will be able to provide a seamless combination of thoughtfully designed hardware and a sophisticated SaaS platform that gives inhabitants unprecedented control, convenience, and new capabilities.
Some of the key players operating in the global smart home devices market include: Schneider Electric, Honeywell International Inc, Johnson Controls International, United Technologies Corporation, Siemens AG, Amazon Inc., Apple Inc., Google, Samsung Electronics Co. Ltd., LG Electronics and Sony.