The smart homes industry has revolutionized modern living, offering interconnected devices and systems that provide convenience, comfort, and energy efficiency. From smart thermostats to security cameras, smart home technology has become increasingly prevalent in households worldwide.
Size and Growth Projection The smart home market size is valued at USD 101.7 Billion in 2023 and is anticipated to be USD 163.7 Billion by 2028; growing at a CAGR of 10.0% from 2023 to 2028. The key factors contributing to the growth of the smart home market include rising number of internet users and the increasing adoption of smart devices. Furthermore, the growth is being fueled by the rise in disposable income in developing economies. Market Share Analysis Several key players dominate the smart homes industry, capturing a significant share of the market revenue. Companies such as Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France) lead the industry with their diverse product portfolios and strategic partnerships. However, the industry also features a diverse ecosystem of emerging players and niche providers catering to specific segments. The competitive landscape is characterized by ongoing innovation and collaboration among industry players. Trends in the Smart Homes Industry
The smart homes industry is experiencing rapid growth and innovation, driven by technological advancements and consumer demand. As smart home technology becomes more pervasive, stakeholders must stay informed about emerging trends and regulatory requirements. By leveraging AI, prioritizing energy efficiency, expanding connected ecosystems, and enhancing security features, the smart homes industry can continue to improve the quality of life for consumers worldwide. Know more Information @ https://www.marketsandmarkets.com/Market-Reports/smart-homes-and-assisted-living-advanced-technologie-and-global-market-121.html About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441
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