The market for smart home services is projected to grow from $7.5 billion in 2023 to $31.41 billion in 2033. The market is projected to expand at a CAGR of 15.4% over the course of the forecast period.
The demand for cognitive systems in today’s smart homes is developing quickly, which is driving this industry’s expansion. The need for installation and maintenance services thus rises.
Smart house trends have already exploded in a huge number of homes thanks to the introduction of various appliances and features like integration that enable smart home gadgets to communicate with one another. The market for smart home services is being strengthened by the presence of well-known industry companies.
Amazon’s Alexa devices, for example, assist in making reminders, checking the weather, playing music, and much more. Similarly, Philips Hue is a wireless lighting system that may turn on and off based on your needs.
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As the number of smart appliances grows, so does the need for smart home services, which helps to drive industry growth. Owners can get tailored services from skilled service providers as well as installers based on their demands. Furthermore, owners can obtain services that adhere to the most recent market trends, as service providers keep up with growing trends.
Another service that increased its presence in many homes during and after the pandemic was health technology. Smart thermostats and smart air purifiers are two examples of health tech services that might help you create a futuristic house.
Notable Insights from the Smart Home Services
- The United States is anticipated to grow significantly with a value of US$ 11.37 billion by the end of 2033 recording a CAGR of 16.0%.
- Asia Pacific is another region to thrive at a CAGR of 12.5% during the forecast period.
Competitive Analysis:
The presence of several well-established and novel players in the smart home services market driving the market growth. These players aim at providing numerous smart home devices to improve the quality of life that is not only intelligent but are budget-friendly. There is cut-throat competition in the market with the launch of novel products with increasing usage of AI and IoT.
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Key companies Profiled in the Market
- Johnson Controls Inc.
- Comcast Corporation
- Calix, Inc.
- Trane Technologies plc
- Telus Corporation
- Vivint, Inc
- ADT Inc
- Charter Communications Inc.
Key Developments:
- In April 2019, Calix Inc. made a partnership with IdeaTek to expand the presence of its Gigabit service to their subscriber as well as enable incorporation and administration of its smart home device with Wi-Fi as well as cloud-based services.
- Airbnb and Vivint, Inc., also made a partnership for managing energy consumption and home security distantly at its homes.
- HelloTech has joined Abode Systems for specialized security system installations in February 2019. HelloTech’s new Abode System installation services launch with ‘do-it-for-me’ installation services, with plans to introduce additional service and support features in the future.
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Smart Home Services Market
By Service:
- Managed
- Integrated
By Solution:
- Security and Access
- Lighting and Window
- Audio-Visual and Entertainment
- Energy Management and Climate
By Region
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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