The Smart Home as a Service Market revenues were estimated at US$ 5.5 Bn in 2021 and is anticipated to grow at a CAGR of 15.4% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 27.2 Bn. Integrated smart home as a service demand is projected to accelerate at over 16% during 2022 – 2032.
Technological improvements have enabled the creation of new services such as live stream monitoring, intrusion warnings, and fast updates that were previously unavailable with traditional systems. According to a 2015 Icontrol Network research, 90% of customers believed that home security system is the key motivation for smart home adoption.
Smart homes can drastically reduce domestic robberies, break-ins, and burglaries while preventing unwanted visitors out, making houses considerably safer. As a result, the increased security provided by smart homes is likely to drive the worldwide smart home as a service market over the forecast period.
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Key Takeaways from the Market Study
Global Smart Home as a Service Market is estimated to reach a valuation of US$ 6.5 Bn by 2022.
In terms of Service, the Integrated Service segment is expected to account for the highest CAGR of 16.1% during the forecast period.
In terms of Solutions, the Integrated Solution segment is expected to account for the highest CAGR of 16.1% during the forecast period.
United States is projected to remain the most dominant market with an absolute dollar growth opportunity of US$ 9.8 Bn during 2022 – 2032.
The market in U.S. is set to experience the highest CAGR of 16% during the 2022-2032 forecast period.
Competitive Landscape
The sector for smart home as services market has been experiencing fierce competition with the introduction of new start-ups offering a diversified variety of creative solutions catering to different industrial requirements. Vivint, Inc., AT&T Inc, Comcast Corporation, CenturyLink Inc, and Charter Communications are some of the key smart home as a service companies.
Some of the recent market developments include:
In January 2020, Vivint Smart Home, Inc. and Mosaic Acquisition Corp. announced that the previously disclosed transaction between Vivint and Mosaic has been completed, resulting in Vivint becoming a publicly listed business. The acquisition is among the largest SPAC mergers in the United States, with a market valuation of US$ 4.2 Bn, comprising US$ 488 Mn in extra stock.
In May 2021, AT&T announced US$ 43 Bn merger of Warner Media and Discovery. AT&T will reverse its US$ 85 Bn takeover of Time Warner, which concluded three years ago and build a new media firm with Discovery under the terms of the agreement. As per The Financial Times, the merger would establish a new corporation independent from AT&T that might be worth up to US$ 150 Bn, including debt.
In October 2021, Comcast Corporation announced the completion of its takeover of Masergy, an innovator in cloud platforms and software-defined networking for global companies. The purchase accelerates Comcast Business’s expansion servicing big and mid-size firms, particularly US-based organizations with multi-site worldwide operations and strengthens their overall channel distribution system.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Smart Home as a Service Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Smart Home as a Service Market in terms of Smart Home as a Service Market by Service (Managed, Integrated), Solution (Security and Access, Lighting and Window, Audio-Visual and Entertainment, Energy Management and Climate, Integrated), and across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
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Market Segments Covered in Smart Home as a Service Market Analysis
By Service:
Managed
Integrated
By Solution:
Security and Access
Lighting and Window
Audio-Visual and Entertainment
Energy Management and Climate
By Region:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
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