PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350364
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350364
The Global Smart Home as a Service market size was valued at US$ 11.3 Billion in 2023 and is anticipated to witness a compound annual growth rate (CAGR) of 12.1% from 2023 to 2030
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 11.3 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 12.10% | 2030 Value Projection: | US$ 25.15 Bn |
Smart home as a service or also referred to as (SHaaS) is a type of service where instead of consumer, service provider selects, installs, maintains, upgrades, and programs smart home devices. Smart home as a service uses the subscription-based business models with monthly payment from consumers. Novel technologies are used in SHaaS including connected devices, sensors, cloud intelligence, and social media to combine a variety of important services into a simple-to-use app that allows service providers to make their consumers' lives effortless and simple. There are three major aspects of smart home as a service namely intelligence, connectivity, and functionality where it can help the user to function properly
Technological advancements have led to emergence of additional features such as live video surveillance, intrusion alerts, and instant updates, which was not possible with conventional systems. These features enhance personal and family security, which is the major market driver.
The adoption of smart homes can significantly reduce the number of domestic burglaries, break-ins, and robberies while keeping unwanted intruders out, thus making homes much safer. Hence, enhance security offered by smart homes is expected to propel the global smart home as a service market growth over the forecast period. Smart homes help the consumers with long-term cost savings on energy consumption, which in turn, is expected to accelerate the adoption of the same. Although the cost of smart home appliances is significantly higher than conventional counterparts, their cost-saving potential is second to none. According to Nest Thermostat manufacturers, an average U.S. homeowner can save up to 12-15% on heating and cooling cost. Furthermore, there are many more energy management devices available such as smart lights, smart meters, smart outlets, smart fans, and ACs. Therefore, these factors are expected to boost the global smart home as a service market growth in the near future.