PUBLISHER: The Business Research Company | PRODUCT CODE: 1754822
PUBLISHER: The Business Research Company | PRODUCT CODE: 1754822
A smart home is a residence equipped with devices that are connected through a network (often the Internet) to allow remote management and monitoring. These devices, also known as smart devices or home automation devices, can include smart speakers, thermostats, lights, security cameras, door locks and appliances. The primary goal of a smart home is to improve convenience, security, energy efficiency and comfort by allowing users to control various aspects of their home environment through a smartphone app, voice commands or automated settings.
The smart homes market consists of sales, by entities (organizations, sole traders and partnerships), of smart home solutions (products, software and services) that enable automation, remote control and monitoring of home functions for convenience, security and energy efficiency.
The global smart homes market was valued at $64,851.08 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 14.00%.
Proliferation Of Affordable Smart Devices
During the historic period, the proliferation of affordable smart devices propelled the growth of the smart homes market. The proliferation of affordable smart devices makes smart home technology more accessible to a broader range of consumers, driving higher adoption rates. Lower costs enable more households to integrate smart automation, security and energy management solutions, enhancing convenience, efficiency and overall living standards. For example, in 2023, the adoption of smart devices continued to grow, with an increase in the ownership of smartwatches, smart refrigerators and connected thermostats. For example, according to the latest smart home statistics from a survey by Oberlo, a dropshipping app reported that as many as 69.91 million households in the USA are actively using smart home devices in 2024. This is 10.2% more than in the 63.43 million recorded in 2023. Therefore, the proliferation of affordable smart devices drove the growth of the smart homes market.
Enhancing Smart Home Security With Advanced Surveillance Technology
Companies operating in the smart homes market are focusing on developing innovative products, such as smart cameras, to offer advanced security features, including real-time monitoring, motion detection, remote access and AI-driven alerts. Smart cameras are advanced security or monitoring devices equipped with AI, internet connectivity and automation features, enabling real-time video streaming, motion detection and remote access via mobile apps or smart home systems. For instance, in January 2025, Consistent Infosystems, an India-based IT and surveillance company, launched the 2MP Wi-Fi Smart Dual Light Camera. It is designed to provide seamless, high-quality surveillance for both residential and commercial spaces. Its 355° horizontal rotation and 110° vertical tilt deliver comprehensive coverage, while six preset points enable quick navigation to key areas. Enhanced security features include a pre-recorded voice alarm to deter intruders, smart human and motion detection with real-time mobile notifications and integration with Alexa for convenient voice control. The camera supports local storage via a Micro SD card and features a 10x digital zoom for detailed monitoring. A built-in microphone and speaker enable two-way audio communication, while its HD (1280X1080) 2MP resolution with 3D digital noise reduction ensures superior image clarity.
The global smart homes market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 18.16% of the total market in 2023.
Smart Homes Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global smart homes market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for smart homes? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The smart homes market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider smart homes market; and compares it with other markets.
Growth Analysis And Strategic Analysis Framework Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth.