Smart Home Services Market Growth & Trends
The global smart home services market size is estimated to reach USD 11.7 billion by 2028 and is expected to expand at a CAGR of 11.2% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing demand for cognitive systems at smart homes is surging the adoption of installation and maintenance of smart home devices. In addition, customization of smart home devices by professional installers has also supported the expansion in the industry. However, the expensive nature of repair and maintenance services for smart home device is the key factor hindering the growth of the market. Most of the key industry players are adopting partnership and service expansion to capture maximum market share globally.
Gather more insights about the market drivers, restrains and growth of the Global Smart Home Services Market
Market Segmentation:
Grand View Research has segmented the smart home services market on the basis of type (IoT Services for Control & Connectivity Devices, IoT Services for Security & Surveillance Equipment, IoT Services for Smart Appliances).
Based on Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Asia Pacific has emerged as a profitable revenue belt and is likely to register the highest CAGR of 12.1% from 2022 to 2028.
Increasing demand for connected home services in this region is supplementing the industry growth. Additionally, the demands for emerging technology, desire for lifestyle up-gradation, and popularity of voice technology in emerging markets such as China, India, and Japan are anticipated to surge the development of smart home services. Thus, the region is expected to expand at the fastest CAGR in the forecast period.
North America accounted for a significant market share of over 35% in 2021.
The U.S. was the major country in this region that contributed largely to the generation of smart home services market in 2021. As per the study, 80% of the people in the U.S. possess smart home devices and one in four own a smart home device which thereby increase the adoption of smart home services in this region. Thus, contributes to more generation in North America.
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Key Companies
The key players in the global smart home services market include - Johnson Controls Inc.; Lumen Technologies Inc.; Comcast Corporation; Telus Corporation; Vivint, Inc.; ADT Inc.; Charter Communications Inc.; Trane Technologies plc; Rexel SA; and Calix, Inc.
The smart home services market is characterized by the presence of established as well as new players. Major players operating in this market are offering various advantages such as partnership and service expansion.
Market Share Insights
- April 2019: Calix Inc. announced its partnership with IdeaTek to expand the availability of its Gigabit services to their subscribers and facilitate the integration and management of its smart home devices with Wi-Fi and cloud-based services.
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