Smart Home Market Size To Reach $537.27 Billion By 2030

The global smart home market size is estimated to reach USD 537.27 billion by 2030, expanding at a CAGR of 27.0% from 2025 to 2030, according to a new report by Grand View Research, Inc.

The smart home is driven by computing devices and information technology that link smart home instruments and gadgets to provide convenience, entertainment, and enhanced comfort to residents in a sustainable way. The market growth is attributed to the rising penetration of the Internet of Things (IoT) and Internet connectivity in homes. Moreover, the trend of modern technologies, such as Artificial Intelligence (AI), being integrated with smart homes has enabled more advanced and digitally smart devices for better living.

In addition, the growing penetration of smartphones is driving the market as smart home devices can be controlled through a smartphone, thereby enabling ease of access and usage. Furthermore, the trend of automation in daily mundane tasks is expected to support market growth significantly. The rising need for home security has prompted the use of AI-powered smart home devices. Facial recognition and threat analysis are among the features included in these gadgets that are expected to drive the demand for smart home solutions. Asia Pacific is expected to emerge as the fastest-growing region over the forecast period.

This is mainly owing to the improved standards of living and increased consumer disposable income levels in the region. The rapid penetration of the internet, smartphones, and other digitally advanced equipment in the region is also expected to drive market growth. Furthermore, the increased demand for smart speakers, such as Siri and Alexa, significantly impacts the region’s growth. In addition, the trend of luxurious lifestyles in developing nations in the region, due to increased disposable income and personal choice among consumers for smart devices, is propelling the market growth.

Key Smart Home Company Insights

Some of the key players operating in the market include Siemens AG and Schneider Electric SE, among others

• Siemens AG is known for its technological leadership in automation, electrification, and digitalization. The company offers a broad portfolio of smart home and building automation products, focusing on energy management, smart grids, and IoT-integrated solutions. Siemens provides cutting-edge solutions for smart homes, including home automation systems, smart thermostats, lighting control, and security features. Their technologies aim to improve energy efficiency, security, and convenience for both residential and commercial spaces.
• Schneider Electric SE is a global player in energy management and automation. The company offers a wide range of products and services aimed at enhancing energy efficiency, sustainability, and smart home experience. Schneider Electric’s smart home solutions include connected devices for lighting, heating, security, and energy monitoring, all designed to integrate seamlessly with home automation systems. By leveraging IoT technologies and data-driven insights, Schneider Electric helps consumers optimize energy usage, reduce costs, and enhance comfort, positioning itself as a prominent player in the smart home market.

Assa Abloy AB and Philips Lighting B.V. are some of the emerging market participants in the Smart Home market.

• Assa Abloy AB is a global player in access solutions, specializing in products and services related to locks, doors, and entrance automation. The company offers a wide range of smart home solutions, including electronic locks, keyless entry systems, and smart security products. With operations in over 70 countries, Assa Abloy focuses on providing innovative and secure solutions for residential, commercial, and institutional sectors. The company’s smart home technologies enhance home security, offering convenience, control, and automation through advanced digital locking systems and connected devices.
• Philips Lighting B.V., now known as Signify, is a global provider of lighting solutions, with a strong focus on smart lighting products for residential, commercial, and industrial applications. The company is at the forefront of the smart home lighting market, offering a wide range of connected, energy-efficient lighting products. The company’s innovative solutions include smart bulbs, light control systems, and IoT-enabled lighting that can be controlled via smartphones or voice assistants.

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