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Smart Home Hardware Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type : Global Opportunity Analysis and Industry Forecast, 2024-2032

Smart Home Hardware Market Size, Share, Competitive Landscape and Trend...

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Smart Home Hardware Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type : Global Opportunity Analysis and Industry Forecast, 2024-2032
Smart Home Hardware Market Size,...
Report Code
RO11/128/1086

Publish Date
12/Jul/2024

Pages
200
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The global smart home hardware market size was valued at US$ 81 billion in 2023 and is projected to reach US$ 224.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 12% during the forecast period from 2024 to 2032.
The term smart home hardware refers to gadgets that act as a house's central processing unit. It's a smart gadget that can connect to smart home systems, talk to other gadgets, and do tasks that it wants to. Smart home gear is cloud-based and Internet-connected, storing data on servers. Smart home appliances include televisions, doorbells, alarm systems, Bluetooth deadbolt locks, speakers, and other equipment.

Factors Influencing Market Growth
- The increase in disposable income and rise in demand for high-end energy-consuming products fosters the growth of the market.
- The rising prevalence of the Internet of Things and smart home technology is the main factor propelling the market for smart home products. The Internet of Things allows the integration of various smart products, such as refrigerators, air conditioners, lighting systems, and washing machines.
- Concerns about security and privacy severely restrict the market for smart home solutions. Customers are concerned about the potential for unauthorized access obtaining control over their smart devices and the danger of illegal access to their data. Consumer resistance to adopting these technologies has been reinforced by incidents of hacking and data breaches in smart home systems.

COVID-19 Impact Analysis
The COVID-19 pandemic has had a profound effect on the global smart home hardware market. The market for smart home goods was severely damaged by the epidemic. There was a significant impact from the brief shutdown and the limitations on both local and foreign travel. It limits new deployments and impairs production capabilities. The impact on the building industries has also added to the market obstacle.
Regional Analysis
North America dominated the market in 2023. The growth is attributed to the growing usage of smart home technologies to reduce energy expenses and boost energy efficiency. North America is leading the way in the adoption of smart homes, with a rising number of homes adopting automated systems and linked devices. a wide variety of gear for smart homes, including sensors, entertainment devices, security monitoring systems, lighting controls, and smart appliances. Voice-activated assistants such as Google Assistant and Amazon Alexa, growing interest in and awareness of smart home technology, and an increasing range of easily installed and operated smart home devices have made it easier for people to control their devices with voice commands.

Leading Companies
- Samsung Electronics Co Ltd
- HONEYWELL CORPORATION, INC.
- Google LLC (Alphabet)
- Legrand SA, ABB Ltd.
- General Electric
- Schneider Electric SE.
- Amazon.com Inc.
- Panasonic Corporation
- Johnson Controls International plc
- Other Prominent Players
Segmentation Outline
The global smart home hardware market is segmented based on product type and region.
Segmentation Based on Product Type
- Security and Surveillance
- Smart Appliances
- Smart Infotainment
- Utility Management
- Others
Segmentation based on region
- North America?
o The U.S.
o Canada
- Europe?
o UK
o Germany
o France
o Italy
o Spain
o Netherlands
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Singapore
o Rest Of Asia-Pacific
- LAMEA?
o Latin America
o Middle East
o Africa

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