Smart Home Services Industry Overview
The global smart home services market size was valued at USD 5.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.2% from 2022 to 2028.
The increasing adoption of cognitive systems in smart homes is increasing demand for installation and maintenance services thereby driving the expansion in the industry. Moreover, the growing demand for the preference of energy management solutions is expected to propel the market size. The COVID-19 outbreak has positively impacted the business growth over time. The smart home services market has witnessed a considerable surge due to the introduction of various new features among smart home devices, which has increased the installation and maintenance services during the COVID-19 pandemic.
Gather more insights about the market drivers, restrains and growth of the Global Smart Home Services Market
Smart home services include end-to-end repair and services where the smart device owners contact external service providers and installers to build, design, install and operate IoT solutions, including IoT planning or consulting. It mainly provides services offered by the companies of home installation such as easy control and management of smart home devices with the help of smartphones. It also allows owners to control various systems such as lights, thermostats, doors, and entertainment using a central control hub or a device.
Smart home services have numerous benefits such as professional service providers keep up with the emerging trends as they are fully trained and suggest benefits according to the current market trends. Additionally, the professional installers and service providers customize according to owners’ needs and they have the skills to set up one’s smart devices or systems to work as per one’s needs.
The COVID-19 pandemic has positively affected the market expansion over time. According to IoT Analytics, the spending on smart home cloud or infrastructure services had positively grown during the COVID-19 timeframe. In addition, the adoption of smart home devices with contactless operation has risen which has thereby increased the installation and maintenance of smart home devices during the pandemic situation.
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- Smart Home Market – The global smart home market size was estimated at USD 62.69 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 27.04% from 2022 to 2030. Smart home products are present in security cameras, smart lights, streaming devices, dishwashers, and more.
- IoT Market – The global Internet of Things (IoT) market size was valued at USD 605.69 billion in 2014. Technological proliferation and increasing investments are expected to drive the global market over the next seven years. Significant advances in telecommunication and growing penetration of internet and broadband services have further propelled the growth of the Internet of Things (IoT) industry.
Smart Home Services Market Segmentation
Grand View Research has segmented the smart home services market on the basis of type, and region:
Type Outlook (Revenue, USD Million, 2017 – 2028)
- IoT Services for Control & Connectivity Devices
- IoT Services for Security & Surveillance Equipment
- IoT Services for Smart Appliances
Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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.
Key Companies profiled:
Some prominent 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
- Calix, Inc.
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