Any device connected to the Internet is considered a member of the Internet of Things (IoT) trend. Rapidly advancing IoT technology enables devices to communicate with each other and users in increasingly sophisticated ways.
Market Dimensions
The smart home market is a diverse landscape that includes many devices, including smart thermostats, lighting, security systems, speakers, and appliances that can be managed via smartphones, voice assistants, or integrated control systems.
- Market size and forecast – The global smart home market was valued at $101 billion in 2023 and is projected to grow from $122 billion in 2024 to $633 billion by 2032.
- Market penetration – According to Statista, 85% of Americans own at least one smart home device, including entertainment devices like smart TVs and streaming devices.
- Most owned device – Smart TVs are the most popular smart home device, with 64% of U.S. consumers owning one.
- Popular application – Security is becoming an increasingly important factor for both consumers and product/service providers, with 80% citing improved home safety as one of the main benefits of smart home technologies.
Major technology companies and specialized startups invest heavily in developing smart home technology. This competition has led to artificial intelligence, machine learning, and user interface design innovations, making smart home devices more intuitive and effective.
The latest version of the Eve Weather station features Matter support that can be integrated with HomeKit or other companies’ smart home systems.
As concerns about data privacy and security are addressed, and as the interoperability between different devices improves, as exemplified by the Matter standard, the smart home market is expected to continue its growth trajectory, significantly altering how individuals interact with their living environments.
Ubertrends: Digital Lifestyle, Unwired
