Smart Home Hardware Market size is estimated to reach USD 50,272.7 million by 2028

 Smart Home Hardware Industry Overview

The global smart home hardware market size was valued at USD 21.81 billion in 2021 and is expected to witness a CAGR of 12.7% from 2022 to 2028.

 

The growing adoption of smart home devices and the rising importance of home monitoring systems are the key factors driving the smart home hardware market. Moreover, the rising development of broadband and increased usage of smartphones to control smart devices remotely are other factors that drive the market demand. COVID-19 outbreak positively impacted the smart home hardware market. The market has witnessed a considerable surge, as was largely used for remote monitoring of patients during the COVID-19 pandemic.

 

Gather more insights about the market drivers, restrains and growth of the Global Smart Home Hardware Market

 

Smart home hardware are the devices that act as the central point of the smart home system and can process and sense data and communicate wirelessly. It is an electric device that can be connected with smart home systems and interact with other devices and can make decisions on command. The smart home hardware is connected through the internet and store information in the cloud and acts according to the behavior. These devices and appliances consist of television, alarm system, doorbells, speakers, and many others.

 

Smart home hardware has numerous benefits such as it can manage all the devices from one place, maximizing home security, increase energy efficiency as well a remote control for all functions. They are also used for remote monitoring while connected to a mobile device, laptop, or desktop computer. Smart home hardware is highly used because they are energy efficient as well as manages the task at one time. 

 

The COVID-19 pandemic has positively affected the smart home hardware market. As per the survey, voice control device-based orders and shipments have grown by more than 30%. According to the report by Xiaomi, more than 51% of customers have been reported to buy at least one smart home device during the COVID-19 pandemic. Therefore, the smart home hardware market is expected to grow steadily during the forecast period. 

 

Browse through Grand View Research's Electronic Devices Industry Research Reports

  • Smartwatch Chips Market: The global smartwatch chips market size was valued at USD 1,343.3 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2022 to 2030.
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Key Companies Profile

Some of the prominent players in the global smart home hardware market include:

  • Google LLC
  • Com Inc.
  • Honeywell Corporation Inc.
  • Schneider Electric SE
  • Johnson Control Inc.
  • ABB Ltd.
  • Legrand
  • Panasonic Corporation
  • Samsung Electronics Co. Ltd.
  • General Electric Company

 

Order a free sample PDF of Smart Home Hardware Market Intelligence Study, published by Grand View Research. 

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