Smart Home Services Market Size Worth $11.7 Billion By 2028

 Smart Home Services Industry Overview

The global smart home services market size is estimated to reach USD 11.7 billion by 2028 and is expected to expand at a CAGR of 11.2% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing demand for cognitive systems at smart homes is surging the adoption of installation and maintenance of smart home devices. In addition, customization of smart home devices by professional installers has also supported the expansion in the industry. However, the expensive nature of repair and maintenance services for smart home device is the key factor hindering the growth of the market. Most of the key industry players are adopting partnership and service expansion to capture maximum market share globally. 

 

Smart Home Services Market Segmentation

Grand View Research has segmented the smart home services market on the basis of type, and region:

 

Based on the Type Insights, the market is segmented into IoT Services for Control & Connectivity Devices, IoT Services for Security & Surveillance Equipment, IoT Services for Smart Appliances

  • The IoT services for smart appliances segment dominated the market and contributed a share of over 60% in 2021 and is forecast to grow at a CAGR of 11.5% from 2022 to 2028. As per the survey, IoT service for smart appliances shipments had taken more than 60% share in 2020. Moreover, the installation and maintenance of smart appliances were frequently done By homeowners to remain updated and make home life easier, thus huge demand for smart appliance services which in turn will drive the market.
  • The IoT services for security & surveillance equipment segment is expected to witness 2ndhighest CAGR of 10.8% from 2022 to 2028. IoT services for security & surveillance equipment require ongoing maintenance after setup and installation to ensure their operating. The modern technology in security & surveillance equipment requires recurring updates for underlying software and smooth running. The maintenance includes security patches, tamper detection, firmware updates and camera downtime alerts which needs to be solved after couple of months. Thus, the IoT services for security & surveillance equipment segment is expected to expand at a steady CAGR in the forecast period.

 

Smart Home Services Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The smart home services market is characterized by the presence of established as well as new players. Major players operating in this market are offering various advantages such as partnership and service expansion. For instance, in 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. In addition, Vivint, Inc., and Airbnb announced their partnership to manage energy consumption and home security remotely at its homes.  

 

Some of the prominent players in the 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.

 

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

 

 

 

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