Global Smart Home Market: Trends, Innovations, and Forecasts (2023–2030)
In 2022, the global smart home market was valued at USD 79.16 billion and is projected to grow at a compound annual growth rate (CAGR) of 27.07% from 2023 to 2030. This growth is fueled by the increasing demand for smart home products, which include items such as smart cameras, lighting, streaming devices, dishwashers, and various other appliances. A key driver of this demand is the growing trend of incorporating Artificial Intelligence (AI) into smart home products, which enables enhanced, “smart” features that appeal to consumers. Additionally, the widespread adoption of smartphones and internet access worldwide supports the expansion of connected smart home products. The integration of AI-powered digital assistants is also providing users with hands-free, user-friendly control over their devices, which strongly influences consumer preferences. The rising popularity of virtual assistants, like Siri, Google Assistant, and Alexa, has further contributed to the demand for smart ho...