SAN FRANCISCO, May 17, 2022 /PRNewswire/ — 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 urging the adoption of installation and maintenance of smart home devices.
Key Insights & Findings from the report:
- Asia Pacific is forecasted to grow with the highest CAGR of 12.1% from 2022 to 2028. The increasing adoption of smart home devices due to emerging technology and growing demands for voice control technology along with the increasing rate of installation and maintenance services in emerging markets.
- IoT services for security & surveillance equipment segment likely to register the 2nd highest CAGR of 10.8% from 2022 to 2028. IoT services for security & surveillance equipment needs repair and maintenance service after complete installation and setup for smooth operation.
Request a free sample copy or view report summary, “Smart Home Services Market Size, Share & Trends Analysis Report By Type (IoT Services for Control & Connectivity Devices, IoT Services for Security & Surveillance Equipment), By Region, And Segment Forecasts, 2022 – 2028“, published by Grand View Research.
Smart Home Services Market Growth & Trends
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 devices is the key factor preventing the growth of the market. Most of the key industry players are adopting partnership and service expansion to capture maximum market share globally.
The COVID-19 pandemic has positively influenced the industry size. Smart home services have witnessed considerable growth due to the increase in the adoption of smart home services for installation and maintenance of smart home devices during the pandemic situation. According to IoT Analytics, the spending on smart home cloud or infrastructure services has positively grown due to the remote monitoring of patients during the critical time of COVID-19 which has remarkably contributed towards the development of the market.
The IoT services for smart appliances segment contributed to the global market revenue share of over 60% in 2021. The IoT services for smart appliances help smart homeowners to remain updated with emerging trends and technological developments with professional installers or service providers. Moreover, IoT services for smart appliances help homeowners to customize their smart appliances according to their needs and make home life easier. Thus, its demand is high and contributes more to the market revenue.
NorthAmerica accounted for the largest market share of above 35% in 2021. The US was the major country in NorthAmerica to contribute to the large revenue generation of the smart home services market. According to a survey, around 81% users in US have smart connected homes and one in four owns a smart home device which thereby increase the adoption of installation and maintenance services in this region. The rise in the adoption of smart home services due to growing trends of upgrading and technological development in smart home devices. Thus, it contributes to more revenue generation in NorthAmerica.
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)
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Players in Smart Home Services Market
- Johnson Controls Inc.
- Lumen Technologies Inc.
- Comcast Corporation
- Telus Corporation
- Vivint, Inc
- ADT Inc
- Charter Communications Inc.
- Trane Technologies plc
- Rexel SA
- Calix, Inc.
Check out more related studies published by Grand View Research:
- Smart Home Appliances Market – The global smart home appliances market size is anticipated to reach USD 92.72 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 14.1% from 2020 to 2027. The market is likely to witness significant growth in the years to come on account of the growing geriatric population, improved M-2-M communication systems, new product development, and improvements in the Internet of Things (IoT).
- Smart Home Automation Market – The global smart home automation market size is expected to reach USD 130.0 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for the convenience of remote and real-time operation of smart home automation system has increased the growth and penetration of the smart home automation.
- Smart Home Security Cameras Market – The global smart home security cameras market size is anticipated to reach USD 11.89 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 15.7% over the forecast period. Rising prominence of security devices in smart homes for complete control and access of households through remote is generating higher demand for these security cameras. In addition, rising penetration of smart households across regions is paving way for these devices.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, US-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in san francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.