Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. Home automation systems allow for the integration of various smart devices and appliances controlled through a centralized system.
The number of smart homes is forecast to grow and surpass the 400 million mark by 2024. Smart speakers are the most widely-known market segment, of which around 171 million units were shipped in 2022. The market volume is set to double by 2024.
Video entertainment systems, such as smart TVs, home monitoring and security systems, and smart appliances are other major segments of the smart home market. Smart thermostats, sensors, and intelligent lighting are additional products that can be integrated into smart home systems. These systems are used for energy management purposes and to maximize comfort in the home.
Big tech companies are major players in the smart home market
Companies including Google, Amazon, and Apple have driven the development of the smart home from conceptual to commonplace, mainly with their smart speaker products. Smart speakers from these companies are often the main connect and control hub in a smart home. This holds true for several Chinese vendors as well, as Xiaomi, Baidu, and Alibaba combined, accounted for almost one-third of the global smart speaker sales in the fourth quarter of 2020. These companies, offering smart speakers, are also looking to expand their adjacent smart home product portfolio with smart doorbells, for example. Ring and Nest, owned by Amazon and Google respectively, were the leading smart doorbell brand in 2022.
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Research expert covering technology in the Nordics, AI and smart cities