Smart Home Platforms Market (2022 - 2028)

Smart Home Platforms Market Summary

The global smart home platforms market size was valued at USD 20.2 billion in 2021 and is expected to reach USD 60.2 billion by 2028, growing at a compound annual growth rate (CAGR) of 16.9% from 2022 to 2028. Enhanced experience gained by the customers due to the incorporation of smart home platforms is increasing their adoption, hence driving the market.

Additionally, the usage of smart home platforms enables remote controlling of smart home functions, which is another factor that drives the market. The COVID-19 outbreak positively impacted the market growth. Significant growth has been observed due to the increasing demand for and usage of smart home platforms during the COVID-19 pandemic.

Smart home platforms or IoT platforms for smart homes are software applications that connect with connected devices or smart devices and can communicate with these devices or respond to some command or instruction or events. The basic aim of smart home platforms is to incorporate all the smart devices as one by establishing compatibility between them by regulating them. They, not only store data and analyze the collected data but also perform management of these smart devices and ensure the security of the collected data. The use of a smart home platform eases the operations related to smart devices present in the smart home and helps in meeting users' satisfaction.

The smart home platform analyzes the data received from users and provides results as per the user’s desire. They predict and prepare for various scenarios occurring in the future in the environment of smart homes by analyzing the stored data. There are various features associated with the use of a smart home platform; however, one of the truly impressive benefits is that it automatically foresees the behavior and needs of the users to provide them with a pleasurable and enjoyable surrounding.

The COVID-19 pandemic had a positive impact on the market as these platforms are widely being used by healthcare professionals as well as the family members of individuals suffering from SARS-CoV-2 to monitor them remotely and take care of those individuals. Various opportunities have been created for smart home platforms as investments are being made in the development and integration of tools and technologies in these platforms that can provide healthcare solutions based on voice recognition.

Type Insights

The IoT platform for smart appliances segment dominated the market with a revenue share of more than 65.0% in 2021. The segment is also expected to witness the fastest growth over the forecast period. IoT platform for smart appliances sets up a connection between the platform and smart appliances, which enables the user to control them and perform the desired task. Furthermore, the consumers are looking out for solutions that help them in the efficient management of energy, thus IoT platforms for smart appliances are high in demand and contribute to significant revenue generation.

The IoT platform for the security and surveillance systems segment is expected to register the second-highest CAGR of 16.7% from 2022 to 2028. A surge in the demand for IoT platforms for security and surveillance systems has been observed by the targeted population across the globe as these platforms help to remotely monitor and control various security and surveillance systems or equipment including cameras, door locks, and thermostats. Thus, the IoT platform for the security and surveillance systems segment is expected to grow at a considerable CAGR over the forecast period.

Regional Insights

The Asia Pacific accounted for the largest revenue share of more than 35.0% in 2021 and is expected to witness the fastest growth over the forecast period. As per the survey, the market in China is expected to grow at a considerable rate over the forecast period. This is attributed to the highest unit of shipments of smart home devices, hence resulting in the highest adoption of software platforms for those devices in the Asia Pacific. The growth of the regional market can also be attributed to the increased adoption and spending on smart home platforms by targeted consumers in developing nations including India, Japan, and South Korea to control and monitor the smart home devices.

North America is estimated to register the second-highest CAGR of 17.0% from 2022 to 2028. The growth of the market in the region is due to the enormous adoption of smart home platforms to access and control smart home systems. The U.S. is the major country in this region that contributed largely to the revenue generation of the market in 2021. The factors such as the high unit shipments of smart home devices and the high adoption of smart home platforms for these devices are contributing to the regional market growth.

Key Companies & Market Share Insights

The market is characterized by the presence of established as well as new players. Major players operating in this market are adding new features to their smart home platforms. Most of the key players working in the market are adopting various strategies such as alliances and partnerships to gain maximum share in the market. The top three players i.e. Google LLC, Amazon.com, Inc., and Apple Inc. have allied with Zigbee Alliance to develop and promote products that are compatible with various smart home platforms. Some prominent players in the global smart home platforms market include:

• Apple Inc.

• Google LLC

• Cisco Systems, Inc.

• Resideo Technologies, Inc.

• Amazon.com, Inc.

• LG Electronics

• Samsung Electronics Co. Ltd.

• Siemens AG

• Robert Bosch Smart Home GmbH

• General Electrical Company

Recent Developments

• In October 2022, Samsung Electronics expandedits partnership with Google to improve smart home experiences. The joint effort will deliver Matter’s advanced multi-admin functions to a wider market, offering more flexibility and convenience for current and future Samsung and Google users.

Smart Home Platforms Market