The smart home as a service market revenue was estimated at $5.5 billion in 2021 and is anticipated to grow at a CAGR of 15.4% from 2022-2032, according to a recently published Future Market Insights report.
By the end of 2032, the market is expected to reach a valuation of $27.2 billion. Integrated smart home as a service demand is projected to accelerate at over 16% during 2022-2032.
The United States is projected to remain the most dominant market with an absolute dollar growth opportunity of $9.8 billion during 2022-2032. The market in the U.S. is set to experience the highest CAGR of 16% during the forecast period.
Technological improvements have enabled the creation of new services such as live stream monitoring, intrusion warnings and fast updates that were previously unavailable with traditional systems. According to iControl Network research, 90% of customers believed that home security system is the key motivation for smart home adoption.
Smart homes can drastically reduce domestic robberies, break-ins and burglaries, making residences considerably safer, according to the report. As a result, the increased security provided by smart homes is likely to drive the worldwide smart home as a service market over the forecast period.
Among key takeaways from the report:
- The global smart home as a service market is estimated to reach a valuation of $6.5 billion by 2022.
- In terms of service, the integrated service segment is expected to account for the highest CAGR of 16.1% during the forecast period.
- In terms of solutions, the integrated solution segment is expected to account for the highest CAGR of 16.1% during the forecast period.
For information on how to access the full report, go here.