Smart home as a service products such as intelligent security systems, smart home lighting, appliance control, and remote monitoring systems provides enhanced comfort, security and energy management capabilities to the home owners remotely. Several smart home devices including smart speakers, security cameras, locks, thermostats, light bulbs and other consumer electronics can now be remotely monitored and managed.

The global Smart home as a service Market is estimated to be valued at US$ 11.3 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Remote monitoring and management has emerged as one of the key trends in the smart home as a service market. The ability to remotely access and control smart home devices provides convenience to users. Solutions such as smart speakers and displays with built-in voice assistants provide hands-free access and control over smart home systems from anywhere. Moreover, remote monitoring capabilities allow users to check on their homes even when away, thereby providing enhanced security. Growing preference for remote access and convenience features is expected to further accelerate adoption of smart home as a service solutions over the forecast period.

Segment Analysis

The global smart home as a service market is dominated by the smart security and smart home monitoring segment. This segment accounted for over 30% share of the overall market in 2024 due to the growing concerns for security among homeowners and rising need for remote access and monitoring capabilities. Other major segments include HVAC and air quality management, lighting control, and smart appliances.

Key Takeaways

The Global Smart Home As A Service Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The global Smart home as a service Market is estimated to be valued at US$ 11.3 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.

Regional analysis shows that North America currently dominates the market, accounting for around 40% share in 2024. However, Asia Pacific is expected to emerge as the fastest growing regional market owing to the rising smart home adoption, increasing disposable incomes, and initiatives by governments across countries such as India and China to develop smart cities.

Key players operating in the smart home as a service market are ADT Inc., Vivint Smart Home Inc., CenturyLink Inc., AT&T Inc., Johnson Controls, Smarthome, Frontpoint Security Solutions, Ingersoll-Rand plc (Nexia), Resideo Technologies Inc. and Protect America, Inc. ADT Inc. holds the major market share of over 15% in 2024 owing to its vast service portfolio and global presence. Vivint Smart Home Inc. is another major player focusing on expansion in international markets like Canada through strategic partnerships.

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