The global market is expected to reach a value of almost 140 billion U.S. dollars in 2023. China and the Far East are the most prominent smart home markets by sales volume, with 40 percent of manufactured devices selling in the region. Within this giant market, there are clear segments grouped by the type of devices used and their functionalities in a smart home system.
Smart home segments and applications
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.