Smart Home and Smart Building Market was valued at USD 80 Billion in 2022 and is projected to reach USD 120 Billion by 2030, growing at a CAGR of 6% from 2024 to 2030.
The evolution of the Smart Home and Smart Building markets between 2018 and 2022 has been remarkable, setting the stage for an even more dynamic growth trajectory from 2023 to 2033. This period witnessed significant technological advancements and increased consumer adoption, leading to substantial market expansion.
In 2018, the global smart home market was valued at approximately $79.16 billion. By 2022, this figure had risen to $108.90 billion, reflecting a compound annual growth rate (CAGR) of around 8.3%. This growth was driven by the increasing integration of Internet of Things (IoT) devices, enhanced connectivity, and a rising demand for home automation solutions.
Downlod Now
Similarly, the smart building market experienced notable growth. In 2018, the market size was estimated at $20.8 billion. By 2022, it had expanded to $108.00 billion, indicating a significant surge in the adoption of smart technologies in commercial infrastructures. Factors such as energy efficiency initiatives, the adoption of Building Information Modeling (BIM), and the integration of Artificial Intelligence (AI) contributed to this upward trend.
Looking ahead, the forecast for 2023 to 2033 suggests an accelerated expansion in both markets. The smart home market is projected to grow at a CAGR of 22%, reaching approximately $802.05 billion by 2033. This anticipated growth is attributed to:
- Advancements in AI and machine learning, enabling more intuitive and personalized home automation experiences.
- Increased consumer awareness and demand for energy-efficient and sustainable living solutions.
- The proliferation of high-speed internet connectivity, facilitating seamless integration of smart devices.
On the other hand, the smart building market is expected to maintain a robust growth trajectory with a projected CAGR of 28.5% from 2024 to 2030. Key drivers for this growth include:
- Rising investments in smart city initiatives and infrastructure development.
- Growing emphasis on reducing operational costs and enhancing building efficiency through automation.
- Advancements in IoT and cloud computing technologies, enabling real-time monitoring and control of building systems.
Reflecting on personal experiences, the integration of smart technologies into daily life has been transformative. The convenience of controlling home environments through voice commands or smartphone applications has become increasingly commonplace. In commercial settings, smart building solutions have enhanced operational efficiency, leading to cost savings and improved occupant comfort.
As we move further into the decade, the convergence of technology and infrastructure is expected to redefine living and working spaces, making them more responsive, efficient, and sustainable. The Smart Home and Smart Building markets are poised for unprecedented growth, driven by continuous innovation and evolving consumer expectations.
Get an In-Depth Research Analysis of the Global Smart Home and Smart Building Market Size And Forecast [2025-2032]
Who are the largest Global manufacturers in the Smart Home and Smart Building industry?
- Honeywell
- ADT
- Johnson Controls
- Siemens
- UTC
- Schneider
- Ingersoll Rand
- Azbil
- General Electric
- Eaton
- Legrand
- ABB
- Nortek
- Crestron
- Lutron
- Leviton
- Comcast
- Acuity Brands
- Alarm.com
- Control4
- Sonos
- Savant
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
Get Discount On The Purchase of the Global Smart Home and Smart Building Market Size And Forecast [2025-2032]
What are the factors driving the growth of the Global Smart Home and Smart Building Market?
Growing demand for below applications around the world has had a direct impact on the growth of the Global Smart Home and Smart Building Market
- Commercial Buildings
- Residential Buildings
- Government Buildings
What are the types of Smart Home and Smart Building available in the Market?
Based on Types the Market is categorized into Below types that held the largest Smart Home and Smart Building market share In 2023.
- Energy Management Systems
- Security & Access Control
- Lighting Control
- Home Appliances Control
- Entertainment Control
Which regions are leading the Global Smart Home and Smart Building Market?
- Global (United States, Global and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia, etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
For More Information or Query, Visit @ Smart Home and Smart Building Market Research Analysis
Detailed TOC of Global Smart Home and Smart Building Market Research Report, 2024-2032
1. Introduction of the Global Smart Home and Smart Building Market
- Overview of the Market
- Scope of Report
- Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
- Data Mining
- Validation
- Primary Interviews
- List of Data Sources
4. Global Smart Home and Smart Building Market Outlook
- Overview
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Porters Five Force Model
- Value Chain Analysis
5. Global Smart Home and Smart Building Market, By Type
6. Global Smart Home and Smart Building Market, By Application
7. Global Smart Home and Smart Building Market, By Geography
- Global
- Europe
- Asia Pacific
- Rest of the World
8. Global Smart Home and Smart Building Market Competitive Landscape
- Overview
- Company Market Ranking
- Key Development Strategies
9. Company Profiles
10. Appendix
About Us: Verified Market Reports
Verified Market Reports is a leading Global Research and Consulting firm servicing over 5000+ global clients. We provide advanced analytical research solutions while offering information-enriched research studies. We also offer insights into strategic and growth analyses and data necessary to achieve corporate goals and critical revenue decisions.
Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance using industrial techniques to collect and analyze data on more than 25,000 high-impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise, and years of collective experience to produce informative and accurate research.
Contact us:
Mr. Edwyne Fernandes
US: +1 (650)-781-4080
US Toll-Free: +1 (800)-782-1768
