Smart Home As a Service Market

Virtual Assistants is fastest growing segment fueling the growth of Smart Home As a Service Market

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The global smart Home As a Service Market is estimated to be valued at US$ 11.3 Bn in 2023 and is expected to exhibit a CAGR of 12 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Smart home as a service provides a wide range of home automation services and solutions that makes daily life easier and helps manage tasks remotely through virtual assistants. Consumers are more willing to pay a monthly fee for smart home services and features rather than investing in expensive standalone devices and systems. This makes smart home as a service model an attractive option for homeowners as it offers convenience without large upfront costs.

Market Overview:-

The smart home as a service market provides installation and management of smart home devices through subscriptions. It allows consumers to control smart systems like security cameras, thermostats, lights, locks and other smart appliances using their mobile phones or voice assistants. The focus on increasing home automation and making lives simpler is expected to propel the demand for smart home as a service over the forecast period.

Market key trends:-

One of the key trends in the smart home as a service market is the growing popularity of virtual assistants. Major tech giants like Amazon, Google, Apple and Microsoft are focusing on enhancing the capabilities of their voice assistants to support various home automation tasks. Integrating virtual assistants into smart home platforms allows hands-free control of smart devices using simple voice commands. This has made home automation simpler and more accessible for consumers. The growing capabilities of artificial intelligence and machine learning also allow virtual assistants to learn user behavior and preferences over time to deliver more personalized experiences. Their integration into smart home as a service offerings is expected to drive greater demand and adoption of these subscription-based solutions.

Segment Analysis:-

The smart home as a service market is segmented based on product type and service type. Based on product type, the security and access control systems segment dominates the market as consumers are increasingly adopting smart locks, security cameras, and alarms for added safety and security. Based on service type, the managed services segment accounts for the largest share as it allows consumers to conveniently outsource the maintenance and upkeep of their smart home systems.

Key Takeaways:-

The Global Smart Home As a Service Market Size is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing consumer awareness about energy consumption monitoring and remote access to smart home systems.

Regional analysis:

North America accounts for the largest share of the global smart home as a service market owing to strong penetration of smart home technologies in countries like the US and Canada. Asia Pacific is expected to exhibit the fastest growth over the forecast period supported by high adoption of smart home solutions in emerging countries like India and China.

Key players:-

Key players operating in the smart home as a service market are Ingersoll-Rand plc (Nexia), Vivint, Inc., Protection One Alarm Monitoring, Inc., The ADT Corporation, Telus Communications, Frontpoint Security Solutions, AT&T Inc., Johnson Controls, Inc., Comcast Corporation, Charter Communications (TWC), and CenturyLink, Inc. The market is consolidating with major players acquiring smaller players to offer end-to-end smart home solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it