The global smart home market is predicted to attain a value of $734.75 billion by 2031, with a compound annual growth rate (CAGR) of 28.02%, according to a new market forecast published by SkyQuest.
The security and access control market segments are expected to account for more than 30% of the total revenue in this sector, while the home healthcare sector is anticipated to expand at the greatest CAGR during the forecast period. Over the next seven years, SkyQuest projects the fastest CAGR growth in the Asia-Pacific region, specifically in countries including China, Japan, and South Korea where increased disposable income levels and significant investments in IoT infrastructure and consumer electronics have occurred.
“Increasing adoptions of AI in all types of home appliances for smart features is more likely to drive the sales of the product,” said the new report. “The latest features of these digital assistants, such as Bluetooth speakers and hands-free channel changing features, are driving the sales of these smart home appliances. Apart from this, increasing numbers of people across the world have started to use smartphones and the internet, which stimulates the market for connected smart home devices.”