Smart Home - Worldwide

  • Worldwide
  • Revenue in the Smart Home market is projected to reach €143.2bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.89%, resulting in a projected market volume of €216.5bn by 2028.
  • Household penetration will be 18.9% in 2024 and is expected to hit 33.2% by 2028.
  • The average revenue per installed Smart Home currently is expected to amount to €339.10.
  • A global comparison reveals that most revenue is generated United States (€35,980.0m in 2024).
Comparación de regiones

Analyst Opinion

The Smart Home market has been rapidly evolving across the globe, driven by technological advancements and changing consumer lifestyles.

Customer preferences:
Customers worldwide are increasingly seeking convenience, efficiency, and connectivity in their homes. The demand for smart home devices that offer automation, security, and energy efficiency is on the rise. Homeowners are looking for solutions that can be easily integrated into their existing homes and controlled remotely through their smartphones or voice assistants.

Trends in the market:
In North America, the Smart Home market is witnessing a surge in demand for connected security systems and smart appliances. Consumers are willing to invest in devices that enhance home security and offer energy savings. The market is also seeing a growing interest in smart lighting solutions that can be customized to suit different moods and preferences. In Europe, the focus is on sustainability and energy efficiency. Consumers are increasingly adopting smart thermostats, energy monitoring devices, and solar panels to reduce their carbon footprint and lower energy costs. The market is also seeing a trend towards smart home solutions that promote independent living for the elderly population. In Asia Pacific, the Smart Home market is driven by the rapid urbanization and the growing middle-class population. Consumers are looking for smart home devices that offer convenience and comfort in their fast-paced lifestyles. The market is witnessing a rise in demand for smart entertainment systems, robotic vacuum cleaners, and smart kitchen appliances.

Local special circumstances:
Each region has its unique set of circumstances that influence the Smart Home market. In North America, the market is highly competitive with a wide range of products and services available to consumers. In Europe, data privacy concerns and regulations play a significant role in shaping the market dynamics. In Asia Pacific, the market is fragmented with local and international players competing for market share.

Underlying macroeconomic factors:
The growth of the Smart Home market is also influenced by macroeconomic factors such as GDP growth, disposable income, and housing market trends. As economies grow and consumers become more affluent, the demand for smart home devices is expected to increase. Additionally, government initiatives and incentives to promote energy efficiency and sustainable living are driving the adoption of smart home technologies worldwide.


Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.

Visión general

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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