Smart Home Services Market Size, Share & Trends Analysis Report By Type (IoT Services for Control & Connectivity Devices, IoT Services for Security & Surveillance Equipment), By Region, And Segment Forecasts, 2022 - 2028

Report Overview

The global smart home services market size was valued at USD 5.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.2% from 2022 to 2028. The increasing adoption of cognitive systems in smart homes is increasing demand for installation and maintenance services thereby driving the expansion in the industry. Moreover, the growing demand for the preference of energy management solutions is expected to propel the market size. The COVID-19 outbreak has positively impacted the business growth over time. The smart home services market has witnessed a considerable surge due to the introduction of various new features among smart home devices, which has increased the installation and maintenance services during the COVID-19 pandemic.

Smart home services include end-to-end repair and services where the smart device owners contact external service providers and installers to build, design, install and operate IoT solutions, including IoT planning or consulting. It mainly provides services offered by the companies of home installation such as easy control and management of smart home devices with the help of smartphones. It also allows owners to control various systems such as lights, thermostats, doors, and entertainment using a central control hub or a device. 

Smart home services have numerous benefits such as professional service providers keep up with the emerging trends as they are fully trained and suggest benefits according to the current market trends. Additionally, the professional installers and service providers customize according to owners’ needs and they have the skills to set up one’s smart devices or systems to work as per one’s needs.   

The COVID-19 pandemic has positively affected the market expansion over time. According to IoT Analytics, the spending on smart home cloud or infrastructure services had positively grown during the COVID-19 timeframe. In addition, the adoption of smart home devices with contactless operation has risen which has thereby increased the installation and maintenance of smart home devices during the pandemic situation. 

Type Insights

The IoT services for smart appliances segment dominated the market and contributed a share of over 60% in 2021 and is forecast to grow at a CAGR of 11.5% from 2022 to 2028. As per the survey, IoT service for smart appliances shipments had taken more than 60% share in 2020. Moreover, the installation and maintenance of smart appliances were frequently done By homeowners to remain updated and make home life easier, thus huge demand for smart appliance services which in turn will drive the market.

The IoT services for security & surveillance equipment segment is expected to witness 2^nd highest CAGR of 10.8% from 2022 to 2028. IoT services for security & surveillance equipment require ongoing maintenance after setup and installation to ensure their operating. The modern technology in security & surveillance equipment requires recurring updates for underlying software and smooth running. The maintenance includes security patches, tamper detection, firmware updates and camera downtime alerts which needs to be solved after couple of months. Thus, the IoT services for security & surveillance equipment segment is expected to expand at a steady CAGR in the forecast period.

Regional Insights

Geographically speaking, Asia Pacific has emerged as a profitable revenue belt and is likely to register the highest CAGR of 12.1% from 2022 to 2028. Increasing demand for connected home services in this region is supplementing the industry growth. Additionally, the demands for emerging technology, desire for lifestyle up-gradation, and popularity of voice technology in emerging markets such as China, India, and Japan are anticipated to surge the development of smart home services. Thus, the region is expected to expand at the fastest CAGR in the forecast period. 

Regional analysis revealed that North America accounted for a significant market share of over 35% in 2021. The U.S. was the major country in this region that contributed largely to the generation of smart home services market in 2021. As per the study, 80% of the people in the U.S. possess smart home devices and one in four own a smart home device which thereby increase the adoption of smart home services in this region. Thus, contributes to more generation in North America. 

Key Companies & Market Share Insights

The smart home services market is characterized by the presence of established as well as new players. Major players operating in this market are offering various advantages such as partnership and service expansion. For instance, in April 2019, Calix Inc. announced its partnership with IdeaTek to expand the availability of its Gigabit services to their subscribers and facilitate the integration and management of its smart home devices with Wi-Fi and cloud-based services. In addition, Vivint, Inc., and Airbnb announced their partnership to manage energy consumption and home security remotely at its homes. Some of the prominent players in the smart home services market include:

• Johnson Controls Inc.

• Lumen Technologies Inc.

• Comcast Corporation

• Telus Corporation

• Vivint, Inc

• ADT Inc

• Charter Communications Inc.

• Trane Technologies plc

• Rexel SA

• Calix, Inc.

Smart Home Services Market Report Scope

Segments Covered in the Report

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segment 2017 to 2028. For this study, Grand View Research has segmented the smart home services market on the basis of type, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2028)

  • IoT Services for Control & Connectivity Devices

  • IoT Services for Security & Surveillance Equipment

  • IoT Services for Smart Appliances

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa