The AI in Smart Home Technology Market Size was valued at USD 12.7 Bn in 2023 and is predicted to reach USD 57.3 Bn by 2031 at a 21.3% CAGR during the forecast period for 2024-2031.
Automation, ease, and efficiency are all increased when artificial intelligence (AI) is integrated into smart home devices and systems. In smart home technology, this is referred to as AI. AI-powered smart home technology uses various techniques, including data analytics, machine learning, and natural language processing, to create more personalized and easy-to-use user interfaces. Artificial intelligence (AI) has enabled smart home equipment to perform tasks autonomously based on user choices, habits, and external conditions. For instance, AI-powered thermostats may determine a home's schedule and adjust the temperature or humidity level accordingly.
Market growth is being driven by several factors, including technological advancements, increased consumer demand for convenience, advancements in AI and ML, growing adoption of IoT devices, energy efficiency and sustainability concerns, integration with voice assistants, and many others. However, interoperability challenges and security concerns are expected to hinder market growth during the forecast period.
Competitive Landscape
Some of the Major Key Players in the AI in Smart Home Technology Market are
- Apple Inc.
- Amazon.com, Inc.
- Google LLC
- SAMSUNG
- Koninklijke Philips N.V.
- Xiaomi
- Honeywell International Inc.
- LG Electronics
- TP-LINK CORPORATION PTE. LTD
- Sony
- Logitech
- Belkin
- Ecobee
- August Home
- Arlo
- iRobot Corporation
- Vivint, Inc.
- Snap One, LLC
- Sonos, Inc.
- Netatmo
- Anker
- Ecovacs Robotics
- LIFX
Market Segmentation:
The AI in smart home technology market is segmented based on type, application, connectivity and end user. Based on type, the market is segmented as smart speakers with AI integration, AI-enabled smart thermostats, AI-powered smart lighting systems, AI-integrated security cameras and systems, AI-enhanced smart appliances, AI-driven home assistants, and virtual companions. The market is segmented by application into voice assistance and command recognition, energy management and optimization, home security and surveillance, ambient intelligence and context awareness, predictive maintenance and fault detection, personalized home automation and behavior analysis. Based on connectivity, the industry is bifurcated into Wi-Fi-enabled AI devices, Bluetooth-connected AI gadgets, zigbee/z-wave supported AI devices, AI devices with cellular connectivity and ethernet/wired network-connected AI appliances. Based on end users, the market is segmented into residential AI smart home systems, commercial AI smart home solutions, industrial AI applications in smart buildings, and AI-integrated healthcare facilities and assisted living.
Based on Type, the AI-Powered Smart Lighting Systems Segment is Accounted as a Major Contributor to the AI in Smart Home Technology Market
The AI-powered smart lighting systems segment is expected to hold a major share of the global AI in smart home technology market. AI-powered smart lighting systems are becoming more and more common as more people adopt smart home technologies. These systems provide convenience, energy economy, and improved lighting environment management. Furthermore, smart lighting systems may now offer cutting-edge capabilities like automatic scheduling, voice control, and adaptive lighting due to advancements in AI and machine learning. These enhancements support increased sales and market growth. Furthermore, AI-powered smart lighting systems maximise energy consumption by modifying brightness in response to occupancy and ambient light. Both residential and commercial customers find this to be appealing because it results in lower energy expenses.
The Commercial AI Smart Home Solutions Segment Witnessed Growth at a Rapid Rate
Commercial AI smart home solutions are projected to increase in the global AI in smart home technology market. To improve productivity and customer satisfaction, commercial AI smart home solutions are being implemented in several industries, including retail, hotel, and office buildings. Furthermore, a developing trend in commercial settings is using AI to create tailored surroundings that increase consumer engagement and satisfaction. Additionally, as smart city programs become more comprehensive, commercial AI smart home solutions are increasingly included, creating more efficient and related urban environments.
In the Region, North America AI in Smart Home Technology Market Holds a Significant Revenue Share.
The North America AI in smart home technology market is expected to register the highest market share in terms of revenue in the near future. Smart home solutions that provide ease, automation, and improved control over living spaces are highly preferred by consumers. Smart lights, security systems, and thermostats are just a few of the high-demand gadgets with AI capabilities. Furthermore, businesses and consumers in the area are becoming more concerned about sustainability and energy use. Users in both residential and business settings are drawn to AI-powered smart home systems that maximize energy efficiency and cut expenses. The use of AI in smart home devices is also fueled by the popularity of voice assistants like Apple Siri, Google Assistant, and Amazon Alexa, which allow for smooth voice control and connection with other smart products. In addition, Asia Pacific is projected to grow at a rapid rate in the global AI in smart home technology market due to rapid urbanization and infrastructure development, rising disposable incomes, increasing government initiatives, focus on energy efficiency and others.
Recent Developments:
- In December 2023, at CES 2024, LG Electronics (LG) debuted its cutting-edge Artificial Intelligence (AI) agent for smart homes. With the use of robotic, artificial intelligence, and multimodal technologies, LG's smart home AI agent can move, learn, comprehend, and carry-on sophisticated conversations. LG's smart living solution, a companion and all-around home manager combined, improves consumers' everyday lives and demonstrates the company's dedication to achieving its "Zero Labor Home" objective. LG's smart home AI assistant has a sophisticated "two-legged" wheel design that allows it to move around the house on its own. The movable leg joints of the intelligent device enable it to verbalize emotions and engage in verbal communication with users.
AI in Smart Home Technology Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 12.7 Bn |
|
Revenue Forecast In 2031 |
USD 57.3 Bn |
|
Growth Rate CAGR |
CAGR of 21.3% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, By Application, By Connectivity, By End-user |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Apple Inc., Amazon.com, Inc., Google LLC, SAMSUNG, Koninklijke Philips N.V., Xiaomi, Honeywell International Inc., LG Electronics, TP-LINK CORPORATION PTE. LTD, Sony, Logitech, Belkin, Ecobee, August Home, Arlo, iRobot Corporation, Vivint, Inc., Snap One, LLC, Sonos, Inc., Netatmo, Anker, Ecovacs Robotics, and LIFX. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
