Smart Home Platforms Market Business Trends and Driver Forecast to 2028

Smart Home Platforms Market Growth & Trends 

The global smart home platforms market size is expected to reach USD 60.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.9% from 2022 to 2028. Improved experience gained by the users owing to the integration of smart home platforms is the key factor fueling the growth of the market. In addition, the use of smart home platforms allows remote control, thereby further driving the market. Concerns related to the security breach and unauthorized access to personal information and connected device of users is the major restraint for the market. Most of the key players operating in the market are adopting strategies such as adding new features to the platform, along with the development of new platforms that are compatible with various smart devices to capture maximum market share globally. 

Smart Home Platforms Market Segmentation

Grand View Research has segmented the global smart home platforms market based on type and region:

Based on the Type Insights, the market is segmented into IoT Platform for Control & Connectivity Devices, IoT Platform for Security & Surveillance Systems and IoT Platform for Smart Appliances.

• The IoT platform for smart appliances segment dominated the market with a revenue share of more than 65.0% in 2021. The segment is also expected to witness the fastest growth over the forecast period. IoT platform for smart appliances sets up a connection between the platform and smart appliances, which enables the user to control them and perform the desired task. Furthermore, the consumers are looking out for solutions that help them in the efficient management of energy, thus IoT platforms for smart appliances are high in demand and contribute to significant revenue generation.
• The IoT platform for the security and surveillance systems segment is expected to register the second-highest CAGR of 16.7% from 2022 to 2028. A surge in the demand for IoT platforms for security and surveillance systems has been observed by the targeted population across the globe as these platforms help to remotely monitor and control various security and surveillance systems or equipment including cameras, door locks, and thermostats. Thus, the IoT platform for the security and surveillance systems segment is expected to grow at a considerable CAGR over the forecast period.

Smart Home Platforms Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East and Africa (MEA)

Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.

• IoT Market – The global Internet of Things (IoT) market size was valued at USD 605.69 billion in 2014. Technological proliferation and increasing investments are expected to drive the global market over the next seven years.
• Smart Home Market – The global smart home market size was valued at USD 79.16 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 27.07% from 2023 to 2030.

Key Companies Profile & Market Share Insights

The market is characterized by the presence of established as well as new players. Major players operating in this market are adding new features to their smart home platforms. Most of the key players working in the market are adopting various strategies such as alliances and partnerships to gain maximum share in the market.

Some of the prominent players operating in the global smart home platforms market include,

• Apple Inc.
• Google LLC
• Cisco Systems, Inc.
• Resideo Technologies, Inc.
• com, Inc.
• LG Electronics
• Samsung Electronics Co. Ltd.
• Siemens AG
• Robert Bosch Smart Home GmbH
• General Electrical Company

Order a free sample PDF of the Smart Home Platforms Market Intelligence Study, published by Grand View Research.