Smart Home Market Size Worldwide (2017–2028)
One of the hottest technologies to have penetrated consumers’ daily lives is smart home devices. These include small gadgets like smart speakers, larger appliances like smart refrigerators, and entire security and entertainment systems.
According to the latest statistics, the global smart home market has been growing in recent years. In 2024, total revenues are expected to reach $154.4 billion, which marks a 14.5% annual increase.
The growth of the smart home industry in 2024 marks a slight slowdown from the previous year’s rate. In 2023, the industry’s revenues grew 17.7% year-over-year.
The sector is set to continue growing in the coming years—albeit at a slower pace. Even then, the industry is forecast to register annual revenue growths of more than 10% at least for a few more years. For instance, analysts have projected an increase of 12.7% in 2025, to hit revenues of $170 billion, before growing another 11.2% in 2026 to $193.5 billion. In 2027, total revenues are projected to surpass $200 billion for the very first time, hitting $212.5 billion. The estimated revenues of the global smart home market in 2028 are $231.6 billion, a 9% annual increase.
The data shows that from 2017 to 2028, revenues from the global smart home market are expected to rise at an average of 17.8% per annum. The biggest growth came in 2018, during which the industry grew by 34.3%. In comparison, the slowest increase is expected to be a decade later, in 2028.
Smart home market share by type
Taking a deeper look at the smart home market share, we see that across all the different types, smart appliances generate the most revenues. These include refrigerators, ovens, dishwashers, microwaves, and dryers.
Revenues from smart appliances in 2024 are forecast at over $60 billion—39.3% of the total smart home market share worldwide. In other words, nearly two-fifths of every dollar spent on smart home devices worldwide will be on a smart appliance. In fact, smart appliances are expected to be responsible for the biggest portion of the market’s revenues from 2017 to 2028.
The smart home technology generating the second-largest amount of revenues is smart control and connectivity systems. At $31.1 billion in expected revenues in 2024, they make up 20.8% of the global market share.
Here are some other technologies and their respective smart home market shares:
- Security: $23.7 billion (15.3%)
- Home entertainment: $14.6 billion (9.5%)
- Comfort and lighting: $13.3 billion (8.6%)
- Energy management: $10 billion (6.5%)