SMART HOME AS A SERVICE MARKET ANALYSIS

Smart Home As A Service MarketSize and Trends

The Global Smart Home as a Service market size was valued at US$ 11.3 Billion in 2023 and is anticipated to witness a compound annual growth rate (CAGR) of 12.11% from 2023 to 2030. Smart home as a service or also referred to as (SHaaS) is a type of service where instead of consumer, service provider selects, installs, maintains, upgrades, and programs smart home devices. Smart home as a service uses the subscription-based business models with monthly payment from consumers. Novel technologies are used in SHaaS including connected devices, sensors, cloud intelligence, and social media to combine a variety of important services into a simple-to-use app that allows service providers to make their consumers’ lives effortless and simple. There are three major aspects of smart home as a service namely intelligence, connectivity, and functionality where it can help the user to function properly.

Figure 1: Global Smart Home as a Service market Share (%), By Region, 2022

Figure 2: Global Smart Home as a Service market Share (%), in terms of Value, By Services, 2022

Global Smart Home as a Service market Segmentation:

The Global Smart Home as a Service market report is segmented into Service and Solution.

Based on Service, the market is segmented into Managed, and integrated services. Out of which, Integrated is expected to dominate the global market over the forecast period. Due to the rising demand and increased adoption of integrated services, the integrated service category is poised to experience consistent growth and maintain its predominant position throughout the projected period. Comparatively, the managed service sector is expected to command a smaller portion of the global smart home service market.

Segmented by Solution, the market encompasses Security and Access, Lighting and Window, Audio-Visual and Entertainment, Energy Management and Climate, and Integrated Solutions. Among these, the integrated solution segment holds a dominant stance. Following closely, the Security and Access solution sector is anticipated to secure the second-largest market share. Notably, the Audio-Visual and Entertainment segment is projected to outpace other segments in terms of growth rate.