Rising adoption of AI to boost Smart Home as a service Market Growth

Smart Home as a service Market
Smart Home as a service Market


Smart Home as a service Market by System (Lighting Control, Home Monitoring/Security, Thermostat, Smart Appliances, Video Entertainment), Channel (Retailers, OEM, E-commerce) and By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Smart Home as a Service Market is estimated to be valued at US$ 2,483.48 million in 2023, and is expected to exhibit a CAGR of 16.98 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Smart home as a service or also known as ShaaS is a kind of service where as a substitute of user, service provider chooses, installs, manages, upgrades, and programs smart home devices. Smart home as a service utilizes the subscription-based business designs with monthly payment from users.

Competitive Landscape:

Key players involved in the growth of the global Smart Home as a service Market are Calix Inc. Vivint Inc., Red River Electric Inc., HelloTech Inc. and Insteon Inc.

Market Key Drivers:


Rising adoption of AI, IoT and smart home technologies is expected to augment the growth of the global Smart Home as a Service market. For instance, as per Digital Market, there would be around 478.2 million smart homes in 2025.

Increasing collaborations and partnerships by the key players for the expansion of the product is anticipated to propel the growth of global Smart Home as a Service market. For instance, in November 2018, eBay collaborated three smart home companies - InstallerNet, Handy, and Porch ensuring end users to reserve smart home installation facilities.

Covid-19 Impact Analysis:

The COVID-19 outbreak has affectively impacted the global Smart Home as a Service market. As per IoT Analytics, the investment on smart home cloud or organization services had affectively developed in the COVID-19. Additionally, the installation of smart home devices with contactless action has increased which has further enhanced the fixing and upkeep of smart home devices in the pandemic crisis. 

Key Takeaways:

The global Smart Home as a Service Market is anticipated to exhibit a CAGR of 11.2 % during the forecast period due to increasing collaborations and partnerships. For instance, in April 2019, Calix Inc. collaborated with IdeaTek to increase the accessibility of its Gigabit services to their users and enable the incorporation and organization of its smart home devices with Wi-Fi and cloud services. 

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Smart Home as a Service Market due to rise in adoption of smart home technologies, rising collaborations and partnerships and increasing adoption of AI and IoT. For instance, according to a survey, 80% of the people in the U.S. use smart home appliances and one in four have a smart home device.



 

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