New Report Sheds Light On Surging Smart Home Demand
A new report released this week highlights surging consumer demand for smart home solutions which is good news for home service providers across key industries like appliances, home entertainment, HVAC, plumbing, and security & monitoring systems.
The new Smart Home Market report from Meticulous Research says the global smart home market is forecast to more than double from the current level of $146 billion to $354 billion by 2031. Just this year, the smart home industry has grown 10% over last year’s estimated $133 billion.
Adding Smart Home Solutions To Your Service Offerings
As home service business owners, understanding this trend is crucial for staying competitive in a rapidly evolving market. Smart homes represent a significant shift in consumer expectations, where the demand for convenience, security, and energy efficiency is pushing the adoption of advanced technologies.
Whether you’re in HVAC, plumbing, home security, general home maintenance or property management, adapting your service offerings to include smart home solutions can position your business at the forefront of this rapidly growing industry.
Security & Monitoring Systems Account For Largest Share
The market segmentation in the new report reveals key opportunities for home service providers. Smart security and monitoring systems, accounting for the largest share at 23% in 2024, highlight the increasing consumer focus on home safety.
As a home service provider, offering integrated smart security solutions can help you attract tech-savvy customers who value safety and convenience. The integration of connectivity and remote access in these systems allows homeowners to monitor their properties from anywhere, a feature that resonates with today’s mobile-driven consumer.
Moreover, the wired protocols segment, expected to capture around 47% of the Smart Home market, underscores the importance of reliable and stable communication within smart home systems.
For businesses specializing in home installations, emphasizing the benefits of wired connections for energy efficiency and system reliability can be a key selling point. This is especially relevant as consumers become more aware of the long-term savings and performance advantages offered by wired systems over wireless alternatives.
North American Consumers Lead The Smart Home Charge
Geographically, North America leads the charge, expected to hold 36% of the global Smart Home market share in 2024. This dominance is fueled by the high adoption rate of advanced technologies in the United States and Canada, a growing emphasis on energy-efficient products, and a heightened sense of security among homeowners.
If you are not already offering smart home solutions, tapping into this market by offering tailored smart home services could yield substantial benefits. Emphasizing your expertise in smart home installations and maintenance can help differentiate your business in a crowded and increasingly competitive market.
Key players in this market, including giants like Google, Honeywell, Apple, Amazon, LG and Samsung, are setting the pace with innovative products and integrated ecosystems. As these companies continue to push the boundaries of what smart homes can do, there’s a trickle-down effect that benefits home service providers who can install, maintain, and integrate these technologies into existing homes.
Partnering with or becoming certified installers for these major brands could open new revenue streams for you and your business. By embracing smart technologies and positioning your business as a leader in smart home solutions, you can capitalize on this trend and meet the evolving demands of today’s homeowners.
To read the full Smart Home Market report, visit Meticulous Research.
Contact CII Today
If you own an established home service business in Florida or Georgia and would like to get a better understanding of the current market value of your company and important steps you can take today to maximize that value, get in touch with a CII business advisor today.