The Smart Home as a Service market revenue was estimated at US$5.5 billion in 2021 and is anticipated to grow at a CAGR of 15.4% from 2022-2032, according to a recently published Future Market Insights report.
By the end of 2032, the market is expected to reach a valuation of US$27.2 billion. Integrated smart home as a service demand is projected to accelerate at over 16% during 2022 - 2032.
According to the researchers, technological improvements have enabled the creation of new services such as live stream monitoring, intrusion warnings, and fast updates that were previously unavailable with traditional systems.
According to iControl Network research, 90% of customers believed that home security system is the key motivation for smart home adoption. Smart homes can drastically reduce domestic robberies, break-ins, and burglaries while preventing unwanted visitors out, making houses considerably safer.
As a result, the increased security provided by smart homes is likely to drive the worldwide smart home as a service market over the forecast period.
Key takeaways from Future Market Insights includes:
- Global Smart Home as a Service Market is estimated to reach a valuation of US$6.5 billion by 2022.
- In terms of Service, the Integrated Service segment is expected to account for the highest CAGR of 16.1% during the forecast period.
- In terms of Solutions, the Integrated Solution segment is expected to account for the highest CAGR of 16.1% during the forecast period.
- United States is projected to remain the most dominant market with an absolute dollar growth opportunity of US$ 9.8 Bn during 2022 - 2032.
- The market in the U.S. is set to experience the highest CAGR of 16% during the 2022-2032 forecast period. Competitive Landscape The sector smart home as services market has been experiencing fierce competition with the introduction of new start-ups offering a diversified variety of creative solutions catering to different industrial requirements.
Vivint, AT&T, Comcast Corporation, CenturyLink, and Charter Communications are some of the key smart homes as a service company.
Some of the recent market developments include:
- In January 2020, Vivint Smart Home and Mosaic Acquisition announced that the previously disclosed transaction between Vivint and Mosaic has been completed, resulting in Vivint becoming a publicly listed business. The acquisition is among the largest SPAC mergers in the United States, with a market valuation of US$4.2 billion, comprising US$488 million in extra stock.
- In May 2021, AT&T announced a US$43 billion merger of Warner Media and Discovery. AT&T will reverse its US$85 billion takeover of Time Warner, which concluded three years ago, and build a new media firm with Discovery under the terms of the agreement. As per The Financial Times, the merger would establish a new corporation independent from AT&T that might be worth up to US$150 billion, including debt.
- In October 2021, Comcast Corporation announced the completion of its takeover of Masergy, an innovator in cloud platforms and software-defined networking for global companies. The purchase accelerates Comcast Business's expansion servicing big and mid-size firms, particularly US-based organisations with multi-site worldwide operations, and strengthens their overall channel distribution system.