Smart Home Market Updates: Recent Developments and Innovations to Watch
The global smart home market was valued at USD 79.16 billion in 2022, with projections indicating a compound annual growth rate (CAGR) of 27.07% from 2023 to 2030. The market offers a variety of products, including smart cameras, lighting, streaming devices, and appliances like dishwashers. The growing integration of Artificial Intelligence (AI) within smart home products is a major factor fueling demand, enabling enhanced functionality. Moreover, rising smartphone and internet penetration worldwide has boosted the demand for connected smart home devices, where AI-driven digital assistants provide hands-free, user-friendly operation, greatly influencing consumer preferences. The increasing popularity of virtual assistants, such as Siri, Google Assistant, and Alexa, also enables users to manage tasks through voice commands. New features in these assistants, like Bluetooth speakers and hands-free navigation, are further driving demand. For instance, Google’s 2022 update enabled its assis