Voice Control Smart Home Market size is poised to reach 385 Billion by the end of 2036, growing at a CAGR of 28% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of the voice control smart home was USD 85 Billion. With the expansion of IoT technology, smart home devices have now become inexpensive and within reach of consumers worldwide. For instance, smart speakers and lighting systems offer enhanced security and convenience to consumers to their extent. Moreover, the proliferation of smart home devices has resulted in energy consumption giving a sense of relief to the consumer in cost saving. Additionally, these devices assist consumers in performing various tasks with an easy voice command.
Additionally, other factors that are fuelling the voice control smart home market consist of a call for ease, evolution in natural language processing, and day-by-day increasing trends of high-tech devices. Simultaneously, consumers are seeking efficient home management solutions and therefore, the market witnessed an escalation driven by the demand for immaculate automation and experience.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~28% |
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Base Year Market Size (2023) |
~ USD 85 Billion |
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Forecast Year Market Size (2036) |
~ USD 385 Billion |
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Regional Scope |
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Technology (Text to Speech, Speed Recognition, Natural Language Processing)
The NLP segment in the voice control smart home market is estimated to gain the largest revenue share of about ~43% in the year 2036. According to a recent analysis, over 139 Million people in the US are dependent upon virtual assistant applications daily. Additionally, this dominance is fueled by developments in machine learning and artificial intelligence. Moreover, improvement in accuracy and, modernization of NLP algorithms, helped in the widespread adoption of voice control devices. Overall, led to the enhancement of user experience by interpreting human language inputs and responding accordingly.
Deployment Mode (On Premise, Cloud)
The cloud segment in the voice control smart home market is estimated to gain a significant share of about ~60% in the year 2036. Since cloud-based systems offer accessibility and workability to the users to manage their smart devices remotely, it is demanded. Additionally, these systems grab the attention of customers seeking comprehensive smart home solutions as the world embraces emergent technological models. Moreover, cloud-based solutions also provide intensified security features and automatic software updates, elevating its prominence worldwide.
Our in-depth analysis of the global market includes the following segments:
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Technologies |
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Product |
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Deployment mode |
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Component |
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Application |
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North American Market Forecast
The voice control smart home market in the North America region is anticipated to hold the largest share of about ~31% by the end of 2036. Moreover, factors behind this dominance are increasing disposable income, a rise in consumer awareness, and the rapid adoption of IoT. According to a recent report published by IEA in 2022, residents of America can potentially reduce up to 20% of home energy if they start making behavioral adjustments. In the United States, the smart home industry has experienced notable growth, consumers are rapidly switching to smart home solutions to save energy and acquire convenience along with security. As per a recent report, approx. 70 Million US population is actively using smart home devices and these statistics are estimated to rise in the forecast period. Moreover, the ubiquitous presence of voice-controlled devices in households has quickly transitioned from creativity to necessity, inducing market growth. Additionally, widespread adoption of these devices signs about pattern shift in consumer behavior, pushing the market forward.
APAC Market Analysis
The Asia Pacific voice control smart home market is estimated to the second largest share of about ~23% by the end of 2036. The countries in this region are doing decent in the smart home sector. For instance, Japan already known for its technological advancements, is expected to grow rapidly in the market as consumers are showing interest in home automation. Moreover, the market in India is providing a money-making opportunity for both domestic and international companies by being an affordable market for smart home solutions. Furthermore, safety is also a most important factor accelerating the growth of smart home devices in the region as consumers are interested in investing their money in something that can bring security and convenience. Additionally, market in the other regions such as Indonesia, is growing at a satisfactory pace, and with the increase in internet penetration, the market here is estimated to see positive outcomes in the future
Author Credits: Abhishek Verma
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