Smart home tech estimated to grow to $10Bn by 2031
A new report from Guidehouse Insights examines the global market for smart home technology.
The better-known smart home applications include smart speakers to control lighting and advanced thermostats to reduce energy usage, but another class of solutions enhances the health and well-being of the residents in a healthy home: indoor air purifiers, consumer healthy home equipment like CPAPs, and telemedicine, among others.
According to a new report from Guidehouse Insights, smart home technology that enhances the health and well-being of residents is currently a $3.6 billion market that is expected to grow at a compound annual growth rate (CAGR) of 11.6% to $9.7 billion by 2031.
“The global revenue for healthy home technology is significant in that it is comparable to that of advanced thermostats,” says William Hughes, Principal Research Analyst with Guidehouse Insights.
“This rapidly growing smart homes segment helps healthy people stay well, supports people with chronic issues so they can avoid emergencies, and informs caretakers about any potential crises, so the elderly can remain in their homes as long as possible.”
However, several barriers hinder faster growth in the market. A wide range of solutions at different price points can be confusing for consumers. Sales channels can sell only some of the solutions and have the additional pressure of supply chain problems and a shortage of skilled labour. Further, many of the benefits of home health technologies are hard to measure and quantify, according to the report.
The report, Market Data: Healthy Homes, examines how the healthy home segment of the smart home device market will develop across five global regions – North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Analyses for the ten-year period between 2022 and 2031 are segmented by region and category product type: indoor air purifiers, consumer home health equipment, telemedicine, and others.