Technology

Smart Home Market to expand by USD 188.3 Billion (2024-2028), driven by rising interest in home automation, with a report on AI-driven transformation – Technavio

Published

1 year ago

December 4, 2024

NEW YORK, Dec. 4, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global smart home market size is estimated to grow by USD 188.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 21.21% during the forecast period. Growing consumer interest in home automation is driving market growth, with a trend towards rising number of strategic partnerships and alliances. However, increase in issues related to interoperability poses a challenge. Key market players include ABB Ltd., Allegion Public Ltd. Co., Alphabet Inc., Amazon.com Inc., Apple Inc., ASSA ABLOY AB, Comcast Corp., Honeywell International Inc., Hubbell Inc., Johnson Controls, Legrand SA, LG Corp., Lutron Electronics Co. Inc., Panasonic Holdings Corp., RTX Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schneider Electric SE, Snap One LLC, and Vivint Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Home entertainment, Smart appliances, Energy management, Lighting control system and HVAC, and Safety and security system), Technology (Wireless and Wired), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

ABB Ltd., Allegion Public Ltd. Co., Alphabet Inc., Amazon.com Inc., Apple Inc., ASSA ABLOY AB, Comcast Corp., Honeywell International Inc., Hubbell Inc., Johnson Controls, Legrand SA, LG Corp., Lutron Electronics Co. Inc., Panasonic Holdings Corp., RTX Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schneider Electric SE, Snap One LLC, and Vivint Inc.

Key Market Trends Fueling Growth

The smart home market is experiencing significant growth, driven by trends in home monitoring, energy-saving, and convenience. The smart home industry offers various solutions, including safety and security systems, lighting and temperature control, audio/video systems, and access control. Smart home devices, such as lighting controllers, cameras, and intrusion detection systems, are becoming increasingly popular. Compatibility issues with different IoT platforms and devices are being addressed through proactive software and behavioral versions. Modular kitchens, house batteries, high-power solar inverters, smart electrical panels, EV chargers, and connected electrical outlets are also gaining traction. The market is witnessing the integration of AI and machine learning into various appliances, including smartphones, digital assistants, and virtual assistants. However, cyberattacks and security threats are concerns for standalone smart devices. IoT connections and 5G technology are enabling the integration of various smart devices, from smart speakers and Bluetooth speakers to smart TVs and entertainment centers. Semiconductors are a critical component in the development of these devices. The smart home market caters to the needs of over 4.5 billion Internet users, offering solutions for energy management, home automation, and security. Smart features are now common in appliances, from smart thermostats and smart sprinkler systems to smart bulbs and smart meters. Carbon emission reduction is a key focus area, with smart composters and smart power strips helping homeowners save energy. Security cameras, Wi-Fi, and Bluetooth are essential technologies for smart home systems, ensuring peace of mind for homeowners.

The smart home market is experiencing significant growth, attracting numerous vendors to form strategic partnerships. Smart home product and system manufacturers collaborate with technology providers and home automation platform providers to ensure interoperability with other solutions. In April 2022, Samsung Electronics announced a partnership with ABB Group to expand the reach of Samsung SmartThings integration. Such collaborations increase, contributing to the expansion of the smart home market.

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Market Challenges

The smart home market is experiencing rapid growth as more consumers seek home monitoring, energy-saving solutions, and enhanced convenience. The smart home industry offers safety and security through intrusion detection systems, access control, and smart surveillance systems. Lighting and temperature control, as well as audio/video systems, provide added comfort and entertainment. Compatibility issues with various IoT devices, such as modular kitchen appliances, house batteries, high-power solar inverters, smart electrical panels, and EV chargers, can be challenging. Proactive software, behavioral versions, and machine learning technologies help address these issues. Cyberattacks and security threats are concerns for standalone smart devices like cameras, smart lights, streaming devices, dishwashers, and smart TVs. IoT platforms, 5G technology, and semiconductors play a crucial role in connecting and powering these devices. Home automation and control systems require smartphones, digital assistance, and virtual assistants for seamless integration. Bluetooth speakers and blockchain technology add to the market’s diversity. Carbon emission reduction is a growing focus, with smart thermostats, smart sprinkler systems, smart bulbs, smart meters, smart composters, and smart power strips leading the way.The global smart home market is experiencing significant growth, with vendors focusing on creating dependable home automation solutions for various applications, including energy management, lighting control systems, home entertainment, HVAC, smart appliances, and safety and security systems. To meet the increasing demand for smart home systems and products, vendors are consistently upgrading their offerings to maintain a competitive edge. However, compatibility issues between smart home devices can negatively impact both customers and manufacturers. Some devices have encountered challenges with Wi-Fi connectivity, video feed, and video streaming. The absence of connectivity can adversely affect product performance, leading to video streaming problems. Vendors are working diligently to address these concerns and ensure seamless integration of their devices for optimal user experience.

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Segment Overview

This smart home market report extensively covers market segmentation by

Application 1.1 Home entertainment1.2 Smart appliances1.3 Energy management1.4 Lighting control system and HVAC1.5 Safety and security systemTechnology 2.1 Wireless2.2 WiredGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Home entertainment- The home entertainment segment leads the global smart home market, driven by the widespread adoption of digital voice assistants or smart speakers. Smart speakers, such as Amazon Echo and Google Home, have revolutionized voice user interfaces, offering an easily accessible, user-friendly interface for entertainment and information retrieval. Applications include music playback, games, answering queries, weather updates, and setting alarms. Notable vendors like Alphabet, Amazon, IKEA Systems, Harman International, and SONOS are capitalizing on this trend, launching innovative products like Amazon’s Echo Pop and Google’s Nest Hub. In the realm of smart TVs, advancements in technology have led to features like on-demand content, internet browsing, voice or gesture control, and socializing in real-time. Key players like Xiaomi, Samsung, BBK Electronics, Sony, and LG are responding with innovative product launches, such as OnePlus’ new Android smart TV and Xiaomi’s Smart TV X series. These developments and the increasing demand for home entertainment systems will fuel the growth of the smart home market through the home entertainment segment.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022)

Research Analysis

The smart home market is experiencing rapid growth as more and more Internet users embrace the convenience, safety, and energy-saving benefits of IoT-connected devices. From home monitoring systems that keep an eye on temperature, lighting, and energy usage to advanced security systems that detect intrusions and provide real-time alerts, the smart home industry is revolutionizing the way we manage our homes. Smart lighting and temperature control systems offer energy savings and added convenience, while audio/video systems and streaming devices bring entertainment right into the living room. Smart home devices, including cameras, dishwashers, and even refrigerators, are being integrated with AI and machine learning capabilities to provide personalized experiences and automate daily tasks. However, with the increasing number of IoT connections, cybersecurity threats and potential cyberattacks are a growing concern. 5G technology is expected to further boost the growth of the smart home market by enabling faster and more reliable connectivity for IoT devices. Virtual assistants and digital assistance on smartphones and smart speakers add an extra layer of convenience, allowing users to control their homes with voice commands. The future of the smart home industry looks bright, with endless possibilities for innovation and integration of new technologies.

Market Research Overview

The smart home market is a rapidly growing industry that focuses on enhancing home living through technology. It offers various solutions for home monitoring, energy-saving, and convenience. Smart home systems include safety and security features such as intrusion detection, access control, and home automation control systems. Lighting and temperature control are essential components, along with audio/video systems and compatibility with various IoT devices. Smart homes utilize proactive software, machine learning, and artificial intelligence for behavioral versions. Modular kitchens, house batteries, high-power solar inverters, smart electrical panels, EV chargers, and connected electrical outlets are part of the energy-saving solutions. The market includes smart speakers, modular switches, and Internet users connected through IoT platforms. IoT devices, such as cameras, smart lights, streaming devices, dishwashers, and smartphones, offer digital assistance and virtual assistants. 5G technology and semiconductors enable faster connectivity and advanced functionality. However, cyberattacks and security threats are concerns, requiring security measures. Standalone smart devices like smart bulbs, smart meters, smart composters, smart power strips, and security cameras offer various smart features. Wi-Fi and Bluetooth connectivity are common for most devices. The smart home market encompasses various smart devices, including smart TVs, entertainment centers, and even smart surveillance systems. Carbon emission reduction is a priority, with smart thermostats, smart sprinkler systems, and smart bulbs contributing to energy efficiency. Smart home systems aim to provide a more convenient, secure, and energy-efficient living experience.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationHome EntertainmentSmart AppliancesEnergy ManagementLighting Control System And HVACSafety And Security SystemTechnologyWirelessWiredGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

The Inner Circle acknowledges Colleen Reilly as a Pinnacle Professional Member Inner Circle of Excellence

Published

3 hours ago

April 24, 2026

PORT ST. JOE, Fla., April 24, 2026 /PRNewswire/ — Prominently featured in The Inner Circle, Colleen Reilly is honored as a Pinnacle Professional Member Inner Circle of Excellence for her contributions to Transforming Catering and Event Services in Northwest Florida.

Since 2015, Colleen Reilly has served as founder and CEO of Catering Connections, a company that has redefined catering in Northwest Florida’s beach communities through innovation, collaboration, and community focus. Guided by her motto “Just one call feeds them all,” Ms. Reilly established a unique model by partnering with local restaurants to showcase their specialties, fostering unity among businesses while providing clients with one-of-a-kind event experiences.

With over 15 years of industry expertise, Ms. Reilly specializes in coordinating weddings, family reunions, and corporate events, managing every detail from client consultation to menu planning and flawless execution. Her dedication to service has earned Catering Connections multiple recognitions, including the Couples Choice Award from WeddingWire from 2021 to 2025, the Best of Florida Award from 2022 to 2024, and the Lux Life Hospitality and Catering Award in 2023 and 2024.

Ms. Reilly’s career foundation includes an associate degree in paralegal studies, magna cum laude, from Volunteer State College, a reflection of her meticulous approach to detail and commitment to excellence. Beyond her business, she serves her community as a board member of the Historic St. Andrews Waterfront Partnership and as president of Friends of the Governor Stone Inc., a nonprofit dedicated to preserving maritime heritage in Panama City. Her previous civic contributions include serving five years as a guardian ad litem, advocating for children within the legal system, and volunteering as a school chaperone for international student trips.

A leader who blends innovation with service, Ms. Reilly continues to grow Catering Connections while deepening her commitment to the local community. Looking ahead, she remains dedicated to expanding her company’s impact, bringing people together, and creating meaningful experiences through food and fellowship.

Contact: Katherine Green, 516-825-5634, editorialteam@continentalwhoswho.com

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SOURCE The Inner Circle

Technology

Media Contributor Kianga Moore to Host Executive Media Roundtable On AI’s Transformational Impact in Retail

Published

3 hours ago

April 24, 2026

Leaders from AdFury.ai, Vendormint, and New Nexus Group to Explore Real-Time Decision-Making, Resilience, and Growth in a Volatile Market

NEW YORK, April 24, 2026 /PRNewswire/ — As retailers navigate ongoing economic uncertainty, supply chain volatility, and rapidly shifting consumer expectations, the upcoming convening of a high-level roundtable discussion will examine how artificial intelligence is reshaping the retail landscape in real time.

Moderated by Media Contributor Kianga Moore, to be held on Wednesday, April 29 at 11h00am (EST), the roundtable will bring together senior leaders from AdFury.ai, Vendormint and New Nexus Group to discuss how modern enterprise platforms are leveraging AI to drive agility, efficiency, and long-term resilience across the retail ecosystem.

The discussion will additionally focus on how AI is enabling retailers to respond dynamically to changing demand signals, optimize marketing investments, and strengthen interoperability across increasingly complex vendor and marketplace networks.

“Retailers today are operating in a constant state of disruption”, stated Kianga Moore. “This roundtable will explore how AI is not just a tool for efficiency, but a strategic asset for anticipating change and building more resilient, adaptive American enterprise.”

Key discussion topics will include remarks on how, for example, enterprise AI platforms are helping retailers respond instantly to fluctuations in consumer demand, pricing pressures, and external supply chain disruptions and the role of AI in enhancing interoperability across vendors, partners, and marketplaces to create more agile and resilient retail infrastructures in 2026.

Rob Gonda, Chief Technical Officer at Vendormint, stated that, “Interoperability is the backbone of modern retail. AI enables seamless communication between platforms, vendors, and marketplaces—turning fragmented systems into cohesive, responsive ecosystems that can adapt under pressure.”

Discussion topics will also include machine learning’s ability to optimize ad spend, improving personalization, and delivering measurable ROI while maintaining brand trust and regulatory compliance.

Eric Howerton, Co-Founder and Chief Growth Officer of AdFury.ai, added that,”AI is fundamentally changing how brands approach customer acquisition. By leveraging machine learning through fine-tuned, retail-specific agentic flows, we can not only optimize ad spend in real time, but we can also ensure messaging is personalized, compliant, and aligned with evolving consumer expectations.”

And indeed the roundtable will include discussions on how AI-powered predictive analytics can help businesses anticipate economic, technological, and geopolitical disruptions ahead—and plan accordingly.

Cheryl Yarbrough, Vice President of Partnerships at New Nexus Group added that, “Resilience in retail is no longer built in quarterly planning cycles-it’s built in real time. AI gives organizations the ability to identify disruptions before they cascade, pivot strategies before momentum is lost, and maintain continuity when the market moves faster than any human team can react alone.”

The roundtable will be held via Zoom TeleConference, with questions from the press and key stakeholders to follow opening remarks and a 30-minute Q&A between the moderator and the panelists.

For all media inquiries and to register to attend, please contact: Sam Amsterdam, Amsterdam Group Public Relations Inc. – Sam@AmsterdamGroup.net / +1 (202) 910-8349

Vendormint (https://vendormint.com)New Nexus Group (https://www.newnexusgroup.com)AdFury.ai (https://www.adfury.ai)

Samuel Amsterdam
Communications Counsel
Vendormint
samuelamsterdam@gmail.com

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SOURCE Vendormint

Technology

Fairway Home Mortgage Earns Prestigious USA TODAY Top Workplaces Award For 6th Consecutive Year

Published

4 hours ago

April 24, 2026

Fairway CEO Steve Jacobson Named #1 Leadership Award Winner of Companies With 2500+ Employees

MADISON, Wis., April 24, 2026 /PRNewswire/ — Fairway Home Mortgage announced that it has earned the prestigious 2026 USA TODAY Top Workplaces award. This is the sixth year in a row Fairway achieved this honor.

The award honors organizations with 150 or more employees that have created exceptional, people-first cultures. This year, more than 40,500 organizations were invited to participate. The winners are recognized for their commitment to fostering a workplace environment that values employee listening and engagement. USA TODAY showcased the winners at the National Awards Summit in Nashville. Watch the video of the event here.

“Being recognized with this award reflects Fairway’s commitment to bringing our people together face-to-face,” said Fairway’s CEO and Founder Steve Jacobson. “Companies are better when their people are around each other. People need each other and they learn from each other, and we’re very intentional about creating opportunities for in-person collaboration at Fairway.”

Jacobson demonstrated that in-person collaboration when he traveled to Knoxville this week with Fairway Senior Vice President Dan Richards to spend time with one of Fairway’s branches and their local real estate partners. “We engaged in real conversations about the market, discussed what people are seeing on the ground, and talked about how Fairway keeps showing up for clients,” said Richards. “It’s a reflection of the same hands-on approach that has defined Fairway’s culture for more than two decades.”

“To be named a Top Workplace for six consecutive years speaks to Fairway’s leadership, our mindset, and the empowerment of our staff,” said Fairway’s Chief People and Engagement Officer Julie Fry. “Our strength isn’t just what we offer employees. What sets a top workplace apart is the daily commitment to people—prioritizing connection, valuing contributions, and creating an environment where employees feel energized to serve because they feel valued first.”

The winners are determined by authentic employee feedback captured through a confidential survey conducted by Energage, the HR research and technology company behind the Top Workplaces program since 2006. The results are calculated based on employee responses to statements about Workplace Experience Themes, which are proven indicators of high performance.

“Earning a USA TODAY Top Workplaces award is a testament to an organization’s credibility and commitment to a people-first culture,” said Eric Rubino, CEO of Energage. “This award, driven by real employee feedback, is more than just a recognition — it’s proof that your employees believe in the organization and its leadership. Job seekers and customers look for this trusted badge of credibility and excellence. It signals a company that values its people, and that kind of culture resonates in today’s competitive market”

About Fairway Home Mortgage
Madison, WI- and Carrollton, TX-based Fairway Independent Mortgage Corporation (NMLS #2289) is a full-service mortgage lender licensed in all 50 states. Fairway is the #2 overall retail lender in the U.S.

About Energage
Making the world a better place to work together.™
Energage is a purpose-driven company that helps organizations turn employee feedback into useful business intelligence and credible employer recognition through Top Workplaces. Built on 20 years of culture research and the results from 30 million employees surveyed across more than 80,000 organizations, Energage delivers the most accurate competitive benchmark available. With access to a unique combination of patented analytic tools and expert guidance, Energage customers lead the competition with an engaged workforce and an opportunity to gain recognition for their people-first approach to culture. For more information or to nominate your organization, visit energage.com or topworkplaces.com.

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SOURCE Fairway Home Mortgage