Market Overview
The DIY smart home market industry is projected to grow from USD 5.67 Billion in 2023 to USD 46.879 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 30.20% during the forecast period (2023 - 2032).
Trade analysts believe that the COVID-19 crisis can be a boon for online purchasing platforms, since people are homebound and are on the lookout for IoT-based products that can help them stay entertained, and also boost their smart home capabilities. Therefore, the current situation is expected to be quite favorable for the DIY smart home market in the coming time.
DIY tools and systems are far more affordable than professionally fixed automation systems, which is why they are in heavy demand among price-sensitive consumers worldwide. Also, the surge in technological innovations in sensors, analytics, and communication has done wonders for the DIY smart home industry over the years.
The increasing prominence of wireless technologies to avoid the mess that wires usually create and the soaring demand for energy-efficient and green product solutions also induce revenue generation in the DIY smart home market. Besides, the growing desire among consumers for safety, convenience, connectivity, and security also prompts market growth.
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Latest Developments
June 2020
Intellithings’s smart home true occupancy automation system RoomMe will now have extra functionality, which includes integrated backup for Hubitat and IFTTT coupled with the potential to set off the pre-configured smart home features of the supporting system.
Top Key Players:
Some of the well-known contenders in the DIY smart home industry include Samsung Electronics Co., Ltd. (South Korea), United Technologies Corporation (U.S.), Nest Labs, Inc. (U.S.), Crestron Electronics Inc. (U.S.), Honeywell International Inc. (U.S.), Acuity Brands, Inc. (U.S.), Assa Abloy Group (Sweden), Johnson Controls Inc. (U.S.), Schneider Electric SE (France), and more.
Introduction:
The world of technology continues to evolve, and one area that has seen significant growth in recent years is the smart home industry. Smart home devices are revolutionizing the way we interact with our living spaces, providing us with greater control, convenience, and efficiency. While smart home technology was once considered a luxury reserved for the wealthy, the rise of the do-it-yourself (DIY) smart home market has made it more accessible and affordable for individuals to transform their homes into intelligent, connected environments.
The DIY Smart Home Market Landscape:
The DIY smart home market has gained momentum due to several factors. Firstly, the increasing availability of affordable and easy-to-install smart home devices has democratized the market. Consumers no longer need to rely on professional installation services, as many devices are designed for simple, plug-and-play installation, reducing both costs and complexity.
Additionally, the growing demand for home automation and the desire for greater convenience and energy efficiency has fueled the adoption of DIY smart home devices. These devices enable users to control and monitor various aspects of their homes, such as lighting, thermostats, security systems, and appliances, through a centralized smart hub or smartphone app.
Key Advancements and Innovations:
The DIY smart home market has witnessed significant advancements and innovations, expanding the possibilities for homeowners. Here are some noteworthy developments:
- Voice Control: The integration of voice assistants like Amazon Alexa and Google Assistant has transformed the way we interact with smart home devices. Users can now control their devices using voice commands, making the smart home experience even more seamless and intuitive.
- Enhanced Security Features: DIY smart home security systems have become increasingly sophisticated, offering features such as motion detection, facial recognition, and real-time video monitoring. Homeowners can now have peace of mind by monitoring their property remotely and receiving instant alerts in case of any suspicious activity.
- Energy Management: Smart thermostats and energy monitoring devices enable homeowners to optimize their energy consumption, leading to cost savings and a reduced environmental footprint. These devices learn users' preferences, automatically adjusting temperature settings and providing insights on energy usage patterns.
- Integration and Interoperability: One of the key challenges in the early stages of the smart home market was the lack of interoperability between devices from different manufacturers. However, significant progress has been made in standardizing communication protocols, allowing different devices to seamlessly work together. This interoperability enhances the overall smart home experience and promotes the growth of an ecosystem of connected devices.
The Benefits of DIY Smart Homes:
The rise of the DIY smart home market brings numerous benefits to homeowners:
- Cost Savings: By eliminating the need for professional installation, DIY smart home solutions are more cost-effective, making them accessible to a broader range of consumers.
- Customization and Flexibility: DIY smart home systems offer users the flexibility to choose and customize the devices according to their specific needs and preferences. Homeowners can start small and gradually expand their smart home ecosystem as desired.
- Empowerment and Control: DIY smart home devices empower homeowners to take control of their living spaces, enabling them to manage and monitor various aspects of their homes from anywhere at any time. This increased control enhances convenience, security, and overall quality of life.
- Learning and Skill Development: Setting up a DIY smart home can be a learning experience that introduces individuals to new technologies and builds their technical skills. This can be a fulfilling and rewarding journey for those who enjoy exploring the possibilities of connected living.
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Conclusion:
The DIY smart home market represents a significant shift in the way individuals interact with their living spaces. With the increasing availability of affordable and user-friendly smart home devices, homeowners can transform their homes into intelligent, connected environments without the need for professional assistance. Advancements in voice control, security features, energy management, and interoperability have further enhanced the DIY smart home experience, providing homeowners with cost savings, customization options, empowerment, and the opportunity to develop new skills. As the DIY smart home market continues to grow, we can expect even more exciting innovations that will shape the future of connected living.
