Growing Demand for Smart Home Technology in Australia: Market Trends and Opportunities | Renub Research
According to Renub Research latest report “Australia Smart Home Market, Size, Forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis” Australia Smart Home Market is estimated to reach US$ 5.4 Billion by 2028. A home or a residence that utilizes internet-connected heating, lighting, and electronic devices, that can be controlled remotely by computer or smartphone, is known as smart home.
The factors like, changing lifestyle and rising disposable income are major contributors to the growth rate of smart homes. The growth in the penetration rate of the internet and smartphones is adding to the trend for internet and smartphone-connected smart home devices, and the trend of artificial intelligence in smart home appliances for smart features is anticipated to increase the product demand.
Products like, security cameras, smart lights, streaming devices, dishwashers, and more, have the presence of smart home products in it. The people of the country are showing a high inclination towards buying smart home products, due to the convenience factor, and changes in their lifestyle. As per our research findings, Australia Smart Home Market was valued at US$ 3.03 Billion in 2022.
The technology enables smart home products to identify the voice of users and give them personalized responses. The potential of technologies to permit interconnectivity between devices has helped in propelling the demand for smart homes in the market. The rise of digital assistants, including Alexa, Google Assistant, Siri, and Bixby, has granted smart devices to be controlled and managed through voice commands. Also, the surfacing features of these digital assistants, like control Bluetooth speakers and hands-free channel surfing, increases the need for smart home devices in the country.
Furthermore, the rise in demand for energy efficient appliances and solutions, paired with growing adoption of smart devices are expected to aid the Australia smart homes market. The availability, usability and features of smart sound and entertainment system also play a significant role in the smart home demand. Australian smart home included with gadgets such as Interactive Security System, Smart door lock, smart doorbells, smart locks, smart cameras, smart thermostats, smart lights, and Door/window sensor to keep their family and home secure when they are not present.
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Smart Appliances segment holds maximum market share:
With the changing environmental conditions, customers prefer the energy and water-efficient appliances for their homes. Technological advancements, that is, the innovations that the manufacturers bring into product improvement, such as the Internet of Things (IoT) and Artificial intelligence (AI), are propelling the market for smart appliances. In addition, growing popularity for digital connectivity of all the appliances, the concept of smart homes, and AI and IoT functionalities on appliances connected through the internet, are major factors that is driving the growth of this segment, and contributing to its dominance over the market share. According to our research, Australia Smart Home Industry is expected to grow with a Double Digit CAGR of 10% from 2022 – 2028
Smart Speaker Category is expected to rise due to its dynamic usage:
As per the data demonstrated by the tech analysis firm Telstyle in December 2021, about two-thirds of Australian households had at least one smart home product, and around three million homes had at least one smart speaker. According to the data, this is a 15% increase on 2020. The main reason for the rise of this segment is the smart speakers are the most fundamental smart devices, and often the gateway to further connectedness.
The smart speakers are part entertainment devices for music, podcasts or shows, and part smart home collectors that can allow users control their lights or other devices with their voices. Furthermore, the rise in per capita income, the rapid expansion of multifunctional devices, and the formation of alliances between smart building manufacturers and creators of smart speakers will add to the growth of smart speakers’ market in Australia.
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Some of the major competitors in the Australia Smart Home Market are; Philips Dynalite, Sonos, Alarm.com, Allegion Plc., and Electrolux AB.
- Application – The Australia Smart Home Market report, by application breakup into 6 viewpoints (Energy Management, Comfort and Lighting, Home Entertainment, Control and Connectivity, Security, and Smart Appliances).
- Products – The Report covers Australia Smart Home Market, by product in 11 viewpoints (Smart Speaker, Interactive Security System, Smart Thermostat, Monitoring Camera, Video Doorbell, Smart Lightbulb, Motion Sensor, Smart light switch, Door/Window Sensor, Smart Door Lock, and Others).
- Key Players – All the major players have been covered from 4 Viewpoints (Overview, Strategy, Merger/Acquisition, and Financial Insight) Philips Dynalite, Sonos, Alarm.com, Allegion Plc., and Electrolux AB.
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