Voice Control Smart Home Market Size & Share by Technology (Text to Speech, Speed Recognition, Natural Language Processing); Product (Security and Access Control, Entertainment Devices); Deployment Mode (On Premise, Cloud); Component (Hardware, Software and Services); Application (Web Application, Mobile Application, Smart Services) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5865
  • Published Date: Mar 11, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.


Voice Control Smart Home Market
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Voice Control Smart Home Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Request for Convenience and Automation: As consumers continuously seek ways to simplify their daily household tasks, voice-controlled smart devices offer automatic solutions for these requirements. With the assistance of these devices, users can efficiently manage multiple tasks at one time. For instance, controlling thermostats, switching off/on lights, or managing entertainment devices such as a TV or a Smart Speaker. Further, this hand-free technique, not only intensifies serviceability but also encourages easiness for individuals with disability and mobility issues. Additionally, a busy lifestyle demands convenience which will never end, resulting in an escalation of voice control devices.
  • Evolution of Natural Language Processing (NLP) Technology: Natural language processing has a significant impact on voice control smart home devices as it helps machines understand and naturally respond to human language. Further, in past times, users had to memorize phrases to execute any task on devices. However, with the integration of technology, NLP can interpret a wide range of commands and make interactions with your smart home devices feasible. Additionally, another evolution of NLP is the development of virtual assistants which leverage NLP to engage in a natural conversation with the user. For instance, virtual assistants like Alexa and Siri offer seamless solutions to users with voice commands.
  • Increasing Adoption of IoT and Connectivity: Today, a simple home can be converted into a smart one as seamless integration and control of multiple devices is becoming easy with the increasing adoption of the Internet of Things. Because interconnected networks help users remotely manage multiple tasks of daily life. Moreover, the extending handiness of internet connectivity and the widespread adoption of wi-fi and Bluetooth have cleared the way for more seamless connectivity which enables smart devices to approach cloud-based services and communicate with other devices despite their location, which provides a new level of flexibility to the user.

Challenges

  • Navigating Compliance Challenges can be complex: Smooth integration of devices gets hindered due to mismatched protocols and standards which becomes very frustrating and complicated for the user. Additionally, these issues restrain the widespread adoption of smart home devices.
  • Collection and storage of data ignites data breach concerns, which requires providers to offer necessary stringent security measures and clarity to consumers.
  • Moreover, despite numerous advancements, voice recognition in smart devices having inaccuracy issues is a major concern as it undermines the trust of many users.

Voice Control Smart Home Market: Key Insights

Base Year 

2023 

Forecast Year 

2024-2036 

CAGR 

~28% 

Base Year Market Size (2023) 

~ USD 85 Billion 

Forecast Year Market Size (2036) 

~ USD 385 Billion 

Regional Scope 

  • North America (U.S., and Canada) 
  • Latin America (Mexico, Argentina, Rest of Latin America) 
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) 
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) 
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa) 
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Voice Control Smart Home Segmentation

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: 

     Technologies

  • Text to Speech
  • Speech Recognition
  • Natural Language Processing

     Product

  • Security and Access Control
  • Entertainment Devices

     Deployment mode

  • On-Premise
  • Cloud

     Component

  • Hardware
  • Software
  • Services

     Application

  • Web Application
  • Mobile Application
  • Smart Services

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Voice Control Smart Home Industry Regional Synopsis

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

Research Nester
voice control smart home market Size
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Top Featured Companies Dominating the Voice Control Smart Home Landscape

top-features-companies
    • Honeywell International Inc.,
      • Company Overview 
      • Business Strategy 
      • Key Product Offerings 
      • Financial Performance 
      • Key Performance Indicators 
      • Risk Analysis 
      • Recent Development 
      • Regional Presence 
      • SWOT Analysis 
    • Emerson
    • Ecobee Inc.
    • Amazon.com, Inc.
    • ABB Ltd.
    • Google LLC
    • Apple Inc.
    • Lutron Electronics Co.,
    • Samsung Electronics Co.

In-the-news

In The News

  • ZTE Corporation, in collaboration with Amlogic unveiled an Android TV-based DVB set-top box equipped with far-field voice capabilities. Additionally, this cutting-edge product seamlessly integrates the features of a set-top box and a smart speaker offering an enhanced television viewing experience to the user.
  • Apple has introduced a new live speech feature that allows users to type instead of speaking their desired messages. This feature is compatible with all Apple devices and can be utilized during voice calls or Facetime calls. Moreover, this feature is aimed at providing seamless communication solutions to those who have lost their voice or are unable to speak.

 

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5865
  • Published Date: Mar 11, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising requests for convenience and automation, the evolution of natural language processing (NLP) technology, and increasing adoption of IoT and connectivity are the major factors driving the growth of the voice control smart home market.

The market size of voice control smart homes is anticipated to attain a CAGR of 28% over the forecast period, i.e., 2024-2036.

The major players in the market are Emerson, Ecobee Inc., and Amazon. com, Inc., Honeywell International Inc., ABB Ltd., Google LLC, Lutron Electronics Co., Samsung Electronics Co., and others.

The natural language processing segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Voice Control Smart Home Market Report Scope
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