Thailand Smart Home Market is Expected to Reach USD 6.66 Billion by 2030

The technological advancements by local players along with proliferation of smart city projects in the region is driving the Thailand smart home market demand during the forecast period.

The Thailand Smart Home Market size was valued at USD 1.32 billion in 2023, and is predicted to reach USD 6.66 billion by 2030, at a CAGR of 26.0% from 2024 to 2030, according to new research by Next Move Strategy Consulting.

Technological advancements by local players are propelling the growth of Thailand's smart home market. These companies continuously innovate to develop state-of-the-art smart home devices and systems tailored to the specific needs and preferences of the local market. For instance, in September 2022, SCG Group introduced "mind," a Thai Smart Home Solutions platform that offers compatibility with various brands, prioritizes data security, and provides comprehensive 24/7 services, targeting both B2B and B2C markets. This advancement offers consumers a wide range of high-quality options, fostering competition and driving the adoption of smart home technology.

Additionally, the proliferation of smart city projects throughout Thailand is significantly boosting the smart home market. These initiatives aim to incorporate advanced technologies into urban development, promoting smart home solutions to improve urban living conditions. For example, in March 2023, Thailand's Digital Economy Promotion Agency (DEPA) announced key initiatives to advance smart city development, including incubation projects for smart city promotion zones and the development of liveable smart cities. These projects involve data preparation, the creation of city data platforms, and the implementation of data security measures. By emphasizing connectivity and efficiency, smart city initiatives naturally complement smart home technologies, encouraging residents to embrace these innovations and driving market expansion.

However, the widespread adoption of interconnected systems raises security concerns, particularly with smart devices such as thermostats, cameras, and door locks, which are vulnerable to hacking. Weak passwords and inadequate Wi-Fi security measures create opportunities for hackers to exploit vulnerabilities, compromising residents' privacy and safety by gaining control of devices or accessing sensitive data. To mitigate these risks, homeowners should implement stringent password policies, regularly update device software, and enhance home network security to reduce the risk of cyber-attacks and safeguard their smart homes from potential breaches.

On the other hand, blockchain technology offers significant potential to enhance the security and privacy of smart home systems. By encrypting and securely storing sensitive data, blockchain empowers users to control access, thus reducing the risk of unauthorized intrusion. It verifies device identities, ensuring that only trusted devices interact within the network, and automates tasks through tamper-proof smart contracts. Moreover, blockchain decentralizes device control, minimizing vulnerabilities and simplifying access management. Its integration not only strengthens security and privacy but also fosters a safer smart home environment, creating opportunities for the Thailand smart home market growth.

Request for a sample here: https://www.nextmsc.com/thailand-smart-home-market/request-sample

Several key players operating in the Thailand smart home industry include LG Electronics, ASSA ABLOY, Amazon Inc., Samsung Electronics, Sony Group Corporation, Emerson Electronic Co., Johnson Controls International PLC., Centrica Connected Home Limited, Resideo Technologies, Inc., Apple Inc., and others.

Key Insights from the Thailand Smart Home Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Thailand smart home market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of key players in the Thailand smart home market is provided in the report along with their competitive analysis.

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