The rising popularity of smart home technology and connected devices along with presence of established industry players in the region is driving the UK smart home market demand during the forecast period.

The UK Smart Home Market size was valued at USD 8.43 billion in 2023, and is predicted to reach USD 25.00 billion by 2030, at a CAGR of 16.8% from 2024 to 2030, according to the new research by Next Move Strategy Consulting.The growth of the smart home industry in the UK is driven by the rising popularity of smart home technology and connected devices. The adoption of smart technology in households has surged, increasing from 14.9% in 2021 to 39.0% by 2022. Smart lighting, heating, and security systems are among the most desired features, while smart plugs are gaining traction for their ability to remotely control power.

Moreover, the UK smart home market growth is driven by the presence of established industry players. These reputable companies maintain a strong foothold in the market, offering consumers a diverse range of options and advanced robotic cleaning solutions.

For instance, Centrica's Hive, a leading player in the smart home market, has introduced an innovative smart home monitoring service. This service allows homeowners to easily safeguard their homes through smartphone access, potentially bolstering the smart home market by providing more accessible and user-friendly home security solutions.

However, interconnected systems, including thermostats, cameras, and door locks, are vulnerable to hacking, posing threats to the privacy and safety of residents. Weak passwords and insufficient Wi-Fi network security measures exacerbate this vulnerability, allowing hackers to exploit these weaknesses and gain unauthorized access. This unauthorized access can lead to compromised devices or unauthorized access to sensitive information impacting the market growth.

On the other hand, the incorporation of blockchain in smart home devices promises to bolster security and confidentiality. Known for its strong security features and transparency, blockchain encrypts and securely stores sensitive smart home data, allowing users to manage access and minimize unauthorized breaches.

It verifies device identities, ensuring only trusted devices interact within the network, and automates tasks with tamper-proof smart contracts. Additionally, blockchain decentralizes device control, addressing vulnerabilities and simplifying access management. This integration enhances security and privacy, paving the way for significant UK smart home market growth.

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Several key market players operating in the UK smart home industry include Honeywell International, Inc., Schneider Electric, ABB Ltd, Amazon, Gira, Samsung, LG Electronics, Sony Corporation, Loxone Electronics GmbH, Shelly.

Key Insights from the UK Smart Home Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the UK 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 report provides an analysis of the UK smart home market share and competitive landscape of key players in the industry.