UK Smart Home Market by Product Type (Smart Lighting, Smart Home Security & Surveillance, Smart Entertainment, and Smart Appliances), by Communication Protocol (Wi-Fi, Zigbee, Z-Wave, Bluetooth, and Thread), by Smart Home Hubs (Standalone Hubs and Built-in Hubs), by Voice Assistants Integration (Amazon Alexa, Google Assistant, Apple Siri, and Others), by Smart Home Compatibility with Smartphones (iOS and Android), by Installation, (DIY Installation and Professional Installation), and by Sales Channel (Online Retailers and Offline Retailers) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Retail and Consumer | Publish Date: 06-Nov-2024 | No of Pages: 140 | No. of Tables: 104 | No. of Figures: 69 | Format: PDF | Report Code : RC2268
UK Smart Home Market Overview
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. A smart home, alternatively referred to as a connected home, denotes a dwelling furnished with sophisticated technology and automation setups facilitating the oversight and regulation of diverse household gadgets, appliances, and security mechanisms via a unified network. These intelligent contraptions are accessible for remote administration and frequently react to vocal directives or predetermined timetables, amplifying convenience, energy conservation, and safeguarding for inhabitants. Common components found in connected homes encompass smart thermostats, illumination arrangements, surveillance cameras, voice-activated aides, and an array of interconnected devices engineered to elevate the quality of domestic life.
Increasing Prevalence of Smart Homes and Connected Devices Boosts the Market Growth
The rising adoption of connected home technology and connected devices is a driving force behind the expansion of the UK smart home market trends. Household penetration of smart technology surged significantly in recent years, climbing from 14.9% in 2021 to 39.0% by 2022. Among the most coveted connected home features are lighting, heating, and security systems, with smart plugs gaining traction due to their remote power control capabilities.
Presence of Key Players Drives the UK Smart Home Market Growth
The presence of established industry players. These reputable companies maintain a strong market presence, offering consumers a wide range of choices and advanced robotic cleaning solutions. For example, Centrica's Hive, a prominent player in the connected home market, introduced an innovative connected home monitoring service. This service enables homeowners to conveniently protect their homes through smartphone access, likely bolstering the connected home market by providing more accessible and intuitive home security solutions.
Security and Data Privacy Acts as Barrier to the Market Expansion
The smart home market faces a significant barrier to its growth due to concerns surrounding the security of interconnected systems. Devices such as thermostats, cameras, and door locks are susceptible to hacking, posing risks to residents' privacy and safety. Weak passwords or inadequate Wi-Fi network security measures often contribute to this vulnerability. Hackers exploit these weaknesses to gain unauthorized access, potentially compromising devices or accessing sensitive information. To mitigate these risks, homeowners must prioritize strong password practices, regularly update device firmware, and strengthen home networks to reduce the threat of cyber-attacks and safeguard their connected homes from potential breaches.
Integration of Blockchain Technology into Smart Home Devices Presents Lucrative Opportunity for Market Expansion
The integration of blockchain technology into connected home devices offers a promising avenue for strengthening the security and privacy of connected home systems. Renowned for its robust security and transparent features, blockchain technology encrypts and securely stores sensitive connected home data, empowering users to control access permissions and minimizing the risk of unauthorized intrusion. By validating device identities, blockchain ensures that only trusted devices interact within the connected home network, while also automating tasks through tamper-proof smart contracts.
Furthermore, blockchain decentralizes device control, mitigating vulnerabilities and streamlining access control and permissions management. The incorporation of blockchain into connected homes not only enhances security and privacy but also fosters a safer and more confidential connected home environment. Consequently, it is poised to unlock significant growth opportunities for the UK smart home market.
Competitive Landscape
Several 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
UK Smart Home Market Key Segments
By Product Type
-
Smart Lighting
-
Smart Bulbs
-
Smart Light Strips
-
Smart Switches
-
-
Smart Home Security and Surveillance
-
Smart Cameras
-
Video Doorbells
-
Smart Locks
-
Security System
-
-
Smart Entertainment
-
Smart TVs
-
Smart Speakers
-
Streaming Devices
-
-
Smart Appliances
-
Smart Refrigerators
-
Smart Ovens
-
Smart Washing Machines
-
Smart Dishwashers
-
Smart Home HVAC Management
-
Other Smart Appliances
-
By Communication Protocol
-
Wi-Fi
-
Zigbee
-
Z-wave
-
Bluetooth
-
Thread
By Smart Home Hubs
-
Standalone Hubs
-
Built-in Hubs
By Voice Assistants Integration
-
Amazon Alexa
-
Google Assistant
-
Apple Siri
-
Others
By Smart Home Compatibility with Smartphones
-
iOS
-
Android
By Installation
-
DIY Installation
-
Professional Installation
By Sales Channel
-
Online Retailers
-
Retailers
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 8.43 Billion |
|
Revenue Forecast in 2030 |
USD 25.00 Billion |
|
Growth Rate |
CAGR of 16.8% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Honeywell International, Inc.
-
Schneider Electric
-
ABB Ltd
-
Amazon
-
Gira
-
Samsung
-
LG Electronics
-
Sony Corporation
-
Loxone Electronics GmbH
-
Shelly
At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.
Research Landscape
We navigate the world of research with two primary approaches:
Qualitative Approach
Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.
Quantitative Research
In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.
Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.
Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.
Our Specialized Toolbox for Industry-Specific Market Research
We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:
Information Procurement
The stage entails acquiring market data or relevant information through various sources and methodologies.
Market Research Approach
We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.
Porters Five Forces Analysis
We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.
SWOT Analysis
We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.
Forecasting
We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.
Frequently Asked Questions
Download Free Sample
Speak to Our Analyst
Related Report
Related Blogs
Redefining Clean Living with Antimicrobial Furniture Leading the Way
Introduction In today's world, where health and clean...
Revolutionizing Living Spaces through Cutting-Edge Innovations in the Furniture Industry
Introduction In the dynamic realm of interior design, the...
