Australia’s Smart Home Market to Grow at 10% CAGR from 2022-2028, Boosted by High-speed Internet and Rising Awareness of Smart Appliances Benefits | Renub Research
Renub Research has recently published a report titled “Australia Smart Home Market, Size, Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” providing a comprehensive analysis of the industry that includes market share insights. In addition, the report comprises competitor and regional research and contemporary extension in the Australia Smart Home Market. Australia Smart Home Market is estimated to reach US$ 5.4 Billion by 2028 compared to 1.01 Billion in 2022. As Australia’s population ages and the demand for advanced home automation increases, smart homes are gaining popularity. This trend is primarily driven by the increasing use of smart devices like smart thermostats, lighting systems, and security systems. Australian consumers’ growing awareness of energy conservation and environmental sustainability is fuelling the adoption of smart homes. The government’s backing of smart city projects and the rising number of new residential construction initiatives that incorporate smart home technologies are also key drivers of the Australia smart home market’s growth.
With the increasing affordability and accessibility of connected devices, faster broadband access is also becoming easier. The IoT is expected to soon automate everyday activities in entire homes, such as adjusting temperature, lighting, and playing music. Kitchens, in particular, are predicted to be operated through smartphone-linked technology that can monitor cooking time and adjust heat remotely. Smart security, with the installation of smart alarms and surveillance systems, is another aspect that will be widely used. The popularity of internet-connected devices like Alexa, Amazon Echo, and Google Home will further influence the smart home trend. LG and Samsung have already started adding artificial intelligence to some of their household products, and this trend is expected to personalize homes and unlock their full potential.
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Aussie households with smart home systems are steadily growing with smart home technology and 1 in 2 Australians using it every day. Australia has an informed population most of whom are open to adopting the latest in technology which includes the growing worldwide trend of households who are using smart home technology systems. A smart home involves a convenient home setup in which users can automatically control appliances and other home devices from anywhere with an Internet connection by using a phone or other network connected devices.
Many Australian companies are investing in the development of innovative smart home technologies, which is further boosting the country’s domestic smart home industry. As the Australia smart home market expands, it presents lucrative opportunities for international companies to enter the market and cater to the country’s demand for advanced home automation. By focusing on developing niche IoT capabilities and leveraging its existing strengths, Australia can carve out a unique position in the global IoT industry and create significant economic opportunities domestically.
By application, the smart appliance segment is expected to dominate the smart home industry in Australia
The Australian smart home industry is poised for considerable expansion in the future, and the smart appliance segment is projected to lead the way. As consumers become more acquainted with the advantages of smart home technology, the adoption of smart appliances is expected to rise, providing lucrative prospects for domestic and international firms operating in the industry. The surge in home automation’s popularity, coupled with the growing acceptance of smart speakers and voice assistants, is fuelling the smart appliance sector’s expansion. Smart appliances can be operated via voice commands, delivering a user-friendly and seamless experience.
The smart home industry in Australia encompasses other application segments, such as smart Energy Management, Comfort and Lightening, Home Entertainment, Control and Connectivity, Security. The adoption of these applications is also on the rise, fuelled by factors like energy efficiency, convenience, and security.
Monitoring Cameras, Video Doorbells, Smart Lights, and Security systems are gaining popularity among consumers due to their ability to provide convenience, security, and energy efficiency in homes
The smart home industry in Australia is witnessing a surge in demand for various products, including smart speakers, monitoring cameras, video doorbells, smart lights, and security systems. These products are gaining popularity due to their ability to provide convenience, energy efficiency, and enhanced security features to homes. With the increasing adoption of home automation and the growing awareness among consumers about the benefits of smart home technology, the demand for these products is expected to rise further. Domestic and international companies operating in the smart home industry have the opportunity to tap into this growing market and meet the demand for these products in Australia.
Key players in the Australian smart home market include 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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