Smart Home Services Market Summary

The global smart home services market size was valued at USD 5.6 billion in 2021 and is projected to reach USD 11.7 billion by 2028, expanding at a CAGR of 11.2% from 2022 to 2028. The rising adoption of cognitive systems in smart homes has significantly increased the demand for installation and maintenance services, thereby driving the expansion of the industry. These systems improve automation, enhance comfort, and strengthen home safety, which further fuels the adoption of associated services to ensure seamless integration and efficient functioning of smart devices.

Moreover, the growing preference for energy management solutions is another major factor contributing to market growth. Energy-efficient solutions that help reduce utility costs and optimize consumption are being increasingly integrated into modern households. The outbreak of COVID-19 also positively impacted the industry, as the pandemic accelerated demand for connected technologies. With more people spending time at home, reliance on smart appliances increased, leading to a greater requirement for installation and support services. Additionally, the introduction of advanced features in smart devices during this period boosted the need for maintenance and after-sales services.

Key Market Trends & Insights

  • Regionally, Asia Pacific has emerged as a highly lucrative revenue belt and is anticipated to record the highest CAGR of 12.1% from 2022 to 2028. Growing urbanization, rising disposable incomes, and rapid adoption of IoT-enabled devices are driving the growth in countries such as China, Japan, and India.
  • North America held a significant market share of more than 35% in 2021, supported by high consumer awareness, robust infrastructure, and a strong presence of key technology providers offering integrated services.
  • Based on type, the IoT services for smart appliances segment dominated the market, contributing over 60% share in 2021, reflecting consumers’ increasing reliance on smart kitchen appliances, entertainment systems, and home utility devices.
  • In terms of type, the IoT services for security and surveillance equipment segment is projected to grow at the second-highest CAGR of 10.8% from 2022 to 2028. This growth is attributed to the increasing importance of home safety and monitoring systems, alongside the rising adoption of smart cameras, motion sensors, and connected alarms.

Order a free sample PDF of the Smart Home Services Market Intelligence Study, published by Grand View Research.

Market Size & Forecast

  • 2021 Market Size: USD 5.6 Billion
  • 2028 Projected Market Size: USD 11.7 Billion
  • CAGR (2022-2028): 11.2%
  • North America: Largest market in 2021
  • Asia Pacific: Fastest growing market

Key Companies & Market Share Insights

The smart home services market is characterized by the presence of established as well as new players. Major players operating in this market are offering various advantages such as partnership and service expansion. For instance, in April 2019, Calix Inc. announced its partnership with IdeaTek to expand the availability of its Gigabit services to their subscribers and facilitate the integration and management of its smart home devices with Wi-Fi and cloud-based services. In addition, Vivint, Inc., and Airbnb announced their partnership to manage energy consumption and home security remotely at its homes. 

Key Players

  • Johnson Controls Inc.
  • Lumen Technologies Inc.
  • Comcast Corporation
  • Telus Corporation
  • Vivint, Inc
  • ADT Inc
  • Charter Communications Inc.
  • Trane Technologies plc
  • Rexel SA
  • Calix, Inc.

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion

The global smart home services market is experiencing steady growth as households increasingly adopt IoT-enabled devices and demand reliable installation and maintenance support. Energy management solutions, along with cognitive technologies, are driving greater efficiency, while the pandemic has further accelerated adoption. Regional dynamics show that North America currently holds a strong market presence, while Asia Pacific is set to become the fastest-growing hub. With IoT services for appliances dominating and security solutions gaining traction, the industry is well-positioned for sustained expansion. Going forward, smart home services will play a critical role in shaping the connected living ecosystem worldwide.