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The global market for artificial intelligence AI in home automation is expected to experience exponential growth over the coming years, possibly reaching a valuation of $57.99 billion by 2028. Considering the recent growth in this sector, from $15.84 billion in 2023 to a projected $20.52 billion in 2024, it's clear that this is a booming industry. This unstoppable surge corresponds to a compound annual growth rate CAGR of 29.7%. The key growth drivers behind this impressive momentum are the rising consumer awareness, a heightened emphasis on energy efficiency, the deployment of 5G networks, government incentives and legislations, and the escalation of smart city initiatives.

What Are The Factors Propelling The Growth Of The AI In Home Automation Market?

The expanding demand for smart home devices is expected to bolster the growth of the AI in home automation market in the coming years. Smart home devices are interconnected gadgets that automate and control various aspects of a home, such as lighting, temperature, and security, through remote access and intelligent technology. The increasing adoptions of these smart home devices can be traced back to consumers' demand for convenience, energy efficiency, and improved security features, along with technological advancements and affordability. AI home automation products contribute to the growing implementation of smart home devices by enabling more personalized, intuitive, and efficient control of home environments through advanced machine learning algorithms and predictive analytics. For example, according to Germany-based portal Dataconomy, by the end of June 2022, there were an average of 17.1 connected gadgets and smart home appliances in homes worldwide—a 10% increase from the previous year.

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Who Are The Major Players In The AI In Home Automation Market?

The major companies operating in the AI in home automation market include Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Siemens AG, Intel Corporation., International Business Machines Corporation, LG Corporation, Panasonic Corporation, Xiaomi Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd, Nvidia Corporation., Johnson Controls International PLC, Legrand, ADT Inc., Vivint Smart Home Inc., iRobot Corporation, Sansiri PLC, Control4 Corporation, Qualisys AB, Mycroft AIInc., Josh.ai

What Are The Emerging Trends In The AI In Home Automation Market?

One emerging trend in the market is the use of generative AI in consumer technology for enhanced customization. For instance, Google LLC introduced an innovative generative AI feature named “Help Me Script” in November 2023, which simplifies the process of creating personalized automation scripts for individuals without coding expertise. This tool, combined with AI-driven automation such as using camera events to trigger actions, points to a future where smart homes are increasingly proactive and responsive to user needs.

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How Is The Global AI In Home Automation Market Segmented?

The global AI in home automation market is segmented into three main areas:

1 By Component: Hardware, Software, Services
2 By Technology: Machine Learning ML, Natural Language Processing NLP, Computer Vision, Other Technologies
3 By Application: Voice Assistants, Security And Surveillance, Energy Management, Predictive Maintenance, Other Applications

What Are The Regional Insights Into The AI In Home Automation Market?

North America was the largest region in the market as of 2023. However, the industry's growth isn't limited to North America—the report offers insights on other regions, including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, Africa.
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