# Smart Homes Market to Surpass $311 Billion by 2031 Driven by Rising Demand for Connected Devices | Mordor Intelligence - Published: 2026-11-10 - Author: [Tech Magazine](https://techmagazine.io/author/techmagazine-io.md) - Topics: [News](https://techmagazine.io/news.md) - Source: https://techmagazine.io/news/smart-homes-market-to-surpass-311-billion-by-2031-driven-by-rising-demand-for-connected-de/ - Publication: Tech Magazine - Publisher: Connectively (Terkel, Inc.) - Editorial policy: https://techmagazine.io/editorial-policy/ *The smart homes market is expanding at a 13.65% CAGR from 2026 to 2031, with North America holding the largest regional market share.* HYDERABAD, TELANGANA, INDIA, November 10, 2026 /[EINPresswire.com](https://www.einpresswire.com/)/ -- According to Mordor Intelligence, the [smart homes market size](https://www.mordorintelligence.com/industry-reports/global-smart-homes-market-industry?utm_source=einpr) is projected to grow from USD 164.13 billion in 2026 to USD 311.22 billion by 2031, registering a CAGR of 13.65% during the forecast period (2026–2031). The market is expanding as consumers increasingly adopt connected devices to improve residential security, energy efficiency, convenience, and home automation. Growing broadband penetration, the integration of artificial intelligence (AI) into household devices, and interoperability standards such as Matter are encouraging manufacturers to develop connected ecosystems. Rising investments in residential electrification, smart energy management, and remote home monitoring are further supporting smart homes market growth across global residential environments. Smart Homes Market Key Growth Factors Increasing Demand for Energy-Efficient Smart Appliances Growing awareness of residential energy consumption is encouraging homeowners to adopt connected thermostats, intelligent lighting, smart HVAC systems, and energy-monitoring devices. These solutions help households optimize electricity usage through automated controls and real-time consumption monitoring. Government incentives supporting heat pumps, battery storage, and residential electrification are further improving adoption economics. Utility demand-response programs are also encouraging consumers to integrate connected appliances into energy management systems, supporting smart homes market growth. Growing Broadband and 5G Penetration Expanding broadband availability and 5G connectivity are strengthening the infrastructure required for connected residential environments. Reliable internet connections enable homeowners to remotely operate security cameras, smart locks, lighting systems, and household appliances through centralized applications. Growing fixed wireless access and fiber-optic deployments are extending connectivity to underserved residential areas. These developments are creating additional opportunities for smart device manufacturers and platform providers. Matter Interoperability Accelerates Connected Home Adoption The growing adoption of Matter is reducing compatibility barriers between smart home devices developed by different manufacturers. Supported by major technology companies, including Apple, Google, Samsung, and Amazon, the standard enables devices to operate across multiple connected ecosystems. Thread-based connectivity and improved device commissioning are simplifying installation and reducing dependence on proprietary hubs. These developments are encouraging manufacturers to expand interoperable product portfolios and improving consumer adoption. Ashish Gautam, Senior Research Manager at Mordor Intelligence, says, "As connected devices become increasingly integrated into everyday living and homeowners place greater emphasis on convenience, energy efficiency, and security, dependable market intelligence requires transparent sourcing, consistent validation, and balanced analysis. Mordor Intelligence applies a structured research methodology to provide decision-makers with reliable insights into smart home technology adoption, evolving consumer preferences, competitive dynamics, and long-term opportunities in the smart homes market." Smart Homes Market Recent Industry Developments January 2025 – ABB acquires Lumin to expand residential energy management portfolio: ABB announced the acquisition of Lumin, a US-based provider of intelligent energy management systems for homes. The acquisition adds Lumin’s solutions for electrification, solar power, and energy storage to ABB’s portfolio, strengthening its residential energy management capabilities and supporting the development of smarter, more sustainable homes. February 2026 – ABB launches new wireless smart home control solution: ABB introduced its System Access Point 3.0 Wireless at Light + Building 2026, expanding its ABB-free@home Wireless portfolio. The solution supports Matter and Thread standards, enables integration with major smart home ecosystems, and can connect around 150 devices, helping homeowners upgrade existing properties with scalable wireless automation Smart Homes Market Segmentation Insights By Components Consumer Electronics: Smart Speakers, Smart Home Theater, Smart Purifiers, and Other Consumer Electronics Access Control, Safety and Security: Smart Alarms, Smart Locks, Smart Sensors, Hazard Detectors, and Smart Cameras Lighting: Smart Lighting, Lamps, Luminaires, and Ambient Lighting Energy Management Smart HVAC and Climate Control Controllers and Hubs Smart-Home Healthcare Smart Kitchen By Housing Type Single-Family Multi-Family By Installation Type New Construction Retrofit By Sales Channel Online Offline By Connectivity Technology Wi-Fi Zigbee and Z-Wave Bluetooth/BLE Thread Powerline and PLC Other Connectivity Technologies By Geography North America: United States, Canada, and Mexico South America: Brazil, Argentina, and Rest of South America Europe: Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe Asia-Pacific: China, Japan, South Korea, India, Australia, New Zealand, and Rest of Asia-Pacific Middle East: United Arab Emirates, Saudi Arabia, Turkey, and Rest of Middle East Africa: South Africa, Nigeria, Kenya, and Rest of Africa Geographic Analysis of the Smart Homes Market North America continues to play a significant role in the smart homes market, supported by widespread broadband availability, established technology ecosystems, and growing adoption of connected residential security and energy management solutions. Government incentives for residential electrification and energy-efficient appliances are encouraging investments in smart thermostats, battery storage, and connected HVAC systems. The United States remains a major contributor, while Canada is advancing residential automation through energy-efficiency initiatives. Asia-Pacific is emerging as a key growth region, driven by rapid urbanization, rising household incomes, and expanding digital connectivity across China and India. Regional manufacturers, including Xiaomi and Huawei, are offering competitively priced smart home ecosystems, making connected devices more accessible to consumers. Japan's ageing population is encouraging the adoption of medical-alert systems and remote health-monitoring devices, while South Korea's advanced connectivity infrastructure supports the use of connected security and entertainment applications. Europe's smart homes market is benefiting from residential energy-efficiency initiatives, stringent data-protection requirements, and growing adoption of connected HVAC and lighting solutions. Germany and the United Kingdom remain important markets, supported by smart energy management and residential renovation initiatives. In the Middle East, smart city investments in the United Arab Emirates and Saudi Arabia are creating opportunities for connected residential technologies. Meanwhile, mobile-first connectivity and solar-powered devices are supporting adoption across selected African markets. The smart homes market report is also available in the following languages Japanese: [https://www.mordorintelligence.com/ja/industry-reports/global-smart-homes-market-industry?utm\_source=einpr](https://www.mordorintelligence.com/ja/industry-reports/global-smart-homes-market-industry?utm_source=einpr) French: [https://www.mordorintelligence.com/fr/industry-reports/global-smart-homes-market-industry?utm\_source=einpr](https://www.mordorintelligence.com/fr/industry-reports/global-smart-homes-market-industry?utm_source=einpr) German: [https://www.mordorintelligence.com/de/industry-reports/global-smart-homes-market-industry?utm\_source=einpr](https://www.mordorintelligence.com/de/industry-reports/global-smart-homes-market-industry?utm_source=einpr) Spanish: [https://www.mordorintelligence.com/es/industry-reports/global-smart-homes-market-industry?utm\_source=einpr](https://www.mordorintelligence.com/es/industry-reports/global-smart-homes-market-industry?utm_source=einpr) Portuguese: [https://www.mordorintelligence.com/pt/industry-reports/global-smart-homes-market-industry?utm\_source=einpr](https://www.mordorintelligence.com/pt/industry-reports/global-smart-homes-market-industry?utm_source=einpr) Smart Homes Market Competitive Landscape The smart homes market is moderately fragmented, with established electronics manufacturers, automation providers, and technology companies competing across connected residential devices and software platforms. Competition is increasingly shaped by interoperability, cybersecurity, AI-enabled automation, energy management, and subscription-based services. Companies are expanding product portfolios and strengthening partnerships to deliver integrated smart home ecosystems. Amazon.com Inc., Google LLC, and Apple Inc. compete through connected devices and residential technology platforms, while Samsung Electronics Co. Ltd. strengthens its position through SmartThings and interoperable home automation solutions. Schneider Electric SE, ABB Ltd, Honeywell International Inc., and Siemens AG focus on residential automation, energy management, and connected building technologies. Other participants, including LG Electronics, Signify, ADT, and Arlo Technologies, contribute through connected appliances, lighting, and residential security solutions. Smart Homes Industry Leaders ABB Ltd Schneider Electric SE Honeywell International Inc. Emerson Electric Co. Siemens AG Explore more insights on smart homes competitive landscape: [https://www.mordorintelligence.com/industry-reports/global-smart-homes-market-industry/companies?utm\_source=einpr](https://www.mordorintelligence.com/industry-reports/global-smart-homes-market-industry/companies?utm_source=einpr) Explore More Industry Research by Mordor Intelligence Marketing Operations-as-a-Service Market Statistics The Marketing Operations-as-a-Service market size is projected to increase from USD 17.37 billion in 2025 and USD 18.98 billion in 2026 to USD 32.92 billion by 2031, registering a CAGR of 11.64% during 2026–2031. Growth is driven by rising demand for outsourced marketing operations, increasing adoption of marketing automation, and the need for cost-efficient campaign management. Businesses are increasingly relying on specialized service providers to streamline workflows, improve operational efficiency, and optimize marketing performance. [https://www.mordorintelligence.com/industry-reports/marketing-operations-as-a-service-market?utm\_source=einpr](https://www.mordorintelligence.com/industry-reports/marketing-operations-as-a-service-market?utm_source=einpr) Marketing Data Management Market Outlook The Marketing Data Management market size is expected to rise from USD 10.28 billion in 2025 and USD 11.24 billion in 2026 to USD 20.16 billion by 2031, growing at a CAGR of 12.39% over 2026–2031. Growth is supported by increasing volumes of customer data, rising adoption of data-driven marketing strategies, and the growing need for unified customer profiles. Organizations are investing in data integration, analytics, and management platforms to improve audience targeting, campaign personalization, and marketing effectiveness. [https://www.mordorintelligence.com/industry-reports/marketing-data-management-market?utm\_source=einpr](https://www.mordorintelligence.com/industry-reports/marketing-data-management-market?utm_source=einpr) Legal Knowledge Management Software Market Share The Legal Knowledge Management Software market size stood at USD 1.56 billion in 2025 and USD 1.81 billion in 2026 and is forecast to reach USD 3.87 billion by 2031, registering a CAGR of 16.41%. Growth is driven by increasing digitization of legal operations, rising demand for efficient document and knowledge management, and the adoption of AI-powered legal research tools. Law firms and corporate legal departments are implementing these platforms to centralize legal information, improve collaboration, and streamline research and case preparation. [https://www.mordorintelligence.com/industry-reports/legal-knowledge-management-software-market?utm\_source=einpr](https://www.mordorintelligence.com/industry-reports/legal-knowledge-management-software-market?utm_source=einpr) About Mordor Intelligence Mordor Intelligence is a global market intelligence firm, founded in 2014, helping businesses make informed decisions through data-driven insights, industry expertise, and advanced analytics. With 550+ domain experts and on-ground specialists across 180+ countries, the company delivers comprehensive intelligence across aerospace & defense, agriculture, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, and logistics. Its offerings include syndicated industry reports, [custom research and advisory](https://www.mordorintelligence.com/custom-research?utm_source=einpr), and subscription platforms such as [Synapse](https://www.mordorintelligence.com/synapse?utm_source=einpr), Data Center Intelligence, and Robotics Intelligence. Mordor Intelligence is ISO 9001:2015 and ISO/IEC 27001:2022 certified, a member of ESOMAR and the Market Research Society of India, and a four-time Great Place to Work® honoree. Learn more at mordorintelligence.com. 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