Global Blockchain in Smart Home Market Worth USD 8,285 Million With a CAGR of 41.3%

Introduction

A smart house is a residence capable of transmitting and receiving data. It offers automated and intelligent services through various household products, such as televisions, lighting, and refrigerators. The robots are a component of a home-based communication system that enables non-human items to communicate with their surroundings. The Internet of Things (IoT) and blockchain-integrated smart appliances in smart homes give customers ease while enhancing the efficiency and productivity of their equipment.

Market Dynamics

Increase in Remote Control and IoT-Enabled Applications Drive the Global Market

Smart homes contain a variety of household appliances, including air conditioning systems, refrigeration units, water heaters, lighting, television, sound system, and smart locks, to automate tasks and enable remote control based on the homeowner's requirements and preferences. The Home Improvement Research Institute (HIRI) predicted that the smart home devices sector would increase from 456 million unit sales in 2020 to 1.2 billion unit shipments by the end of 2025, based on market potential and dependability. However, blockchain technology and smart home devices intend to create a network of interconnected devices that facilitates users' regular domestic duties. Blockchain enables IoT devices in smart homes to boost IoT ecosystems' security and transparency.

Growing Number of Applications Creates Tremendous Opportunities

The end-user applications of blockchain in a smart home may be expanded to include multiple solutions for everyday living, including thermostats, smart televisions, refrigerators, and several more IoT-enabled use cases. Many applications, including water management, lighting, energy efficiency, home security (including smart locks and smart security cameras, parental control, and others), pet management, and others, can benefit from the integration of blockchain technology with smart home equipment.

In addition, due to inadequate water management and faulty water fittings, the United States recorded over 1 trillion gallons of fresh water yearly. Aquai, a supplier of water management solutions utilizing blockchain IoT, has created a smart water sensor named Puck to address this problem. This water sensor monitors water usage and automatically shuts off the water supply when water leaks are detected. Further, Aquai, in collaboration with NetObjex, a provider of technological solutions, has developed IoT and blockchain services for data monitoring and storage, hence offering profitable growth potential for industry participants.

Regional Analysis

North America is the most significant shareholder in the global blockchain in smart home market and is expected to grow at a CAGR of 38.8% during the forecast period. The market for smart home devices incorporating blockchain technology is primarily driven by the increasing number of government programs to promote energy-efficient building, which offers advantages such as lower lifetime costs, improved energy savings, and decreased greenhouse gas emissions. Other considerations, such as the rising awareness of safety, security, energy, and water management and the reduction of maintenance expenses among the general population, have enhanced the use and advantages of blockchain technology in smart homes. In addition, as the most technologically proficient country in the world and an early user of innovative technologies such as blockchain in smart home devices, the United States is the leading market in the area.

Europe is anticipated to grow at a CAGR of 42.2% over the forecast period. An increase in internet users and the adoption of smart devices, an increase in government initiatives such as the replacement of traditional metering systems with smart metering systems, energy cost savings programs, and carbon reduction strategies under the Energy Performance of Buildings Directive (EPBD) and the Energy Efficiency Directive, and an increase in the number of smart metering systems are driving the growth of the smart metering market (EED). In addition, according to the poll conducted by the Federal Statistical Office, more than 3.3 million Germans use smart gadgets such as vacuum robots, smart coffee makers, and refrigerators in their homes. However, measures such as creating a dependable and open wireless communication standard, which includes DECT ULE, have increased the use of smart home gadgets in the country, contributing to regional growth.

Key Highlights

• The global blockchain in smart home market was valued at USD 369 million in 2022. It is estimated to reach USD 8,285 million by 2031, growing at a CAGR of 41.3% during the forecast period (2023–2031).
• Based on type, the global blockchain in smart home market is divided into hardware, software, and services. The hardware segment is the highest contributor to the market and is expected to grow at a CAGR of 43.5% during the forecast period.
• Based on blockchain type, the global blockchain in the smart home market is divided into public, private, consortium, and hybrid. The private segment owns the highest market share and is anticipated to grow at a CAGR of 39.5% during the forecast period.
• Based on application, the global blockchain in the smart home market is segmented into home entertainment, home security, home automation, home healthcare, and others. The home security segment is the highest contributor to the market and is expected to grow at a CAGR of 38.4% over the forecast period.
• North America is the most significant shareholder in the global blockchain in smart home market and is expected to grow at a CAGR of 38.8% during the forecast period.

Competitive Players

Competitive Players

The key players in the global blockchain in smart home market are OSIZ Technologies private ltd, Telstra, Comcast, Blockchain App Factory (S A Eonsofttech Pvt Ltd), Teksun, SoluLab, TokyoTechie, Mobiloitte, Tata Consultancy Services Limited, Xage Security, Inc., Protokol BV, and Aciana Health Systems.

Recent Developments

Market News

• In October 2022, Samsung announced at the Samsung Developer Conference keynote that the company unveiled its new smart home security strategy to link all devices to a private blockchain so they all monitor each other. If one smart appliance gets compromised, the others kick it out of the smart home club.
• In January 2023, Samsung Electronics Co., Ltd. introduced SmartThings Station, an economical and user-friendly smart home hub and fast charging station. Samsung's SmartThings Station combines simple installation and interoperability with various smart home products, including Matter devices, with the ease-of-use consumers, expect from the company.

Segmentation

Global Blockchain in Smart Home Market: Segmentation

By Type

• Hardware
• Software
• Services

By Blockchain Type

• Public
• Private
• Consortium
• Hybrid

By Applications

• Home Security
• Home Automation
• Home Entertainment
• Home Healthcare
• Other

By Regions

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East and Africa