Blockchain in Smart Home Market Growth 2031 | Trends and Statistics

 

The blockchain in the smart home market size is expected to grow at a CAGR of 40.6% from 2023 to 2031. The blockchain in the smart home market includes growth prospects owing to the current blockchain in smart home market trends and their foreseeable impact during the forecast period. The blockchain in the smart home market is growing due to factors such as the increasing popularity of smart home applications, improved security, and an increase in remote control and IoT-enabled applications.

Blockchain in Smart Home Market Analysis

Blockchain and IoT are the two technologies that are poised to completely transform the way of life. Blockchain is a digital ledger technology that helps keep track of transactions without needing any third party involved. Smart homes are increasingly becoming popular due to their ability to save time and money, improve energy efficiency and security, and provide convenience. Blockchain in smart homes is like a secure ledger that records and verifies transactions and data exchanges within the home's network. It ensures that information like device status, energy consumption, and security protocols are transparent, tamper-proof, and efficiently managed. With blockchain, smart houses will be able to do much more. The benefits of blockchain for smart homes include increased security, improved integration, home automation, and much more.

Blockchain in Smart Home Market Industry Overview

• Blockchain technology is gaining traction in smart home applications for its ability to enhance security and transparency. It's creating new opportunities for businesses to develop innovative solutions that provide secure data exchange and efficient management of smart home devices.
• Blockchain technology facilitates data sharing between smart home devices without the need for a central authority or middleman, like a utility company or cloud service provider. This can lessen the possibility of third parties manipulating data, gaining unwanted access, or data breaches.
• Blockchain uses cryptographic techniques, including digital signatures and hashes, to guarantee the validity and integrity of data produced by smart home devices.
• Blockchain technology provides smart home appliances greater ownership and control over their data and how others use it. This can improve the accountability and openness of data sharing and usage among many parties.

Blockchain in Smart Home Market Driver

Increasing Popularity Of Smart Homes To Drive The Blockchain in Smart Home Market

• Over the past few years, smart homes have been rising in popularity with new technology and the ability to connect existing products to the internet and control them with common handheld devices. According to a survey by Security.org in 2024, around 78% of people today are willing to pay more for a smart home, and around 82% of the renters want at least one smart home device.
• Moreover, according to an article by Homeowner Media, there are an estimated 300 million smart homes worldwide. 60.4 million U.S homes households actively used smart home devices in 2023.
• As smart home applications become increasingly popular among consumers, the demand for secure and efficient data management solutions is on the rise. Blockchain technology is poised to play a significant role in smart homes. By leveraging blockchain in smart home systems, users can enjoy enhanced security, transparency, and reliability in managing their devices and data. Thus, the increasing popularity of smart homes to drive the blockchain in the smart home market

Blockchain in Smart Home Market Report Segmentation Analysis

• Based on the component, the blockchain in the smart home market is segmented into solution and services. The solution segment is expected to hold a substantial blockchain in the smart home market share in 2023.

Blockchain in Smart Home Market Share Analysis By Geography

The scope of the blockchain in the smart home market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant blockchain in the smart home market share. Increasing awareness among consumers about the benefits of connected devices in improving convenience, energy efficiency, and security at home high adoption rate of smart home technologies are some of the factors driving the North American blockchain in the smart home market. For instance, according to an article by Homeowner Media, the smart home industry automation in US homes was 53.9% in 2023. American smart home device owners spent an average of US$ 1,172 on their smart-tech household electronics. Additionally, stringent data privacy regulations in North America, such as GDPR and Canada's Personal Information Protection and Electronic Documents Act (PIPEDA), are restraining the adoption of technologies like blockchain.

Blockchain in Smart Home Market Report Scope

The "Blockchain in Smart Home Market Analysis" was carried out based on component, application, and geography. On the basis of components, the market is segmented into solutions and services. On the basis of application, the market is segmented into home security, home automation, home entertainment, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Blockchain in Smart Home Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the blockchain in the smart home market. A few recent key market developments are listed below:

• In October 2022, The Connectivity Standards Alliance (CSA) announced the launch of the Smart home IoT standard ‘Matter.’ Matter resolves interoperability and connectivity issues in smart homes so manufacturers can focus on other value-adding innovations.

[Source: Connectivity Standards Alliance, Press Release]

Blockchain in Smart Home Market Report Coverage & Deliverables

The blockchain in the smart home market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Blockchain in Smart Home Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

Blockchain in The Smart Home Report Scope