Smart Plug Market Size

Smart Plug Market Analysis

The Smart Plug Market size is expected to grow from USD 2.69 billion in the current year to USD 9.12 billion in five years, registering a CAGR of 27.66% during the forecast period.

• Market expansion was significantly impacted by the rapid adoption of contemporary technologies, including the Internet of Things (IoT), smart voice recognition, and others. The major driving factors of the market are the significant adoption of smart homes globally and the development of the IoT framework.
• A rising Internet of Things (IoT) acceptance rate in developed and developing countries such as the United States, China, India, and so on has helped build the smart home industry. The potential of technologies to enable device communication has contributed to market demand. Even though there were supply chain inconsistencies, the pandemic and its effects highlighted significant improvements in internet connectivity and the need for adoption automation. Many customers made smart home appliance purchases during the lockdown.
• Smart home gadgets enable remote monitoring and control of home elements and are a booming sector with big manufacturers and mass adopters. Over the past two years, many technological developments have raised the demand for smart home appliances as automation enhances user comfort in smart homes. Further, conserving energy to protect the environment and reduce monitoring costs is critical. Smart heating and cooling systems enable consumers to conserve energy by monitoring and efficiently managing demand.
• A significant advancement in demand for smart home appliances, especially refrigerators, dishwashers, smart TVs, voice assistants, and microwave ovens, has pushed the demand for Wi-Fi-based products and technology advancements that enable Internet connectivity to power the market for smart home gadgets.
• Smart plugs are becoming increasingly common, raising security issues. Compromised smart plugs would compromise users' security and privacy. The effects of smart plugs being penetrated and under attackers' control could be severe if they are employed in commercial or industrial buildings for demand response. Smart plug security issues have garnered attention from academic and industrial groups.
• The home automation industry experienced substantial growth in recent years, a development fostered partly by COVID-19 and lockdown regulations forcing individuals to spend more time at home. As a result, the market has seen an increase in suppliers. The industry has grown and now includes various midrange and entry-level, affordable home automation products such as smart plugs, switches, and so on, whose accessibility has improved due to accessibility to the distribution channel.