Australia Smart Home Market Analysis and Forecast, 2019-2028

Market Introduction and Overview  

The smart home market in Australia has seen a significant increase in demand in recent years, with consumers becoming more tech-savvy and embracing the convenience and comfort offered by smart home technology. A smart home typically includes a range of devices and systems that can be controlled and monitored remotely through a central hub or smartphone app.

The smart home market in Australia is expected to grow at a compound annual growth rate (CAGR) of 8.7% from 2023 to 2028, reaching an estimated market size of US$ 3.2 billion by 2028. This growth is driven by the increasing popularity of home automation systems, smart home security systems, and the rise of the Internet of Things (IoT).

The smart home market in Australia is expected to continue its strong growth trajectory in the coming years, driven by the increasing popularity of home automation systems, smart security systems, and energy management systems. With consumers becoming more tech-savvy and embracing the convenience and comfort offered by smart home technology, the market is poised for continued growth in the years to come.

Segmental Analysis: Australia Smart Home Market Analysis

The smart home market in Australia is segmented into several categories, including home automation systems, smart security systems, energy management systems, and smart home entertainment systems. Key takeaways from the market report, include:

• Home Automation Systems: The home automation system segment is the largest in the smart home market, accounting for over 40% of the total market share. This segment includes products such as smart thermostats, smart lighting, and smart home hubs.

• Smart Security Systems: The smart security system segment is the second-largest in the smart home market, accounting for around 30% of the total market share. This segment includes products such as smart locks, smart cameras, and smart alarms.
• Energy Management Systems: The energy management system segment is the third-largest in the smart home market, accounting for around 15% of the total market share. This segment includes products such as smart energy meters, smart energy storage systems, and smart energy management systems.
• Smart Home Entertainment Systems: The smart home entertainment system segment is the smallest in the smart home market, accounting for around 5% of the total market share. This segment includes products such as smart TVs, smart home theaters, and smart home audio systems.

Key Market Players

The smart home market in Australia is dominated by major international players such as Google, Amazon, Apple, and Samsung, who offer a range of smart home devices and systems. However, there are also a growing number of local players who are gaining market shares, such as Arlo, Ring, and Swann. 

Regional Breakdown in the Market Report

• By Region
  • Australia
    • Western Australia
    • Southern Australia
    • Eastern Australia
    • Northern and Central Australia

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Primary Intelligence

• RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
• RationalStat takes a unique approach to arrive at market conclusions and actionable insights for clients.
• We have the technology and strong in-house resource pool with extensive experience in the global and regional markets, across a wide variety of categories and stakeholders.
• Strong language proficiency and capability with coverage across more than 70 language areas.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs

Why Buy this Report?

The report is intended for service providers, manufacturers, industry stakeholders, government organizations, marketing departments, R&D professionals, insurance organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.