The global smart home market is projected to expand at an annual growth rate of 23.6% from 2024 to 2031. It was valued at $222.38 billion in 2024 and is expected to reach $1048.72 billion by the end of 2031 (Verified Market Research, 2025).
When researching smart homes of the present and the future, I discovered an article which compared the two:
| Feature | Current Smart Homes | Future Smart Homes (2030) |
|---|---|---|
| AI Integration | Basic voice commands and preset routines | Advanced AI with deep learning and predictive capabilities |
| Energy Management | Smart thermostats and energy-efficient appliances | Fully integrated smart grids and zero-energy homes |
| Home Automation | Limited automation of specific tasks | Comprehensive automation of household chores and daily routines |
| Health Monitoring | Basic fitness tracking through wearables | Integrated health diagnostics through furniture and household fixtures |
| Security Systems | Camera-based surveillance and smart locks | AI-powered threat detection and biometric access controls |
| Personalisation | User-configured settings and preferences | AI-driven deep personalisation adapting to individual needs |
| Sustainability | Energy-efficient appliances and smart metering | Comprehensive water and energy conservation systems |
| Connectivity | Wi-Fi and Bluetooth-enabled devices | Advanced IoT integration with 5G and beyond |
| User Interface | Smartphone apps and voice assistants | Holographic displays and brain-computer interfaces |
| Maintenance | Manual scheduling and reactive repairs | Predictive maintenance and self-repairing systems |
^ Figure 53
Due to the drawbacks in current smart home technologies stated in the table above and the high upfront cost of buying all of the devices to begin setting up your smart home (CEDIA, 2025), people are more reluctant to invest in technologically advancing their homes. Also, there are concerns around security risks and data privacy because most smart homes rely on cloud-based technology (CEDIA, 2025).