Guidehouse Insights Estimates Smart Home Technology Market for Healthy Homes Will Grow to $10 Billion by 2031

Market barriers include pricing fluctuations, supply chain issues and shortage of skilled labor

BOULDER, Colo., Jan. 12, 2023 /PRNewswire/ -- A new report from Guidehouse Insights examines the global market for smart home technology.

The better-known smart home applications include smart speakers to control lighting and advanced thermostats to reduce energy usage, but another class of solutions enhances the health and well-being of the residents in a healthy home: indoor air purifiers, consumer healthy home equipment like CPAPs, and telemedicine, among others. All of the healthy home solutions satisfy the basic human need of improving quality of life. According to a new report from Guidehouse Insights, smart home technology that enhances the health and well-being of residents is currently a $3.6 billion market that is expected to grow at a compound annual growth rate (CAGR) of 11.6% to $9.7 billion by 2031.

"The global revenue for healthy home technology is significant in that it is comparable to that of advanced thermostats," says William Hughes, principal research analyst with Guidehouse Insights. "This rapidly growing smart homes segment helps healthy people stay well, supports people with chronic issues so they can avoid emergencies, and informs caretakers about any potential crises, so the elderly can remain in their homes as long as possible."

However, several barriers hinder faster growth in the market. A wide range of solutions at different price points can be confusing for consumers. Sales channels can sell only some of the solutions and have the additional pressure of supply chain problems and a shortage of skilled labor. Further, many of the benefits of home health technologies are hard to measure and quantify, according to the report.

The report, Market Data: Healthy Homes, examines how the healthy home segment of the smart home device market will develop across five global regions—North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Analyses for the ten-year period between 2022 and 2031 are segmented by region and category product type: indoor air purifiers, consumer home health equipment, telemedicine, and others. An executive summary of the report is available for free download on the Guidehouse Insights website.

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has over 16,500 professionals in over 55 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.

* The information contained in this press release concerning the report, Market Data: Healthy Homes, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

For more information, contact:

Cecile Fradkin for Guidehouse
+1.646.941.9139
cfradkin@scprgroup.com

SOURCE Guidehouse Insights