The utilization of smart technologies in Canada has undergone significant development over time. Moreover, municipalities, including cities, towns, and indigenous communities of varying sizes throughout the country, are increasingly embracing smart city practices to enhance community efficiency, user-friendliness, and inclusivity. This transformation signifies a shift towards open smart cities, prioritizing innovation and inclusiveness.
Additionally, the integration of smart technology into homes, buildings, and urban spaces has become commonplace, with a diverse array of devices and systems, from appliances to thermostats, geared towards improving efficiency and sustainability. The most popular smart home devices globally are smartphones, smart speakers like Amazon Echo and Google Nest, Wi-Fi headphones, smartwatches, thermostats, smart light bulbs, smart plugs, and robot vacuums like Roomba. The market growth is highly competitive, with the presence of a few tier-1 companies investing in research and proactive software and services. This illustrates the ongoing and widespread evolution of smart technologies in Canada, spanning across various urban settings. Canada has a thriving domestic technology industry, and most Canadians are actively using home/office automation systems to have access to smart living spaces that makes their lives easier.
Market Overview
- According to a report by Square Yards, the Canadian smart home market was worth $3.3 billion in 2022
- It is projected to grow year-on-year by 11.7%, with a projected worth of $4.4 billion in the coming years.
- The report also states that smart home devices are a common sight in Canada, with about 27% of Canadians owning at least one smart home device, and 78% of people interested in procuring smart home devices in the next few years.
- Fortune Business Insights also states that the global smart home market size was valued at $80.21 billion in 2022 and is projected to reach $338.28 billion by 2030, exhibiting a CAGR of 20.1% during the forecast period.
- The Canadian smart furniture market is also expected to grow, driven by increasing demand for home automation and increasing prevalence of home automation.
- Smart living communities in Canada prioritize the integration of technology, data-driven solutions, and sustainable practices to create more connected, efficient, and livable neighborhoods compared to traditional residential areas.
