What is a smart home? And how is it useful in our daily life?

I agree with Sameer, but would like to add on that for fully capable smart home entertainment can be an innovative feature to include. It can be a soft and subtle music to the air in the entire household which can help to reduce the stress.

A smart home is a home equipped with all the appliances and electronic devices like lights, fans, air condition, television, windows, doors, computer, heater, refrigerator, micro oven etc can be connected and controlled by a system through internet and helps its owner in providing security, ease, convenience, and energy conservation.

In a smart home, the user can use the home automation system through a wall mounted central hub which can be connected to laptop, desktop, mobile or tablet.

Through the smart home technology you can control the devices in your home remotely.

.some of the smart home technologies’ beneficiaries are the following:-

By using the smart lock, the owner can restrict the trespassers and it is enabled in such a way that it can detect the time of the entry of its owner and can open the door for him / her.

With smart motion sensors the smart home device can differentiate the movements of its residents and pets from burglars and in case of emergency can notify the authorities.

With a simple push of a button or through voice command user can activate any appliances in their houses, while sitting miles away from them.

In a smart home enabled residence the lighting system can adjust itself with the environment of the room. Which means, if the light is left switched on in a room with no one in it, the lighting system will switch off the it automatically.

These are few examples only.

All the technology giants like Google, Microsoft, Apple, Amazon are manufacturing smart home devices.

Smart homes are equipped with internet-connected devices which monitor and regulate their energy use, safety, security, and convenience. These smart devices can be controlled through a smartphone or tablet device. Smart homes also have the ability to send notifications to your phone for things like low water pressure or fire detectors that are triggered by smoke.
Smarter living may not be a reality for everyone just yet but it's not too far-fetched to imagine the day when you'll never need another light bulb or timepiece again because they will all be under one roof in the form of a smart home.