North America Smart Home Market

According to the GMI Research analysis, the North America smart home market was estimated at USD 24,756.7 Million in 2017 and is anticipated to touch USD 57,894.6 Million by the end of 2025, while increasing at a CAGR of 11.5% during the forecast period.

Introduction of the North America Smart Home Market Report

Smart Home is a convenient home setup that is equipped with lighting, heating, and electronic devices that can be controlled remotely from any internet-connected place in the world with the help of a smartphone or other networked device. The smart devices are equipped with interconnected devices via the internet, which helps the user to perform different types of functions such as security access to the home, lighting, and home theatre. These devices have self-learning skills, which helps in automatically adjusting the system as per the homeowner’s schedules.

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Major North America Smart Home Market Drivers

The accelerating adoption of smart devices and the growing penetration of the IoT lighting solution in households are the two significant factors that are responsible for the growth of the North America Smart Home market during the forecast period. The expanding internet user base has encouraged individuals to opt for home monitoring systems, which can be automatically controlled through a smartphone or any other smart device. There has been a surge in the smart homes trend, with around 30 million US households are expected to add smart home technology in the next few years. People in North America region are actively looking for different types of smart home solutions such as connected cameras (highest demand), video doorbells (2nd highest demand), followed by connected light bulbs, smart locks, and smart speakers.

The growing demand for security-focused smart home products due to the rising focus on family safety is another significant factor that is driving the growth of the market. Moreover, the strong demand for smart home technologies such as smart lighting solutions, energy management systems, and other systems to improve convenience is further opening new doors for market growth. For example, in 2017, Eero, a company based out of San Francisco, provides Wi-Fi systems and aims to be the gateway to the entire connected future. The company also introduced new routers that run twice as fast as the old ones in terms of connectivity and provides better internet speed, new software, and secures all the connected devices in a smart home. As per the GMI Research analysis, two in six customers in the US have smart speakers. It is projected that around 36 million individuals in America own a smart speaker. Moreover, the consumers are increasingly using Amazon Echo for different purposes, with approximately one-third of end-users using it as an information provider. Lastly, the increasing number of cyber-attacks and the growing threat of hijacking of smart home devices is encouraging the consumer to opt for security and surveillance application of smart home solutions.

Restraint in the North America Smart Home Market

On the other edge of the spectrum, the huge cost related to the installation of the smart home appliances is a major factor that will hamper the market growth over the next six years.

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Product- Segment Analysis

Based on the Product, the Entertainment Control and Other Controls segment is predicted to dominate the North America smart home market during the forecast period. The strong demand for audio, volume, and multimedia room controls among the consumers is a key driver that is surging the growth of the segment. Individuals are moving towards the adoption of smart entertainment devices that offers relaxation and rejuvenation at the same time. The multi-room entertainment control system enables the user to centralize the connected devices while listening to music or watching a movie. For example, Amazon Echo is a smart speaker that gives respond to voice commands through Alexa, research the internet, and controls smart home devices.

Software & Services – Segment Analysis

On the basis of the software & services, the behavioural segment is predicted to grow at a faster CAGR during the forecast period. The acceleration for energy management solutions as a result of the increasing connectivity between machine-to-machine solutions and the Internet of Things (IoT) is driving the segment growth. The Behavioural type of solution offers direct feedback to the end-user by analyzing energy-related data and forwarding all the relevant data to the users.

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Countries – Segment Analysis:

Based on the Countries, the US is expected to lead the North America smart home market during the forecast period. The increasing technology-friendly population and the rising trend of using smart home devices are the two major factors that are driving the growth of the US smart home market. The total number of smart home in the US for the year 2017 amounted to 28.5 million, which was 21 million in 2016. Thus, the increasing emphasis on implementing different smart home devices is another factor that is driving the growth of the US smart home market size.

Segments covered in the Report:

The North America Smart Home market has been segmented on the basis of Product, Software & Services and Countries. Based on Product, the market is segmented into Lighting Control, Security and Access Control, HVAC Control, Entertainment Control and Other Controls, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances and Smart Furniture. Based on Software & Services, the market is segmented into Behavioural and Proactive. 

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Key questions answered in this research report:

• • At what pace is North America Smart Home market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in North America Smart Home market? What will be the impact of drivers and restraints in the future?
  • Which Product generated maximum revenues in 2019 and identify the most promising Product during the forecast period?
  • What are the various Software & Services of North America Smart Home market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Product, By Software & Services, By Countries
Regional Coverage	North America
Companies Profiled	Profiles of Top 10 Major Companies Operating in “North America Smart Home Market”
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

North America Smart Home Market by Product

• • Lighting Control
  • Security and Access Control
  • HVAC Control
  • Entertainment Control and Other Controls
  • Smart Speaker
  • Home Healthcare
  • Smart Kitchen
  • Home Appliances
  • Smart Furniture

North America Smart Home Market by Software & Services

• • Behavioural
  • Proactive

North America Smart Home Market by Countries

• • US Smart Home Market All-Up
  • Canada Smart Home Market All-Up