Smart Home Market Size in the US to Grow by USD 18.18 bn | Technavio – PR Newswire
Key Market Dynamics:
- Market Driver
- Market Challenges
The growing consumer interest in home automation is one of the key market drivers. The smart home market in the US is growing, mainly due to the rising need for a more comfortable and luxurious lifestyle. This can be achieved by implementing home automation across households. Shipments of smart home appliances totaled 2.88 million units in 2017 and are expected to increase to 35.83 million units by 2022, growing at a CAGR of 65.57% during 2017-2022. Professionally installed home automation systems start costing around USD 2,000 and can cost USD 10,000 or more, depending on the size of the system. Hence, as the demand for home automation systems increases across the world, there will be a rise in the demand for smart home devices, which will drive the market growth during the forecast period.
However, factors such as increase in issues related to interoperability will challenge market growth. For instance, in April 2019, August Home announced that it had to stop the sale of its smart home product View, owing to various complaints about its performance. The device was facing issues related to Wi-Fi connectivity, video feed, and video streaming. Smart security cameras can also be integrated with smart home devices, such as the Nest Protect smoke alarm, or platforms such as Amazon Alexa, Apple HomeKit, and Google Assistant. However, some smart security cameras do not support all types of smart devices and platforms. These factors could have a negative impact on the growth of the smart home market in the US during the forecast period.
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The smart home market in US report is segmented by technology (wireless and wired) and application (home entertainment, smart appliances, energy management, lighting control system and HVAC, and safety and security system).
By technology, the wireless segment will have significant market share growth during the forecast period. The high demand for smart home products because of technological innovations will drive the growth of this segment in the coming years in the US. For instance, in January 2019, Samsung announced the launch of smart laundry with a washer and dryer equipped with a Bixby voice assistant.
View our sample report for additional insights into the contribution of all the segments and regional opportunities in the report.
Some Companies Mentioned
- ABB Ltd.
- Allegion Plc
- Alphabet Inc.
- Amazon.com Inc.
- Apple Inc.
- Honeywell International Inc.
- Johnson Controls International Plc
- Panasonic Corp.
- Samsung Electronics Co. Ltd.
- Schneider Electric SE
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