The smart home market share in the US is expected to grow by USD 18.18 billion, accelerating at a CAGR of 17.90% during the forecast period. The market 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). The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
Smart Home Market Analysis in the US 2022-2026: View the FREE Sample Report
One of the primary factors that will trigger the growth of the smart home market size in the US is the growing consumer interest in home automation. In addition, the increasing development of technologically advanced products is the major smart home market trend in the US which will positively influence the market value. However, the increase in issues related to interoperability may hamper the market growth.
Technavio's research report provides a comprehensive analysis of all the factors that are likely to propel market growth, taking into account the market trends as well as challenges that are likely to impede growth. The objective of this research report is to equip marketers with actionable insights that will help them leverage opportunities and formulate growth strategies for their businesses.
The market is fragmented due to the presence of several players. ABB Ltd., Allegion Plc, Alphabet Inc., Amazon.com Inc., Apple Inc., Honeywell International Inc., Johnson Controls International Plc, Panasonic Corp., Samsung Electronics Co. Ltd., and Schneider Electric SE are some of the major smart home market vendors in the US. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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