Authored By: Sarah
05 Jul 2024

 Smart Homes Market in US Size to grow by USD 5911.3 million between 2024-2028

According to a research report “ Smart Homes Market in US” by Application (Home entertainment, Smart appliances, Energy management, Lighting control system and HVAC, Safety and security system) Technology (Wireless, Wired) Geography (North America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 5911.3 million, at a CAGR of almost 5.41% during the forecast period. In the business realm of home automation, connected devices such as electrical appliances are integrated with mobile computing devices for real-time information access. Previously perceived as a luxury, the market for smart homes in the United States is experiencing significant growth due to the increasing demand for enhanced comfort and luxury. Professionally installed home automation systems can range from USD2,000 to over USD10,000, depending on the system's size. This trend is driven by global statistics indicating a growing interest in home automation, with the US market being a key player.

Browse market data tables, figures, and in-depth TOC on “Smart Homes Market in US” by Application (Home entertainment, Smart appliances, Energy management, Lighting control system and HVAC, Safety and security system) Technology (Wireless, Wired) Geography (North America) Global Forecast to 2028. Download Free Sample

 

By Application, the Home entertainment segment is projected to dominate the market size in 2024

In the US smart homes market, wired networks for connectivity represent two distinct categories: Ethernet and hardwired setups. Ethernet networks utilize Ethernet cables to link devices to home networks, providing advantages such as consistent connectivity and reduced security risks. Conversely, hardwired networks include electrical cables integrated into the product and household wiring, eliminating the need for additional batteries. However, the adoption of wired technology is experiencing a decline due to complex installation processes, lack of portability, and other drawbacks, which may hinder the expansion of the smart home market segment in the US during the forecast period.

By Technology, Wireless  segment is expected to hold the largest market size for the year 2024

In the US market, smart speakers, such as Google Home and Amazon Echo, have revolutionized voice user interfaces through advanced functionality and technical capabilities. These devices offer significant opportunities for technological advancement and utility creation within the smart home sector. With their ability to respond to wake-words and user instructions while multitasking, smart speakers have become indispensable for entertainment and information retrieval. Users engage with these devices for various purposes, including playing music, operating games, answering queries, providing weather updates, and setting alarms. The convenience and user-friendliness of smart speakers have made them an essential component of modern living.

North America is forecasted to hold the largest market size by region in 2024

ai_geographic_landscape

The Smart Homes Market in US growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ABB Ltd.
  • Allegion Public Ltd. Co.
  • Alphabet Inc.
  • Amazon.com Inc.
  • Apple Inc.
  • ASSA ABLOY AB
  • Carrier Global Corp.
  • Comcast Corp.
  • Honeywell International Inc.
  • Hubbell Inc.
  • Johnson Controls International Plc.
  • Legrand
  • LG Electronics Inc.
  • Lutron Electronics Co. Inc.
  • Panasonic Holdings Corp.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Schneider Electric SE
  • Snap One LLC
  • Vivint Inc.
.

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Research Analysis Overview

The Smart Homes Market in the US is experiencing exponential growth, with residents increasingly adopting technology to enhance convenience, security, and energy savings. At the heart of this trend are Bluetooth speaker controls for Digital Assistants like Amazon Alexa and Google Home, which allow users to manage various Smart Devices with ease. These devices include Locks, Lights, Thermostats, and HVAC Control systems for natural gas and electrical cooling systems. Software and Service providers offer advanced solutions for Lighting Control, Smart Kitchen appliances, and Entertainment Control. Smart Furniture, such as chairs and beds with integrated technology, are also gaining popularity. Energy saving solutions are a major selling point, with residents in remote locations benefiting from the ability to monitor and manage their homes remotely. Safety and Security are key concerns, with Smart Homes offering advanced features like facial recognition and motion sensors. The market is expected to continue growing, with innovations in Home Appliances, HVAC Control, and Energy Management systems driving demand. Overall, the Smart Homes Market in the US offers residents a more connected, convenient, and efficient living experience.

Market Research Overview

The Smart Homes Market in the US is experiencing rapid growth as more homeowners seek to integrate advanced technology into their living spaces. This market encompasses a range of devices, including kitchen devices, gaming stations, audio systems, Wi-Fi routers, and various IoT gadgets. These devices utilize both wired and wireless protocols, such as hybrid, wireless, and wired, to connect to the internet and each other. Manufacturing and engineering companies are at the forefront of this industry, producing smart home devices like smart lighting systems, locks, thermostats, and security cameras. These devices offer customization features, energy efficiency, and automation, addressing residents' comfort preferences and schedules. The market also includes indirect and direct sales channels, with e-commerce platforms and kitchen renovation activities contributing significantly. Smart kitchens, featuring smart appliances and voice-controlled systems, are a growing segment. Home healthcare, child monitoring devices, and alarming devices cater to specific needs, while construction companies focus on retrofitting existing buildings with smart HVAC systems and access control devices. However, concerns regarding data privacy, unauthorized access, cyberattacks, and security breaches persist. The use of renewable energy, such as geothermal and solar energy, and connected technologies aim to address energy efficiency issues and reduce carbon footprints. The smart home ecosystem continues to evolve, integrating home furniture, home theatres, smart TVs, and more, offering residents convenience, security, and safety.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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