Latest News- Smart Home Market in US: Home entertainment is expected to lead the Type segment during 2025-2029

The Smart Home Market in US is being driven by Growing consumer interest in home automation

The Smart Home Market in US is expected to grow at a CAGR of 5.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 6470.4 million. The Smart Home Market in the US is poised for significant growth due to the continuous innovation and development of technologically advanced products by key players. Companies are investing heavily in research and development to introduce cutting-edge home automation solutions that offer enhanced security and reliability compared to traditional home products. One such technology that is gaining traction is facial recognition, which is being integrated into smart home devices such as locks, doorbells, and cameras. For instance, Panasonic Corp., a leading market participant, offers the HomeHawk Window Home Monitoring Camera, which boasts advanced features like motion detection alert, rapid playback, customized detection area, and the integration of facial recognition technology. This integration enables companies to provide additional value-added features to consumers, setting them apart from competitors and driving market growth during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Home entertainment
  • Smart appliances
  • Energy management
  • Lighting control system and HVAC
  • Safety and security system
• Technology
  • Wired
  • Wireless
• Application
  • Retrofit
  • New construction
• Geography
  • US

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing consumer interest in home automation
• Availability of a wide range of smart home products
• Rising need for energy conservation

However, the market also witnesses some limitations, which are as follows:

• Increase in issues related to interoperability
• Privacy issues with respect to data
• Challenges associated with media storage

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Market Scope in Smart Home Market in US Research Report

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Research Analysis Overview

In the US Smart Home Market, home automation platforms and ecosystems are at the forefront, offering network security measures and data privacy concerns addressed. Power consumption optimization and energy efficiency solutions are key features, along with user interface design and home automation standards. Smart home installation, system maintenance procedures, and remote access control are essential considerations. Device connectivity and system compatibility issues can arise, impacting pricing, which includes smart home features, automation scheduling tools, scene creation capabilities, rule-based automation, and third-party integrations. API integration enables energy consumption tracking, cost savings calculations, environmental impact assessment, and device reliability evaluation. User satisfaction surveys and automation process efficiency are crucial for system scalability solutions.

Market Research Overview

The Smart Home Market in the US is a significant segment of the global Technology Hardware, Storage, and Peripherals Market, encompassing IoT home automation, energy management systems, home automation protocols, voice control integration, and smart lighting systems. According to Technavio, this market is driven by the increasing demand for advanced data management solutions, particularly in the realm of energy management and home automation. Factors fueling market growth include the escalating volume, velocity, veracity, and variety (4Vs) of data, necessitating robust data storage and processing capabilities. The global Technology Hardware, Storage, and Peripherals Market, which includes manufacturers of cellular phones, personal computers, servers, and peripherals, is projected to experience substantial expansion due to these trends.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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