Meticulous Research® recently published a report projecting the North American smart home market to grow to $93.1 billion by 2030, with an estimated compound annual growth rate (CAGR) of 9.6% during the forecast period. This growth is largely fueled by an increased focus on safety and security within homes, the rapid adoption of Internet of Things (IoT) technologies, and the growing emphasis on energy efficiency. However, the market could face some challenges, including consumer resistance to new technologies and the high cost of procuring smart home solutions, which might limit broader adoption.
The market also presents substantial opportunities for growth, particularly in response to rising consumer demand for customizable and flexible smart home systems. Nonetheless, ongoing concerns about data privacy, security risks, and compatibility with older infrastructure could hinder the growth of this market. Additionally, trends such as the partial automation of homes and partnerships between companies to enhance device interconnectivity are gaining traction.
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The report segments the North American smart home market into different categories, including product type, protocol and standard, and geographic regions. A detailed analysis of market competition and country-specific trends is also included.
By product type, the market is divided into several segments, including smart lighting systems, smart speakers, smart HVAC controls, smart security and monitoring systems, smart entertainment systems, smart home appliances, smart kitchen appliances, smart home healthcare systems, and smart furniture. The smart security and monitoring systems segment is expected to account for the largest market share by 2024. This growth is fueled by heightened awareness of home security, technological advancements in smartphones and remote monitoring, and the growing need for IoT security solutions. The involvement of major companies, such as Google LLC and ADT, which jointly introduced a smart home security system in March 2024, is also driving market growth.
When segmented by protocol and standard, the market encompasses wireless, wired, and hybrid protocols. The wired protocols segment is projected to lead the market by 2024, driven by the increasing need for energy-efficient solutions and consumer preferences for stable and reliable wired systems.
At the country level, the smart home market in North America is divided into the U.S. and Canada. The U.S. is expected to hold the largest market share by 2024, owing to higher rates of consumer adoption of smart home devices for various uses. The influx of start-ups developing smart home technologies and receiving substantial investments has further accelerated growth in the U.S.
On the other hand, the Canadian market is poised for rapid expansion and is expected to register the highest CAGR throughout the forecast period. Factors contributing to this growth include continuous advancements in home automation technology and increasing demand for products like smart thermostats, security systems, and lighting solutions.
Key Players
The key players operating in the North America smart home market are Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc. (U.S.), Siemens AG (Germany), United Technologies Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Johnson Controls International plc (Ireland), Schneider Electric SE (France), LG Electronics, Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY AB (Sweden), General Electric Company (U.S.), Legrand SA (France), and Sony Corporation (Japan).
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Key questions answered in the report-
- Which are the high-growth market segments in terms of product type, protocol & standard, and geography?
- What is the historical market size for the smart home market in North America?
- What are the market forecasts and estimates for the period 2024–2030?
- What are the major drivers, restraints, and opportunities in the North America smart home market?
- Which are the major players in the North America smart home market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the North America smart home market?
- What are the different growth strategies adopted by companies in this market?
- What are the geographic trends and high-growth countries in this market?
- Which are the emerging players in the North America smart home market, and how do they compete with the other players?
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