According to the latest research report by Meticulous Research®, the North American smart home market is forecasted to reach a value of $93.1 billion by 2030, with an impressive compound annual growth rate (CAGR) of 9.6% throughout the forecast period. This rapid growth can be attributed to various factors, including the increasing focus on home security and safety, the widespread adoption of the Internet of Things (IoT), and the growing demand for energy-efficient solutions. Nevertheless, certain barriers, such as consumer hesitation toward adopting new technologies and the high initial costs associated with smart home systems, could impede market expansion.
The desire for greater customization and flexibility in smart home solutions is anticipated to create substantial growth opportunities for the market. However, concerns surrounding data privacy, security, and compatibility issues with legacy infrastructure might pose challenges. Another notable trend is the rising adoption of partial automation and partnerships aimed at improving interconnectivity among smart devices.
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To facilitate a comprehensive analysis, Meticulous Research® has segmented the smart home market in North America based on product type, protocol and standard, and geography. The report further provides a competitive landscape analysis and evaluates market conditions at the country level.
In terms of product type, the North American smart home market is divided into various categories, 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. By 2024, the smart security and monitoring systems segment is projected to hold the largest market share. This is primarily driven by the increasing concern for home security, advancements in smartphone technology enabling remote monitoring, and the need for IoT-based security solutions in the residential sector. Additionally, the presence of key market players such as Google LLC and ADT, which launched a smart home security system in March 2024, is expected to contribute to the growth of this segment.
When analyzed by protocol and standard, the market is divided into wireless protocols, wired protocols, and hybrid protocols. In 2024, wired protocols are expected to capture the largest market share. This preference for wired protocols is driven by the need for enhanced energy efficiency and the reliability that wired systems offer for home automation.
Geographically, the smart home market in North America is segmented into the U.S. and Canada. In 2024, the U.S. is expected to account for the largest market share, mainly due to the higher acceptance of smart home devices among consumers. The country has also seen a surge in start-up activity, with many new companies receiving significant investments to innovate smart home devices and systems.
Meanwhile, Canada is expected to exhibit the fastest growth rate throughout the forecast period. Technological advancements in home automation, combined with a growing demand for smart products like thermostats, security systems, and lighting solutions, are driving market expansion in the region.
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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