Press release
Internet of Things Applications for Sustainable Development
Meticulous Research®-a leading North America market research company, published a research report titled, 'North America Smart Home Market by Product Type (Smart Lightning Systems, Smart Speakers, Smart Security & Monitoring Systems, Smart Home Appliances), Protocol & Standard (Wireless Protocols, Wired Protocols, Hybrid Protocols) - Forecast to 2030.'According to this latest publication from Meticulous Research®, the North America Smart Home Market is projected to reach $93.1 billion by 2030, at a CAGR of 9.6% during the forecast period. The growth of the smart home market in North America is driven by the increased emphasis on home safety and security, the proliferation of the Internet of Things (IoT), and the need for better energy efficiency. However, consumer reluctance toward technology adoption and the high procurement costs of smart home solutions may restrain the market's growth.
Moreover, the demand for complete flexibility and customization of home is expected to present significant opportunities for the market's growth. However, data privacy and security concerns and compatibility issues with older infrastructure may hinder the market's growth. In addition, the increasing adoption of partial automation and collaborations for enhanced interconnectivity are prominent trends in the smart home market.
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Meticulous Research® has segmented this market based on product type, protocol and standard, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the country level.
Based on product type, the North America smart home market is segmented into smart lighting systems, smart speakers, smart HVAC control, smart security & monitoring systems, smart entertainment systems, smart home appliances, smart kitchen appliances, smart home healthcare systems, and smart furniture. In 2023, the smart security & monitoring systems segment is expected to account for the largest share of the North America smart home market. The large market share of this segment is attributed to the rising sense of home safety & security, growing developments in smartphone technology and remote monitoring, and the growing need for IoT security solutions in the residential sector. The presence of key players is also driving the growth of the smart home market in the region. For instance, in March 2023, Google LLC (U.S.) and ADT (U.S.) launched a smart home security system to offer consumers internet-connected security features with their existing smart home ecosystem.
Based on protocol & standard, the North America smart home market is segmented into wireless protocols, wired protocols, and hybrid protocols. In 2023, the wired protocols segment is expected to account for the largest share of the North America smart home market. The large market share of this segment is attributed to the rising need to attain better energy efficiency and changing consumers' preference for stable and reliable wired standards for home automation systems.
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Based on country, the North America smart home market is segmented into the U.S. and Canada. In 2023, the U.S. is expected to account for the largest share of the North America smart home market. The large market share can be attributed to the relatively higher acceptance of smart home devices for various applications among the U.S. population. In recent years, the U.S. market has attracted numerous start-ups, many of which have secured substantial investments for the design and development of smart home devices or components of smart home systems.
Furthermore, the consistent growth in demand for smart devices, including smart security and monitoring systems, smart home and kitchen appliances, and smart speakers equipped with AI personal assistants, contributes to the market's growth.
However, the market in Canada is projected to register the highest CAGR during the forecast period. Continuous advances in home automation technology and rising demand for products, such as smart thermostats, security and monitoring systems, and smart lighting, drive the growth of the smart home market in Canada.
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 2023-2030?
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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Meticulous Market Research Pvt Ltd
Office No-202, 203,204,205,206
2nd Floor, Pushpak Business Hub,
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411057, India.
Phone: +9102066394988
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About Us:
We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition. Through our mixed bag of research offerings - syndicated research, custom research, and analyst engagement - we enable smart decision making to enhance business performance for global organizations. Our focus is also on finding answers to the challenging questions that global business leaders face on a daily basis. Each year, we deliver more than 300 syndicate studies and 60+ consulting projects across eight industry verticals in 20+ geographic markets.
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