The US will continue to drive the multi-billion North America Smart Home Market – GMI Research

The US will continue to drive the multi-billion North America Smart Home Market - GMI Research

The North America smart home market size was USD 24,756.7 million in 2017 and is projected to reach USD 57,894.6 million by the end of 2025 and is expected to grow at an estimated CAGR of 11.5% during the forecast period (2018—2025). The key factors driving the growth of the market are government’s push towards adopting smart homes solution to reduce carbon emission and growing demand for the home automation products from the consumers.

The growing penetration of the IOT based lighting solutions in households is driving the lighting market in North America’s smart home market.

The ease of remotely operating the household lights and consequently, reducing the electricity bills are some of the factors which are propelling the growth of the lighting application segment in North America’s smart home market. It is expected that lighting applications will witness rapid growth in North America’s smart home market and is expected to grow at an estimated CAGR of 10.7% during the forecast period.

The constant threat of physical, as well as cyber-attack on the smart home appliances, is supporting the growth of the security and access control application. It is foreseen that security and access control application will experience significant growth in the North America smart home market in the coming years. It is expected by 2025, security and access control application will have about one-sixth of the market share in the North America smart home market.

The growing number of cyber-attacks and the increasing threat of hijackking of the connected smart home devices is fuelling the growth of the security and surveillance application in the North America smart home. Further, rising need for remotely monitoring the aged population and children are supporting the growth of the smart homes market in the region.” —-GMI Research

Based on countries, the US held the largest share in the market in 2017 since, about 28.5 million homes were smart homes in 2017, whereas, in 2016 about 21 million homes were smart homes. Further, growing technology friendly population and high disposable income are some other factors which are driving the growth of the North America smart home market.

Key takeaways
• Lighting application is expected to grow at an estimated CAGR of 10.7% during the forecast period.
• It is expected by 2025, security and access control application will have about one-sixth of the market share in the North America smart home market.
• US held the largest share in the North America smart home market in 2017 and is estimated to grow at an estimated CAGR of 11.6% during the forecast period.

Some of the key players operating in the North America smart home market are Dell Technologies Inc, Siemens AG, Qualcomm Technologies, General Electric Company, Koninklijke Philips N.V., Schneider Electric SE, Honeywell International Inc, Vivint Inc., Google, LLC, and Samsung Electronics Co.

The North America smart home market has been segmented based on applications and key geographies. Based on applications, the market is categorized into lighting control, security and access control, HVAC control, home healthcare, home appliances, entertainment, and others.

The research report “North America smart home market” provides in-depth analysis of North America smart home across the region, based on applications and key countries for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the North America smart home market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.

For more details, browse the Table of Contents: https://www.gmiresearch.com/report/north-america-smart-home-market-opportunities-forecast-share-trends-insights-industry-profile-cagr.html
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