Research Shows Growing Consumer Interest in Home Automation

Smart Home Market in US to grow by 17.38% Y-O-Y from 2021 to 2022: Growing Consumer Interest in Home Automation will drive Growth

The US smart home market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

US smart home market insights -

Vendors: 15+, including ABB Ltd., Allegion Plc, Alphabet Inc., Amazon.com Inc., Apple Inc., Honeywell International Inc., Johnson Controls International Plc, Panasonic Corp., Samsung Electronics Co. Ltd., Schneider Electric SE, among others
Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
Segments: Technology (wireless and wired) and application (home entertainment, smart appliances, energy management, lighting control system and HVAC, and safety and security system)

The US smart home market size is estimated to grow by USD 18.18 billion from 2021 to 2026 at a CAGR of 17.90%, according to Technavio.
Smart home market in US - Vendor insights

The growing competition in the market is compelling vendors to adopt various growth strategies such as an expansion of product portfolio. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including -
   •   ABB Ltd. - The company offers smart home products such as ABB Ability.
   •   Allegion Plc - The company offers smart home products such as electronic locks.
   •   Alphabet Inc. - The company offers smart home products such as Nest Audio.

Smart home market in US – Market dynamics

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

Key challenges
   •   Issues related to interoperability
   •   Rising need for energy conservation
   •   Challenges associated with media storage

The smart home market is estimated to grow at a CAGR of 18.36% between 2022 and 2027. The size of the market is forecasted to increase by USD 133.01 billion. This report extensively covers market segmentation by application (home entertainment, smart appliances, energy management, lighting control system and HVAC, and safety and security system), technology (wireless and wired), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

The smart city market is estimated to grow at a CAGR of 24.53% between 2022 and 2027. The size of the market is forecasted to increase by USD 288.7 billion. This report extensively covers market segmentation by application (smart infrastructure, smart energy, smart mobility, smart security, and others), component (hardware, software, and services), and geography (Europe, North America, APAC, South America, and Middle East and Africa

Source: Technavio media announcement

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