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Smart Home Market in US by Technology and Application- Forecast and Analysis 2022-2026

  • Published: Mar 2022
  • Pages: 120
  • SKU: IRTNTR70543
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The smart home market share in US is expected to increase by USD 18.18 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 17.90%.

This smart home market in US research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers smart home market in US segmentation by technology (wireless and wired) and application (home entertainment, smart appliances, energy management, lighting control system and HVAC, and safety and security system). The smart home market in US report also offers information on several market vendors, 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., and Schneider Electric SE among others.

What will the Smart Home Market Size in US be During the Forecast Period?

Download the Free Report Sample to Unlock the Smart Home Market Size in US for the Forecast Period and Other Important Statistics

 

Smart Home Market in US: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growing consumer interest in home automation is notably driving the smart home market growth in US, although factors such as increase in issues related to interoperability may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the smart home industry in US. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Smart Home Market Driver in US

One of the key factors driving the smart home market growth in US is the growing consumer interest in home automation. The smart home market in the US is growing, mainly owing to the increasing need for a more comfortable and luxurious lifestyle, which can be achieved by implementing home automation across households. Shipments of smart home appliances totaled 2.88 million units in 2017 and are expected to increase to 35.83 million units by 2022, growing at a CAGR of 65.57% during 2017-2022. Professionally installed home automation systems start at around USD 2,000 and can easily cost USD 10,000 or more, depending on the size of the system. Hence, as the demand for home automation systems increases across the globe, there will be a rise in the demand for smart home devices, which will drive the growth of the market growth during the forecast period.

Key Smart Home Market Trend in US

Increasing development of technologically advanced products is one of the key smart home market trends in US that is expected to impact the industry positively in the forecast period. The integration of advanced technologies in home automation products is enhancing their security and reliability when compared with traditional home products. The use of facial recognition technology in smart home products such as smart locks, smart doorbells, and smart cameras is expected to become a game-changer for market vendors during the forecast period, as vendors can provide value-added features by integrating this technology into their product offerings. For instance, Panasonic Corp., one of the prominent vendors, offers HomeHawk Window Home Monitoring Camera, which is equipped with advanced features, such as motion detection alert, rapid playback, customized detection area, and others. Such factors will further support the market in the coming years.

Key Smart Home Market Challenge in US

One of the key challenges to the smart home market growth in US is the increase in issues related to interoperability. For instance, in April 2019, August Home announced that it had to stop the sale of its smart home product View, owing to various complaints about its performance. The device was facing issues related to Wi-Fi connectivity, video feed, and video streaming. The company also had to refund the money to its customers who were willing to keep the product and offer feedback. In addition, smart security cameras can be integrated with smart home devices, such as the Nest Protect smoke alarm, or platforms such as Amazon Alexa, Apple HomeKit, and Google Assistant. However, some smart security cameras do not support all types of smart devices and platforms. As the compatibility and connectivity of smart home devices vary across products, it could have a negative impact on the growth of the smart home market in the US during the forecast period.

This smart home market in US analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the smart home market in US as a part of the global technology hardware, storage, and peripherals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the smart home market in US during the forecast period.

Who are the Major Smart Home Market Vendors in US?

The report analyzes the market’s competitive landscape and offers information on several market vendors, 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

 

This statistical study of the smart home market in US encompasses successful business strategies deployed by the key vendors. The smart home market in US is fragmented and the vendors are deploying growth strategies such as an expansion of product portfolio to compete in the market.

Product Insights and News

  • ABB Ltd. - The company offers smart home products such as ABB Ability.
  • ABB Ltd. -  Through the electrification segment, the company offers electrification and building management solutions, products and services for utilities, industry, transport, and infrastructure.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The smart home market in US forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Smart Home Market in US Value Chain Analysis

Our report provides extensive information on the value chain analysis for the smart home market in US, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global technology hardware, storage, and peripherals market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • After-sales services
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

What are the Revenue-generating Technology Segments in the Smart Home Market in US?

To gain further insights on the market contribution of various segments Request for a FREE sample

The smart home market share growth in US by the wireless segment will be significant during the forecast period. The high demand for smart home products owing to technological innovations will be driving the growth of this segment in the coming years in the US. For instance, in January 2019, Samsung announced the launch of smart laundry with a washer and dryer equipped with a Bixby voice assistant. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the smart home market size in US and actionable market insights on post COVID-19 impact on each segment.

 

Smart Home Market Scope in US

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 17.90%

Market growth 2022-2026

$ 18.18 billion

Market structure

Fragmented

YoY growth (%)

17.38

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ABB Ltd., Allegion Plc, Alphabet Inc., Amazon.com Inc., Apple Inc., Honeywell International Inc., Johnson Controls International Plc, Panasonic Corp., Samsung Electronics Co. Ltd., and Schneider Electric SE

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Smart Home Market in US Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive smart home market growth in US during the next five years
  • Precise estimation of the smart home market size in US and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the smart home industry in US  
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of smart home market vendors in US 

We can help! Our analysts can customize this report to meet your requirements. Get in touch

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1. Executive Summary                         

2. Market Landscape                            

               2.1 Market ecosystem             

                              Exhibit 01: Parent market

               2.2: Market Characteristics     

                             Exhibit 02:  Market Characteristics        

                              Exhibit 03: Value chain analysis: Communications equipment

                              2.2.1 Input

                              2.2.2 Inbound logistics

                              2.2.3    Operations

                              2.2.4    Outbound logistics

                              2.2.5    Marketing and sales

                              2.2.6    Service

                              2.2.7    Industry innovation

3. Market Sizing                             

               3.1 Market definition

                              Exhibit 04: Offerings of vendors included in the market definition

               3.2 Market segment analysis  

                              Exhibit 05: Market segments

               3.3 Market size 2020 

               3.4 Market outlook: Forecast for 2020 - 2025 

                              3.4.1 Estimating growth rates for emerging and high-growth markets

                              3.4.2 Estimating growth rates for mature markets

                              Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)

                              Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

4. Five Forces Analysis                 

               4.1 Five Forces Summary         

                              Exhibit 08: Five forces analysis 2020 & 2025

               4.2 Bargaining power of buyers            

                        Exhibit 09:  Bargaining power of buyers    

               4.3 Bargaining power of suppliers        

                         Exhibit 10: Bargaining power of suppliers

               4.4 Threat of new entrants

                           Exhibit 11: Threat of new entrants           

               4.5 Threat of substitutes          

                            Exhibit 12: Threat of substitutes              

               4.6 Threat of rivalry

                           Exhibit 13: Threat of rivalry         

               4.7 Market condition 

                              Exhibit 14: Market condition - Five forces 2020

5.     Market Segmentation by Application                   

               5.1     Market segments            

                              The segments covered in this chapter are:

  • Home entertainment
  • Smart appliances
  • Energy management
  • Lighting control and HVAC
  • Safety and security system

                              Exhibit 15: Application - Market share 2020-2025 (%)

               5.2     Comparison by Application          

                              Exhibit 16: Comparison by Application

               5.3     Home entertainment - Market size and forecast 2020-2025          

                              Exhibit 17: Home entertainment - Market size and forecast 2020-2025 ($ million)

                              Exhibit 18: Home entertainment - Year-over-year growth 2020-2025 (%)

               5.4     Smart appliances - Market size and forecast 2020-2025  

                              Exhibit 19: Smart appliances - Market size and forecast 2020-2025 ($ million)

                              Exhibit 20: Smart appliances - Year-over-year growth 2020-2025 (%)

              

5.5         Energy management - Market size and forecast 2020-2025           

                              Exhibit 21: Energy management - Market size and forecast 2020-2025 ($ million)

                              Exhibit 22: Energy management - Year-over-year growth 2020-2025 (%)

               5.6     Lighting control and HVAC - Market size and forecast 2020-2025

                              Exhibit 23: Lighting control and HVAC - Market size and forecast 2020-2025 ($ million)

                              Exhibit 24: Lighting control and HVAC - Year-over-year growth 2020-2025 (%)

               5.7     Safety and security system - Market size and forecast 2020-2025               

                              Exhibit 25: Safety and security system - Market size and forecast 2020-2025 ($ million)

                              Exhibit 26: Safety and security system - Year-over-year growth 2020-2025 (%)

                              Market opportunity by Application

                              Exhibit 27: Market opportunity by Application

6.     Market Segmentation by Technology                   

               6.1     Market segments            

                              The segments covered in this chapter are:

  • Wireless
  • Wired

                              Exhibit 28: Technology - Market share 2020-2025 (%)

               6.2     Comparison by Technology         

                              Exhibit 29: Comparison by Technology

               6.3     Wireless - Market size and forecast 2020-2025   

                              Exhibit 30: Wireless - Market size and forecast 2020-2025 ($ million)

                              Exhibit 31: Wireless - Year-over-year growth 2020-2025 (%)

               6.4     Wired - Market size and forecast 2020-2025        

                              Exhibit 32: Wired - Market size and forecast 2020-2025 ($ million)

                              Exhibit 33: Wired - Year-over-year growth 2020-2025 (%)

                              Exhibit 34: Market opportunity by Technology

                              Exhibit 35: Market opportunity by Technology

7. Customer landscape                        

                              Exhibit 35: Customer landscape

Drivers, Challenges, and Trends                       

               8.1 Market drivers      

                              8.1.1    Growing consumer interest in home automation

                              8.1.2    Availability of a wide range of smart home products

                              8.1.3    Rising need for energy conservation

               8.2     Market challenges          

                              8.2.1    Increase in issues related to interoperability

                              8.2.2    Privacy issues with respect to data

                              8.2.3    Challenges associated with media storage

                              Exhibit 36: Impact of drivers and challenges

               8.3 Market trends      

                              8.3.1    Increasing development of technologically advanced products

                              8.3.2    Evolution of loT

                              8.3.3    Growing smartphone penetration and increasing Internet speed

9. Vendor Landscape                             

               9.1     Competitive scenario     

               9.2     Vendor landscape           

                              Exhibit 37: Vendor Landscape

               9.3     Landscape disruption     

                              Exhibit 38: Landscape disruption

               9.4     Industry risks     

                              Exhibit 39: Industry risks

11.   Vendor Analysis                             

               11.1   Vendors covered             

                              Exhibit 40: Vendors covered

               10.2 Market positioning of vendors   

                              Exhibit 41: Market positioning of vendors

               10.3 ABB Ltd.

                              Exhibit 42: ABB Ltd. - Overview

                              Exhibit 43: ABB Ltd. - Business segments

                              Exhibit 44: ABB Ltd. - Key news

                              Exhibit 45: ABB Ltd. - Key offerings

                              Exhibit 46: ABB Ltd. - Segment focus

               10.4   Allegion Plc        

                              Exhibit 47: Allegion Plc - Overview

                              Exhibit 48: Allegion Plc - Business segments

                              Exhibit 49: Allegion Plc - Key news

                              Exhibit 50: Allegion Plc - Key offerings

                              Exhibit 51: Allegion Plc - Segment focus

               10.5 Alphabet Inc.      

                              Exhibit 52: Alphabet Inc. - Overview

                              Exhibit 53: Alphabet Inc. - Business segments

                              Exhibit 54: Alphabet Inc. - Key offerings

                              Exhibit 55: Alphabet Inc. - Segment focus

               10.6   Amazon.com Inc.

                              Exhibit 56: Amazon.com Inc. - Overview

                              Exhibit 57: Amazon.com Inc. - Business segments

                              Exhibit 58: Amazon.com Inc. - Key news

                              Exhibit 59: Amazon.com Inc. - Key offerings

                              Exhibit 60: Amazon.com Inc. - Segment focus

               10.7   Apple Inc.

                              Exhibit 61: Apple Inc. - Overview

                              Exhibit 62: Apple Inc. - Business segments

                             Exhibit 63: Apple Inc. - Key news           

                              Exhibit 64: Apple Inc. - Key offerings

                              Exhibit 65: Apple Inc. - Segment focus

               10.8   Honeywell International Inc.      

                              Exhibit 66: Honeywell International Inc. - Overview

                              Exhibit 67: Honeywell International Inc. - Business segments

                              Exhibit 68: Honeywell International Inc. - Key news

                              Exhibit 69: Honeywell International Inc. - Key offerings

                              Exhibit 70: Honeywell International Inc. - Segment focus

               10.9   Johnson Controls International Plc          

                              Exhibit 71: Johnson Controls International Plc - Overview

                              Exhibit 72: Johnson Controls International Plc - Business segments

                              Exhibit 73: Johnson Controls International Plc - Key news

                              Exhibit 74: Johnson Controls International Plc - Key offerings

                              Exhibit 75: Johnson Controls International Plc - Segment focus

               10.10 Panasonic Corp.             

                              Exhibit 76: Panasonic Corp. - Overview

                              Exhibit 77: Panasonic Corp. - Business segments

                              Exhibit 78: Panasonic Corp. - Key news

                              Exhibit 79: Panasonic Corp. - Key offerings

                              Exhibit 80: Panasonic Corp. - Segment focus

               10.11 Samsung Electronics Co. Ltd.     

                              Exhibit 81: Samsung Electronics Co. Ltd. - Overview

                              Exhibit 82: Samsung Electronics Co. Ltd. - Business segments

                              Exhibit 83: Samsung Electronics Co. Ltd. - Key news

                              Exhibit 84: Samsung Electronics Co. Ltd. - Key offerings

                              Exhibit 85: Samsung Electronics Co. Ltd. - Segment focus

               10.12 Schneider Electric SE    

                              Exhibit 86: Schneider Electric SE - Overview

                              Exhibit 87: Schneider Electric SE - Business segments

                              Exhibit 88: Schneider Electric SE - Key news

                              Exhibit 89: Schneider Electric SE - Key offerings

                              Exhibit 90: Schneider Electric SE - Segment focus

11. Appendix                           

               11.1 Scope of the report         

                              11.1.1 ????Market definition

                              11.1.2 ????Objectives

                              11.1.3 ????Notes and caveats

               11.2 Currency conversion rates for US$            

                              Exhibit 91: ?Currency conversion rates for US$?

               11.3 Research Methodology   

                              Exhibit 92: ?Research Methodology

                              Exhibit 93: ??Validation techniques employed for market sizing?

                              Exhibit 94: ??Information sources

               11.4 List of abbreviations        

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
Technavio

TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The smart home market growth will increase by $18189.34 million during 2021-2026.
The smart home market is expected to grow at a CAGR of 17.90% during 2021-2026.
Technavio has segmented the smart home market by technology (Wireless and Wired) ,application (Home entertainment, Smart appliances, Energy management, Lighting control system and HVAC, and Safety and security system) , and geographic (US).
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 are a few of the key vendors in the smart home market.
US will register the highest growth rate of 100.00% among the other regions. Therefore, the smart home market in US is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the smart home market growth are:
  • Growing consumer interest in home automation
The smart home market vendors should focus on grabbing business opportunities from the wireless segment as it accounted for the largest market share in the base year.
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