North America Smart Home Market Projected to Reach $93.1 Billion by 2030
“North America Smart Home Market Projected to Reach $93.1 Billion by 2030”
Meticulous Research®, a premier market research firm in North America, proudly announces the release of its latest report titled, “North America Smart Home Market by Product Type (Smart Lighting Systems, Smart Speakers, Smart Security & Monitoring Systems, Smart Home Appliances), Protocol & Standard (Wireless Protocols, Wired Protocols, Hybrid Protocols) – Forecast to 2030.”
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According to this detailed report, the North America Smart Home Market is anticipated to reach a staggering $93.1 billion by 2030, growing at a robust CAGR of 9.6% throughout the forecast period. Key factors propelling this market growth include heightened emphasis on home safety and security, the widespread proliferation of the Internet of Things (IoT), and an increasing demand for enhanced energy efficiency. Despite these drivers, the market faces challenges such as consumer reluctance toward adopting new technologies and the high initial costs associated with smart home solutions.
1.1.1 Market Dynamics
The report identifies several opportunities and trends shaping the market landscape:
- Opportunities: The rising demand for fully flexible and customizable home environments is expected to drive significant growth.
- Challenges: Data privacy and security concerns, alongside compatibility issues with older infrastructure, may impede market expansion.
- Trends: Growing adoption of partial automation and strategic collaborations aimed at enhancing interconnectivity are prominent trends within the smart home market.
1.1.2 Market Segmentation
Meticulous Research® has meticulously segmented the market for an in-depth analysis based on product type, protocol & standard, and geography. The report also provides a thorough evaluation of industry competitors and a detailed market analysis at the country level.
1.1.2.1 By Product Type:
- 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
- Smart Furniture
In 2023, the Smart Security & Monitoring Systems segment is expected to dominate, driven by the rising demand for home safety and security, advancements in smartphone technology, and the increasing need for IoT security solutions. Significant market players, such as Google LLC and ADT, have further accelerated market growth through innovative product launches.
1.1.2.2 By Protocol & Standard:
- Wireless Protocols
- Wired Protocols
- Hybrid Protocols
The Wired Protocols segment is projected to hold the largest market share in 2023, due to the growing consumer preference for stable and reliable home automation systems that enhance energy efficiency.
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1.1.2.3 By Geography:
- United States
- Canada
The United States is anticipated to lead the market, benefiting from a higher acceptance rate of smart home devices and substantial investments from start-ups focused on smart home technologies. Conversely, Canada is expected to exhibit the highest CAGR during the forecast period, fueled by continuous technological advancements and increasing demand for smart home products.
1.1.3 Key Market Players
Leading companies in the North America Smart Home Market include:
- 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)
- Sony Corporation (Japan)
1.1.4 Conclusion
Meticulous Research®’s latest report provides an exhaustive analysis of the North America Smart Home Market, offering valuable insights for stakeholders to navigate the dynamic market landscape effectively.
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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