North America Smart Home Market Opportunities & Forecast (2018-2025)-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, growing at a CAGR of 11.5% during 2018–2025
By: 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, growing at a CAGR of 11.5% during 2018–2025.
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The key factors driving the growth of the market are growing penetration of the Internet of Things (IoT) based products in households, rising demand for real-time home security solutions and energy efficient lighting solutions for households.
Based on the applications, lighting control is expected to dominate North America smart home market
Lighting controls are expected to continue to lead North America's smart home market in the coming years, due to the growing need of reducing carbon footprint and lowering the electricity bills. Home appliances are expected to grow at the rapid rate during the forecast period. Further, the market for smart homes is highly competitive and players are facing challenges in bringing product differentiation. Companies are highly involved in the development of advanced smart home appliances that can provide safety and convenience to the residents of a smart home. Additionally, key players in the market are expanding their businesses by pursuing collaborations and acquisitions in potential markets
Based on countries, the US held the largest share in the market in 2017 owing to the growing number of millionaires and the presence of high spending consumers. Further, the growing penetration of smartphones, smart surveillance cameras, and wearable activity trackers are likely to boost the growth of North America smart home market
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.
Key questions answered in this research report:
1- At what pace is North America Smart Home market growing, globally? What will be the growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints over the coming years?
3- What are the country revenue and forecast breakdowns? Which are the major revenue pockets for growth in the North America Smart Home market?
4- What are the various application areas and how they are poised to grow?
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