United States Smart Home Market Analysis
The United States Smart Home Market size will surpass US$ 87.25 billion by 2032 from US$ 31.85 billion in 2023, with a CAGR of 11.85% from 2024 to 2032. The market is expanding steadily due to factors like the growing popularity of smartphones, the widespread availability of high-speed internet, the growing emphasis on energy efficiency, and technological advancements like the fusion of artificial intelligence (AI) and the Internet of Things (IoT).
United States Smart Home Market Outlook
The terms smart homes and home automation are imprecise and refer to various monitoring systems that regulate and mechanize household operations. In contrast to basic home automation options (which can include automated security systems and garage doors with motors), smart home systems need a web portal or smartphone application to function as an interface between the computerized system and the user.Over the course of the forecast period, it is expected that the need to combat security concerns will become more pressing, driving up demand for smart and connected houses. Furthermore, cutting-edge wireless technologies - such as HVAC controllers, entertainment controls, and security and access regulators - are anticipated to stimulate United States Smart Home Market expansion. It is anticipated that manufacturers will be motivated to support automation in the home sector by the recent improvements in the Internet of Things (IoT), which have led to a decrease in the cost of processors and sensors.
Driving Forces of United States Smart Home Market
Developments in technology:
The industry is expanding thanks to technological developments in smart homes, such as the combination of artificial intelligence (AI) and the Internet of Things (IoT). Moreover, IoT makes gadgets more interconnected, allowing homeowners to remotely operate and keep an eye on a variety of house elements. In addition, by offering tailored solutions, AI-powered devices like voice-activated assistants improve user experience. Furthermore, the market is expanding as a result of the increased emphasis on creating smart home solutions that are both more affordable and user-friendly. In addition, the use of machine learning (ML) algorithms enables devices to recognize and adjust to users' preferences, resulting in more efficient smart homes. The market is expanding due in part to the growing emphasis on seamless smart home solutions. Accordingly, the market is expanding as a result of the addition of cutting-edge technologies like biometric identification, facial recognition, and AI-driven threat detection to improve home safety.Growing demand for fast internet:
The market is expanding thanks to the growing popularity of smartphones and the widespread availability of high-speed internet. In addition, these elements provide remote connection and management of smart devices by homeowners, thereby simplifying and improving house management. Furthermore, strong connectivity enables customers to use their mobile apps to access and monitor their smart home systems from any location in the globe. With just a swipe of their smartphone screens, homeowners can now manage lighting and appliances, improve security, and change climatic settings. In addition, high-speed internet connections - such as broadband and fourth- or fifth-generation (4G) networks - provide the infrastructure required for smooth communication between smart devices. These networks guarantee the prompt and dependable operation of smart devices. Additionally, having access to connectivity offers peace of mind, which is fueling the market's expansion. Additionally, homeowners can receive real-time updates and notifications from smart home devices thanks to high-speed internet.Florida Smart Home Market
Florida's smart home sector has experienced rapid expansion, driven by rising customer demand for home automation and connected devices. In order to improve convenience, security, and energy efficiency, residents are implementing technologies such as voice assistants, smart thermostats, and security cameras. In Florida's warm environment, where smart thermostats effectively manage energy expenditures, these devices are especially enticing. To draw prospective consumers and increase house values, real estate developers are incorporating smart home technologies. Notwithstanding the advantages, customers are becoming more concerned about cybersecurity and data privacy. Large IT firms and regional suppliers are aggressively meeting this need, providing customized solutions, and propelling market growth. All things considered, Florida's smart home business is flourishing, propelled by breakthroughs in technology, gadgets that are affordable, and growing consumer awareness of the benefits of home automation. Businesses in the real estate and technology sectors have a chance to profit from this increase and the state's general trend toward smarter, more connected homes.Companies are now releasing new security solutions with more precise, personalized controls, if not elegant, handcrafted designs that fit in with a person's lifestyle and aesthetic preferences, as a result of the growing demand for smart home systems.
Targeting Florida's upper class, which consists primarily of residents in West Palm Beach and Miami, requires customized smart home designs. The latter had a startling 137% spike in pending sales from 685 in May 2020 to 1,624 in May 2021, making it the third-hottest property market in Florida.
According to Florida's CFO, Jimmy Patronis, over 900 people relocate there every day, with 33,500 New Yorkers having migrated there in the previous ten months alone. Real estate brokers have never witnessed the kind of demand for housing in Florida as a result of this. For example, new single-family house contracts in Palm Beach County that were worth more than $1 million increased by 268% over the previous year.
United States Smart Home Company Analysis:
Some leading Smart Home companies are Panasonic Corporation, Sony Corporation, Samsung, Apple Inc., schneider electric, Amazon.com Inc, Honeywell International Inc.United States Smart Home Plastic Company News:
November 2022: The Matter standard allows a variety of devices and smart home systems to work together, and Amazon has ambitions to expand its use of it. Amazon unveiled new WWA certification guidelines for Matter devices this year. They will allow for more flexibility and creativity as they improve the usefulness and dependability of linked devices.October 2022: The brand-new line of smart home products from Roku Inc. includes video doorbells, security cameras, lighting, and plugs. The expansion of Roku's product line allows for a greater assortment of simple, cost-effective smart home devices. The Roku platform is used by tens of millions of households, and we are currently growing our ecosystem to include products and services that enable the contemporary smart home.
October 2022: Nest by Google unveiled the Nest wifi Pro with wifi 6E, a wired doorbell, and an updated version of the Google Home app. With its intelligent features, the Nest Doorbell (wired, 2nd generation) gives you more peace of mind. With the ability to connect to your current doorbell's cables, you can attach the new, high-performance tri-band wifi 6E mesh router system to it without worrying about it running out of power or requiring charging. The brand-new 6 GHz radio band will be available to Nest wifi Pro users, allowing for up to twice as fast wifi as wifi 6.
Application - Market has been covered from 6 viewpoints:
1. Comfort & Lighting2. Control & Connectivity
3. Energy Management
4. Home Entertainment
5. Security
6. Smart Appliances
Product - Market has been covered from 19 viewpoints:
1. Smart Speaker2. Interactive security system
3. smart thermostat
4. Monitoring camera
5. Video doorbell
6. Smart light bulb
7. Motion sensor
8. Smart light switch
9. Door/video sensor
10. Smart door lock
11. Smart plug
12. Smart smoke detector
13. Garage door opener
14. Smart electrical socket
15. Smart oven
16. Smart window shade/blind
17. Leak/moisture detector
18. Irrigation control system
19. Water shutoff system
Geography - Market Breakup of 11 States :
1. Florida2. Texas
3. South Carolina
4. North Carolina
5. California
6. Iowa
7. New York
8. Illinois
9. Arizona
10. Wisconsin
11. Others
Company Insights:
- Overview
- Recent Development
- Product Portfolio
- Revenue
Key Players Analysis:
- Panasonic Corporation
- Sony Corporation
- Samsung
- Apple Inc.
- schneider electric
- Amazon.com Inc
- Honeywell International
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. SWOT Analysis6. United States Smart Home Market
4. Market Dynamic
7. United States Smart Home - Market Share
8. United States Smart Home Market - By Application
9. United States Smart Home Market - By Product
10. United States Smart Home Market - By State
11. United States Smart Home Market - Company Analysis
Companies Mentioned
- Panasonic Corporation
- Sony Corporation
- Samsung
- Apple Inc.
- schneider electric
- Amazon.com Inc
- Honeywell International
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 190 |
| Published | July 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 31.85 Billion |
| Forecasted Market Value ( USD | $ 87.25 Billion |
| Compound Annual Growth Rate | 11.8% |
| Regions Covered | United States |
| No. of Companies Mentioned | 7 |
