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 - Technavio

NEW YORK, Jan. 30, 2023 /PRNewswire/ -- 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.

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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)

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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 - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity
• For highlights on customer landscape analysis, download a sample!

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

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this US smart home market report?

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

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Related Reports:

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).

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Table of contents

1. Executive Summary

1.1 Market Overview 

2. Market Landscape 

  2.1 Market ecosystem 

  2.2: Value chain analysis 

3. Market Sizing 

  3.1 Market definition

  3.2 Market segment analysis 

  3.3 Market size 2021

  3.4 Market outlook: Forecast for 2021 - 2026 

4. Five Forces Analysis 

  4.1 Five Forces Summary 

  4.2 Bargaining power of buyers 

  4.3 Bargaining power of suppliers 

  4.4 Threat of new entrants

  4.5 Threat of substitutes 

  4.6 Threat of rivalry

  4.7 Market condition 

5. Market Segmentation by Application 

  5.1 Market segments 

  5.2 Comparison by Application 

  5.3 Home entertainment - Market size and forecast 2021-2026 

  5.4 Smart appliances - Market size and forecast 2021-2026 

5.5 Energy management - Market size and forecast 2021-2026 

  5.6 Lighting control and HVAC - Market size and forecast 2021-2026

  5.7 Safety and security system - Market size and forecast 2021-2026 

5.8 Market opportunity by Application

6. Market Segmentation by Technology 

  6.1 Market segments 

  6.2 Comparison by Technology 

  6.3 Wireless - Market size and forecast 2021-2026 

  6.4 Wired - Market size and forecast 2021-2026

  6.5 Market opportunity by Technology 

7. Customer landscape 

  7.1 Overview

8. Drivers, Challenges, and Trends 

  8.1 Market drivers 

  8.2 Market challenges 

  8.3 Market trends 

9. Vendor Landscape 

  9.1 Overview

  9.2 Landscape disruption 

  9.3 Competitive scenario 

10. Vendor Analysis 

  10.1 Vendors covered 

  10.2 Market positioning of vendors 

  10.3 ABB Ltd. 

  10.4 Allegion Plc 

  10.5 Alphabet Inc. 

  10.6 Amazon.com Inc.

  10.7 Apple Inc.

  10.8 Honeywell International Inc. 

  10.9 Johnson Controls International Plc 

  10.10 Panasonic Corp. 

  10.11 Samsung Electronics Co. Ltd. 

  10.12 Schneider Electric SE 

11. Appendix 

  11.1 Scope of the report 

  11.2 Currency conversion rates for US$ 

  11.3 Research Methodology 

  11.4 List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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