North America Smart Home Market by Product Type (Smart Lightning Systems, Smart Speakers, Smart Security & Monitoring Systems, Smart Home Appliances), Protocols & Standards (Wireless Protocols, Wired Protocols, Hybrid Protocols) - Forecast to 2030

The North America Smart Home Market is projected to reach $93.1 billion by 2030, at a CAGR of 9.6% from 2024 to 2030. 

The growth of the smart home market in North America is driven by the increased emphasis on home safety and security and the need for better energy efficiency. However, consumer reluctance toward technology adoption and the high procurement costs of smart home solutions may restrain the market’s growth.

Moreover, the demand for complete flexibility and customization of home is expected to present significant opportunities for the market’s growth. However, compatibility issues with older infrastructure may hinder the market’s growth.

Demand for Complete Flexibility and Customization of Home to Offer Growth Opportunities for the North America Smart Home Market

Smart home technology encompasses various devices, applications, services, and interfaces, all designed to cater to a diverse consumer base. While certain categories like smart safety and security devices have mass appeal, individual consumers often possess distinct preferences regarding smart home applications and devices. This poses a challenge for smart home device manufacturers who struggle to meet the unique demands of each consumer through pre-packaged solutions from a single brand. To address this challenge, smart home device providers can offer open platforms capable of hosting third-party systems and devices. This approach would allow users to customize their smart home ecosystem according to their requirements, providing a more personalized and tailored experience.

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Many leading smart home device providers have already started collaborating with other companies to provide complete personalization and customization to customers. For instance, devices such as Amazon Echo from Amazon Web Services, Inc. (U.S.) and Google Home from Google LLC (U.S.) work on the platform compatible with several other home automation systems, such as Phillips Hue lightbulbs and Belkin’s WeMo product line.

Furthermore, many smart TV manufacturers are positioning their products as the central control hub for seamlessly managing other smart devices. While achieving complete customization remains challenging, companies are increasingly collaborating to provide consumers with a higher degree of personalization and customization. This cooperative approach is opening up growth opportunities for smart home device providers in North America.

Key Findings in the North America Smart Home Market Study

In 2024, the Smart Security & Monitoring Systems Segment is Expected to Dominate the North America Smart Home Market

Based on product type, in 2024, the smart security & monitoring systems segment is expected to account for the largest share of the North America smart home market. The large market share of this segment is attributed to the rising concerns about home safety and security, continuous advances in smartphones and remote monitoring technologies, and the growing need for IoT security solutions in the residential sector.

Furthermore, new product launches by major market players also contribute to the growth of this segment. For instance, in March 2024, Google LLC (U.S.) and ADT (U.S.) launched smart home security system to offer internet-connected security features with their existing smart home ecosystem for consumers. Additionally, in May 2024, Masimo (U.S.) launched Stork, a home baby monitoring system.

The Hybrid Protocols Segment to Register the Highest CAGR During the Forecast Period

Based on protocol & standard, the hybrid protocols segment is slated to register the highest CAGR during the forecast period. Hybrid protocols leverage both wired and wireless capabilities, combining them for enhanced outcome. This approach involves segmenting the network into zones and utilizing different protocols within these zones. Hybrid protocols offer several advantages compared to traditional wired and wireless protocols and other hybrid alternatives like C-Bus. They do not interfere with existing Wi-Fi networks and can easily integrate with other smart devices. Moreover, they can function via power lines, eliminating the need for routers. This combination of wireless protocol flexibility and wired protocol reliability makes hybrid protocols appealing to consumers.

In 2024, the U.S. is Expected to Dominate the North America Smart Home Market

Based on country, in 2024, the U.S. is expected to account for the largest share of the North America smart home market. The large share of the U.S. market is attributed to the rising adoption of smart home devices and appliances in the country due to higher acceptance among the U.S. population. Furthermore, in recent years, the U.S. market has attracted numerous start-ups, many of which have secured substantial investments for the design and development of smart home devices or components of smart home systems.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by major market players in the last three to four years. The key players profiled in the North America smart home market study are 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), and Sony Corporation (Japan).

Scope of the Report:

North America Smart Home Market Assessment, by Product Type

• Smart Lightning Systems
• Smart Speakers
• Smart HVAC Control
  • Smart Thermostats
  • Smart Vents
  • Smart Air Conditioning
• Smart Security & Monitoring Systems
  • Security Cameras
  • Interface
  • Smart Locks & Access Control
• Smart Entertainment Systems
• Smart Home Appliances
  • Smart Washing Machines
  • Smart Water Heaters
  • Robotic Vacuum Cleaners
• Smart Kitchen Appliances
  • Smart Refrigerators
  • Smart Coffee Makers
  • Smart Dishwashers
  • Smart Ovens
• Smart Home Healthcare Systems
• Smart Furniture
  • Smart Sofas and Recliners
  • Smart Tables & Desks

North America Smart Home Market Assessment, by Protocols & Standards                                    

• Wireless Protocols
  • ZigBe
  • Wi-Fi
  • Bluetooth
  • Z-Wave
  • Thread
  • Enocean
• Wired Protocols
  • KNX
  • UPB
  • X10
  • BACNET
  • LONWORKS
  • DALI
  • MODBUS
  • ETHERNET
• Hybrid Protocols
  • Insteon
  • C-Bus

North America Smart Home Market Assessment, by Geography

• U.S.
• Canada

Key questions answered in the report: