Summary

The North American smart home market is expected to grow at a rapid pace due to an increasing number of internet users, rising disposable income of customers, increasing importance of home monitoring in remote areas, and rising demand for energy-efficient and low-carbon emission solutions. A smart house is a home that has been automated and incorporates a variety of items such as smart lighting, home security, smart appliances, smart entertainment, and many more. In recent years, the North American smart home sector has seen substantial expansion and innovation. This region, which includes the United States and Canada, is one of the most advanced in terms of smart home technology usage. A smart house is a concept that entails combining multiple technologies and systems to create an interconnected and automated living space that improves convenience, security, and energy efficiency for homeowners. Several factors have led to the rise of the North American smart home market. The growing consumer demand for convenience, as well as the adoption of smartphones and other connected devices, has fueled the growth of the smart home market. Consumers are looking for ways to simplify their daily routines and make their lives more convenient, and smart home devices provide solutions to this problem. The capacity to control lighting, thermostats, security systems, and entertainment systems remotely via smartphone apps has become a compelling proposition for homeowners. The North American smart home market has expanded due to increased awareness of energy conservation and environmental sustainability. Smart home technology enables homeowners to more efficiently monitor and control their energy consumption. Smart thermostats, for example, can learn user preferences and adapt heating and cooling systems to optimise energy usage. This emphasis on sustainability is consistent with the region's broader tendencies towards greener living and lower carbon footprints. Furthermore, the increased emphasis on home security and safety has resulted in a spike in the adoption of smart security systems. Homeowners can improve the security and surveillance capabilities of their property with features such as smart cameras, motion sensors, and remote monitoring. This trend has been fueled by the desire for remote work and remote learning, making homeowners more concerned about their home's safety and security.

According to the research report "North America Smart Home Market Outlook, 2028," published by Bonafide Research, the North America Smart Home market was valued more than USD 39 Billion in 2022. Collaboration between technology companies and homebuilders is also boosting the North American smart home market. Smart home technology is being included in new construction projects by many homebuilders, making it more accessible and cost-effective for consumers. This integration contributes to market expansion as smart home elements become commonplace in new homes. Furthermore, advances in AI and voice recognition technology have given rise to virtual assistants such as Amazon Alexa and Google Assistant. Voice-activated systems can operate a variety of smart home devices, improving the user experience and convenience. North America is one of the world's leading regions for smart home technology adoption. The number of families utilising smart home devices has rapidly increased in the United States and Canada. The emphasis on energy conservation and environmental sustainability in the region has aided in the adoption of smart home technology. Smart thermostats and lighting systems are increasingly being used to cut energy use and electricity expenditures. Many North American homebuilders are already incorporating smart home technologies into new construction projects. As smart home technologies are commonly included as standard in new homes, this integration makes them more accessible and cheap to homebuyers. High-end and luxury smart home systems have a sizable market in North America. Some wealthy homeowners are willing to spend money on complex and personalised smart home systems with advanced features and automation.

Based on report market is divided into three major countries United States, Canada and Mexico. Among them United States accounts for the largest market for smart home in North America.

The use of smart household equipment such as refrigerators, doorbells, and lighting has increased in the United States. Because of customer usage and the ability to shop via devices such as smart speakers, they are becoming increasingly vital to any e-commerce organisation today. According to recent research, approximately 50 million American households use smart home technologies. Because of technological advancements and economies of scale, a wider range of consumers are increasingly purchasing smart home equipment. Smart home gadgets that track health and wellness, such as fitness trackers and health sensors, are becoming more popular as customers become more health-conscious. The United States benefits from a well-developed and dependable internet infrastructure. The widespread availability of fast broadband internet has made it possible for smart home gadgets to be seamlessly integrated and controlled remotely. The United States, particularly Silicon Valley, is a global innovation hub for technology. Many of the world's largest technology companies, including Amazon, Google, Apple, and numerous startups, are headquartered in the United States. This concentration of forward-thinking companies promotes the quick development and deployment of new smart home technology. Because the United States has a solid retail and e-commerce infrastructure, people may easily access and purchase smart home devices. Large retail chains, internet marketplaces, and specialised electronics stores all offer a variety of possibilities for consumers to find and purchase the products they want.

Based on product market is segmented into security and access control, lighting control, entertainment system, HVAC control, smart speakers, smart home appliances, smart kitchen appliances, smart home healthcare systems, smart furniture, and others. Among them security and access control product type dominates the North America smart home market.

Security and access control products have established themselves as major players in the North American smart home industry for a variety of compelling reasons. The main reason driving this dominance is homeowner’s essential concern for the protection and security of their houses and loved ones. In an era typified by growing awareness of physical and digital security concerns, people are more likely to invest heavily in technologies that provide a greater sense of protection and control over their living areas. Smart locks, surveillance cameras, doorbell cameras, motion sensors, and full alarm systems are all examples of security and access control solutions. This variety guarantees that homeowners have a wide range of options for addressing their individual security needs, catering to various budgets and preferences. With these products, homeowners can remotely monitor their homes, control access to their premises, and receive real-time alerts in case of any suspicious activities, thereby providing a comprehensive security solution. The growth of mobile applications and cloud-based services is also driving the North American smart home market's preference for security and access control devices. Homeowners can use smartphone apps to view and control their security systems remotely, adding convenience and peace of mind. Receiving warnings, viewing live camera feeds, and remotely locking or unlocking doors increases the sense of security and control, making these products very appealing to consumers.

Based on protocols market is bifurcated into wireless protocols, wired protocols, and hybrid protocols. Wireless protocols accounts for significant market share in North America. Furthermore based on application market is segmented into new construction and retrofit.

Wireless protocols make smart home device installation easier. Unlike wired systems, which require significant cabling, wireless devices can be setup quickly and easily without the need for expert installers. This not only lowers installation costs but also allows consumers to start small and progressively extends their smart home network as needed, promoting scalability. Wireless technology, particularly Wi-Fi, is prevalent in North American homes. Most people are already familiar with and have Wi-Fi networks in their homes. The proliferation of Wi-Fi facilitates the establishment of smart devices because they connect to the current network without the need for extra equipment or complicated installations. New construction projects provide a once-in-a-lifetime opportunity to include cutting-edge technologies from the start. Smart home features can be simply incorporated throughout the design and building phases, ensuring that the infrastructure is optimised for connectivity and automation. This allows homes to reap the benefits of smart technology without requiring extensive modifications or disruptions. The emphasis on energy efficiency and sustainability is a major driving force behind smart houses in new construction. Smart thermostats, lighting systems, and energy management tools can be effortlessly connected into the building's infrastructure, allowing homeowners to optimise their energy consumption and save money on utilities. This is consistent with the region's growing environmental consciousness.

In terms of sales channel market is divided into direct and indirect. Indirect channel dominates the market of North America. Based on software & services market is segmented into behavioral and proactive.

Smart speakers, thermostats, lighting systems, security cameras, and other products and solutions are all part of the smart home market. Manufacturers can showcase a diversified product ecosystem to consumers through indirect sales channels. This enables customers to investigate several possibilities and select products that best fit their needs and tastes. North America has a large and well-established network of retailers, including both physical storefronts and e-commerce platforms. These stores have the reach and infrastructure to properly exhibit and sell smart home items. These devices are widely available to consumers in electronics stores, department stores, home improvement centres, and online marketplaces. Smart home systems can develop and adapt to individual users' tastes and habits thanks to behavioural software and services. These systems can customise lighting, temperature, security, and other features of the home to match the individual requirements and preferences of the occupants by analysing user behaviour and trends. This high level of customization significantly boosts consumer happiness. These systems frequently simplify the user interface by requiring less manual input. Rather than requiring users to configure particular rules or schedules for their devices, behavioural software and services make many decisions for them, making the smart home more intuitive and less reliant on direct human orders.

Companies Covered in this report:
Honeywell International, Inc, Siemens AG, Schneider Electric SE, ADT Inc, ABB, Samsung Electronics Co., Ltd., Johnson Controls International PLC, Assa Abloy AB, General Electric Company, LG Corporation, Robert Bosch GmbH, Signify N.V.

Considered in this report
• Geography: North America
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• North America Smart Home market Outlook with its value and forecast along with its segments
• Country-wise Smart Home market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Country covered in the report:
• United States
• Canada
• Mexico

By Product
• Security and Access Control
• Lighting Control
• Entertainment System
• HVAC Control
• Smart Speakers
• Smart Home Appliances
• Smart Kitchen Appliances
• Smart Home Healthcare Systems
• Smart Furniture
• Other Controls (Smart Meter, Smart Plug, Smart Smoke detector, Smart hub)

By Protocols
• Wireless Protocols
• Wired Protocols
• Hybrid Protocols

By Application
• New Construction
• Retrofit

By Sales Channel
• Direct
• Indirect

By Software & Services
• Behavioural
• Proactive

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Smart Home industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.




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