The North America Smart Home Automation Market would witness market growth of 14.6% CAGR during the forecast period (2022-2028).
Flexibility for novel appliances and technologies. When it comes to accommodating new appliances, gadgets, and other forms of technology, smart home systems typically have a remarkable degree of flexibility. No matter how cutting-edge connected appliances appear to be right now, newer and more complex versions would be created over time. In addition, when an outdated appliance or technology is replaced or a user learns about new technologies to complement their indoor and outdoor environments, they would probably add to the collection of gadgets.
Integrating these new devices can make it significantly simpler to use complex technologies. A smart home uses an internet-connected device to provide remote monitoring and administration of systems and appliances, such as lighting and heating. Through the use of a smart home application on a smartphone or other device on the network, smart home technology, also known as smart home automation, offers homeowners protection, comfort, convenience, and energy efficiency.
Leveraging sensor data on consumer activities in the home to predict consumer requirements and balance them with energy consumption can aid users in majorly reducing energy consumption. Additionally, there are a lot of possibilities for family safety and security with home automation.
The disposable income of the regional population is rapidly increasing. Despite income rising by just 1.1%, personal disposable income increased by 5.6%, according to the Bureau of Energy Analysis, mostly because of an increase in transfer payments. The government stimulus money amid the pandemic increased transfer payments by 32.7% and by an extra 5.4% in 2021. Personal income has increased by $113.4 billion, or 0.5%, on a monthly basis in 2021, while consumer spending increased by $32.7 billion, or 0.2%.
The US market dominated the North America Smart Home Automation Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $46,878 million by 2028.The Canada market is poised to grow at a CAGR of 17.2% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 16.2% during (2022 - 2028).
Based on Component, the market is segmented into Hardware, Software and Services. Based on Application, the market is segmented into Entertainment, Lighting, Security, HVAC & Energy Management, and Smart Kitchen. Based on Technology, the market is segmented into Wireless, Cellular and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart Home Automation Market is Estimated to reach $187.8 Billion by 2028, at a CAGR of 15.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Siemens AG, Schneider Electric SE, Johnson Controls International PLC, Honeywell International, Inc., Leviton Manufacturing Co., Inc., Legrand S.A., Crestron Electronics, Inc., Ingersoll Rand, Inc., and Lutron Electronics Co., Inc.
By Component
By Application
By Technology
By Country
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