According to a new market research report “Americas Smart Homes Market by Product (Security, Access, Lighting, Entertainment, Energy Management, HVAC, Ballast & Battery Pack), Service (Installation & Repair, Renovation & Customization) and Geography – Analysis & Forecast (2013 – 2020).”, published by MarketsandMarkets, the total market for the Americas smart homes market will be worth $22.4billion by 2020, at an estimated CAGR of 17.62%.
Smart homes symbolize buildings furnished with intelligent systems and communication standards and protocols that present the occupant with a higher level of comfort and control, which was not possible in the traditional homes.
The Americas smart homes market covers the entire industry on the basis of products, services, and geography. The products section covers security & access control, entertainment systems, lighting control, HVAC control, and home health systems; along with their current and future estimations. Security services occupy the largest market share in the Americas market whereas it is lighting control that is projected to grow at the fastest CAGR in the forecast period. The services section covers installation & maintenance, and renovation & customization. The geographical analysis covers the U.S., Canada, Mexico, Brazil, and Argentina.
The major drivers for the global smart homes market are energy efficient smart lighting devices, advancements in digital analytics platforms, and the rising incidences of chronic diseases. The major barriers affecting smart home systems include the lack of consumer awareness, and inability of the security systems installed in the smart homes to prevent crimes.
The major companies involved in the global smart homes industry are Control4 Corporation (U.S.),Lutron Electronics (U.S.),Crestron Electronics (U.S.),Vivint Inc (U.S.), and more. The U.S. will remain the leading market for the Americas smart homes throughout the forecasted period due to its high adoption rate of smart homes; as its economy recovers in a phased manner along with continuous technological developments.