CEDIA, the association for Smart Home Professionals has predicted 30% growth on average across categories for 2024 as the industry nears $30 Billion.
The Professional Smart Home Market Analysis report reveals several strong areas of growth, predicted increased demand for technical personnel in the industry and as well as uplift in project size as the consumer demands continue to grow and diversify.
The US Smart Home installation industry is estimated at $29B for last year, with residential projects taking a huge 78% of the market share.
The 2023 data indicated that the industry was largely focused on luxury installation projects with a huge 72% of the market focus. Due to the cost-of-living crisis there has however been a shift into the mid and mass market project installations over the past two years, this includes Smart Home lighting, shading, heating and security.
The latest data from CEDIA indicates that integrator projects size and resource is growing with consumers willing to spend more. The average project for integrators across the US last year was between $20,000 and $57,000. In 2023, only 27% of the projects were less than $10,000 and a huge 25% of jobs were over $60,000. Despite the poor current economic climate, growth is still predicted across multiple categories and installation categories.
Looking forward into the rest of 2024, the predicted growth across the categories is strong, with the biggest areas of growth in the Smart Home industry being:
- Lighting / Shading (47%)
- Security systems (44%)
- light Control Systems (45%)
The most popular areas of Smart Home installations last year across the US were:
- Integrated control systems
- Audio Systems
- Lighting and shading
- Media Rooms
- Home networking
- Dedicated home cinema
The Professional Smart Home Market Analysis is a comprehensive report of over 1,000 residential integrators across the US. The analysis looks at and unveils key industry priorities, the size of the integrated home industry, areas of growth and spending as well as future trends and areas of investment.
The 2023 Professional Smart Home Market Analysis is free to download for CEDIA members from the CEDIA store. Non-members can purchase a copy of the report.
