Market Trends of NA Smart Homes Industry
This section covers the major market trends shaping the North America Smart Homes Market according to our research experts:
Demand and Growth of Smart Appliances to drive the market
- Connected large appliances, such as fridges, washing machines, and dishwashers, and connected small appliances, such as coffee machines, microwaves, and vacuum and mowing robots, are the major Smart Appliances in the region.
- Many of the major and renowned companies are based in the United States. The US-based market vendors have a good reputation for innovative products. However, most of these companies outsourced their manufacturing activities and focused their engineering on design and technology upgradation.
- In the recent 2020 national HomeAdvisor survey, Texas homeowners responded to polling about the growing use of Smart Refrigerator, Smart Oven, and Smart Coffee Maker in the states. Most of the smart kitchen appliance owners are high, focusing on eco-friendly appliances.
- From useful notifications, energy-efficient appliances to Wi-Fi-enabled features, smart home kitchen-based appliances are being upgraded with added functionality. For example, smart microwaves can now scan barcodes on food items and download cooking instructions with seamless integration, with AI voice assistants, for a completely hands-free experience.
- At CES 2020, the smart home segment featured small appliance (coffee-makers, vacuum and mowing products, etc.) products highlighting specific characteristics. The allied smart kitchen appliances featured capabilities that assisted consumers in improving cooking speed and accuracy, making informed choices for meal preparation, enhancing wellness, and simplifying cleaning chores, among others.
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Growing Need for Automation and Security Systems to drive the market
- According to Thales Group, 2020 was the year that connected home alarm systems would overtake traditional alarm services, 63 million US households are poised to have a home security system by 2024, and more than half (56%) of consumers preferred to switch home security provider if it meant they could monitor their home with a smartphone.
- Conventional security panel systems are evolving, and vendors are introducing new services, everything from door lock monitoring to temperature control and fire prevention systems. Significant players are entering the home automation and security sector, including Amazon, Apple, and Google. All of whom have considerable power to attract vast swathes of the market. Simultaneously, technology is getting more affordable, and many start-up companies are entering an already crowded marketplace with cellular home security offerings.
- Smart home products have been witnessed to be used as part of a botnet to send out spam emails and run distributed denial of service (DDoS) attacks. These appliances have personal credentials of private accounts, that is, ranging from Google Calendar to Wi-Fi password. As appliance manufacturer companies add more smart features, making offerings secure has been a significant challenge.
- For homes with a home Wi-Fi network, a hacked router opens a lot of vulnerabilities where cybercriminals can access the computers, devices, personal information, and security cameras such as baby monitors and CCTV. If a smart home's router is hacked, cybercriminals will have complete access to the system in which connected systems and appliances are compromised.
- The region is a prominent market globally, owing to the growing adoption of smart home technology and products. According to the National Council For Home Safety and Security (Alarms.org) study, more than 3 in five Americans claim security is the top benefit for owning a smart home.
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