The growing adoption of energy conservation and sustainability coupled with surge in smart home products’ demand in the region is driving the Canada smart home market demand during the forecast period.

The Canada Smart Home Market size was valued at USD 10.18 billion in 2023, and is predicted to reach USD 30.66 billion by 2030, at a CAGR of 17.1% from 2024 to 2030, according to the new research by Next Move Strategy Consulting. The growing adoption of energy conservation and sustainability in the region is contributing to the adoption of smart thermostats, lighting, and appliances. Consumers are actively seeking ways to reduce energy consumption and minimize their environmental footprint.

Notably, between 2020 and 2022, there was a significant increase in the utilization of smart home appliances across Canada. During this period, the adoption of Internet-connected smart home devices steadily rose from 42% to 47%. This surge highlights Canadians' increasing preference for automation and convenience as they strive for energy efficiency and environmental sustainability.

Moreover, the surge in demand for smart home products in Canada is further driven by various factors, with cybersecurity concerns playing a significant role. With over 70% of Canadians encountering cybersecurity issues in 2022, marking a 12% increase from 2020, there is a heightened awareness of the need for enhanced security measures. 

This increase prompts Canadians to turn to smart home solutions to strengthen their security and protect against cyber threats. The desire for better control and monitoring of interconnected devices, combined with a strong emphasis on safeguarding personal data and privacy, is driving the adoption of smart home technologies. In today's interconnected digital landscape, Canadians are increasingly seeking digital defenses through smart home solutions.

However, the smart home market faces a substantial hurdle due to security concerns surrounding interconnected systems. Devices such as thermostats, cameras, and door locks are susceptible to hacking, posing risks to residents' privacy and safety. 

This vulnerability often results from weak or easily guessable passwords and inadequate Wi-Fi network security measures. Exploiting these weaknesses, hackers can gain unauthorized access, potentially manipulating devices or accessing sensitive data.

On the other hand, the integration of blockchain technology holds significant promise in strengthening the security and privacy of smart home systems. This is achieved through the encryption and secure storage of sensitive smart home data, empowering users to control access to their information and reducing the risk of unauthorized intrusion.

Blockchain verifies device identities, ensuring that only trusted devices participate within the smart home network, and streamlines operations through tamper-proof smart contracts. As a result, it is poised to generate significant opportunities within the Canada smart home market growth.

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Several key market players operating in the Canada smart home industry include Schneider Electric, ABB Ltd, Amazon, Shelly, Samsung, LG Electronics, Sony Corporation, Somfy, Gomi Technologies, D-Link Systems, Inc.

Key Insights from the Canada Smart Home Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Canada smart home market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The report provides an analysis of the Canada smart home market share and competitive landscape of key players in the industry.