The rising demand for smart home and rapid progress of digitalization across the region is driving the North America smart home market demand during the forecast period.

The North America Smart Home Market size was valued at USD 41.31 billion in 2023, and is predicted to reach USD 122.04 billion by 2030, at a CAGR of 16.7% from 2024 to 2030, according to the new research by Next Move Strategy Consulting.

The rising demand for smart home products in the U.S. and Canada is fueled by cybersecurity concerns. A notable factor driving this demand is the increasing apprehension surrounding cybersecurity incidents. In Canada, a significant portion of the population encountered cybersecurity issues in 2022, with over 70% reporting incidents a 12% increase from 2020.

This surge highlights the urgent need for enhanced security measures within smart homes to effectively combat cyber threats. The desire for increased control and monitoring of connected devices, coupled with a concerted effort to safeguard personal data and privacy, further drives the adoption of smart home security solutions, emphasizing the growing importance of cybersecurity in stimulating market growth.

Moreover, the rapid progress of digitalization, along with a strong emphasis on energy efficiency initiatives in countries such as the U.S. and Canada, drives the expansion of the smart home market in the region. 

As consumers increasingly incorporate smart home technologies into their daily lives to streamline operations and exert greater control, the market experiences significant growth. In the U.S., the smart home market is expected to steadily expand over the next five years, with user penetration projected to reach 68.64% by 2027, indicating a 20.7% surge from 2023. This dual impetus of digitalization and energy consciousness motivates Americans to seek innovative solutions for smarter, more environmentally friendly homes.

However, security concerns pose a substantial obstacle to the North America smart home market growth. Vulnerabilities in devices such as thermostats, cameras, and door locks can expose residents to hacking threats, jeopardizing their privacy and safety. 

On the other hand, the integration of blockchain technology into smart home devices offers a promising avenue to enhance the security and confidentiality of smart home systems. Recognized for its robust security features and transparent nature, blockchain encrypts and securely stores sensitive smart home data, empowering users to control access to their information and reduce the risk of unauthorized breaches. By verifying device identities, blockchain ensures that only trusted devices interact within the smart home network, while also automating tasks through tamper-proof smart contracts. 

Moreover, blockchain technology decentralizes device control, mitigates vulnerabilities, and simplifies transparent access control and permissions management. Through the integration of blockchain in smart homes, security and privacy are enhanced, fostering a more secure and private smart home environment. As a result, this integration is poised to create abundant growth opportunities for the market.

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Several key market players operating in the North America smart home industry include LG Electronics, ASSA ABLOY, Amazon Inc., Samsung Electronics, Sony Group Corporation, Emerson Electronic Co., Johnson Controls International PLC., Centrica Connected Home Limited, Resideo Technologies, Inc., Apple, Inc., and others.

Key Insights from the North America Smart Home Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the North America 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 North America smart home market share and competitive landscape of key players in the industry.