Home automation and smart homes contribute to brining more control, monitoring, and automation of a wide range of solutions and aspects of the homes. Apart from monitors, switches, and remote controls, these systems also work on web portals and smartphone applications. Americas account for one of the most advanced regions of the world, with technology changing on every step of the way. In such volatile scenario, America’s smart home market is anticipated to witness strong growth in near future. Large size of the industry, rapid adoption and innovative applications in the market are expected to build the momentum for both North and South American segments of the market.
American Smart Home Market Segmentation
In order to understand the vastness and current conditions of the market, the researchers have segmented America’s smart home market into different products, services, their applications and various countries and regional segments. Based on geography, the market is majorly segmented into two visible sections, namely, North America and South America. North America is further categorized into Canada, United States of America, and Mexico. South America on the other hand is divided into Argentina and Brazil as the significant market segments.
The products segment of the Americas smart home market is divided into lighting control, access control, energy management systems, security controls, HVAC controls, home healthcare systems, and various other products. Services provided in the industry include renovation, customization, maintenance, and installation of smart home systems. All these services are vital for setting up the smart homes and maintaining the home automation systems. Analysis of all these services and products gives ideas about the current market trends and growth opportunities for the industry components.
Growth and Forecasts for Smart Homes Market in Americas
Significant drivers for the America’s Smart home market includes rising demand, rate of adoption, rapidly changing technology and demand for energy efficient home automation solutions. Rising number of growing population is also great sign for the industry, which is creating demand for home healthcare systems and strong security and protection services within Americas. Rapid installation of smart electric meters is also a great opportunity for growth and prosperity within the global market in this particular region.
While North America has a more established market and key players, South America is emerging as a potential leader in home automation technologies market on global platform. Strong prospects remodeling and replacement of existing systems and advancing efficiency of the smart homes technologies are the major drivers for the industry in Argentina, Brazil and other emerging countries from the Americas. As a result of all these factors, the market is poised to grow at a healthy compound annual growth rate.
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During the forecasting period from 2013 to 2020, the Americas smart home market is estimated to maintain a healthy CAGR of over 17% to reach $22.4 billion by the end of the year 2020.
