US leads smart home adoption Globally
Date: Tue, 11/11/2014 - 16:06 Source: Strategy Analytics press department
Bill Ablondi, Director, Smart Home Strategies advisory service and developer of the forecast
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Revenues in the US will account for nearly 40 percent of the global total in 2014 with 21 million households spending a total of $17.9 billion on smart home systems, but its portion will drop off as markets in Western Europe and China takeoff. Growth in the US is being fueled by the entrants of big brands including Apple, AT&T, Comcast, GE, Google and Samsung along with big-box retailers Home Depot, Lowe’s and Staples. Security monitoring married with home automation capabilities is the primary application driving total US revenue to reach nearly $40 billion by 2019. In addition, the introduction of elegant single-purpose devices from a long list of companies including Belkin, Dropcam, Nest and Piper are enticing consumers to sample the Smart Home.
“Just this month Wink, a recent spinoff from GE-backed Quirky, launched its line of smart home products in Home Depot stores across the US helping to continue the steady stream of smart home activity,” explained Bill Ablondi, Director, Smart Home Strategies advisory service and developer of the forecast. “Consumers are being hit with TV ads from AT&T, articles in the general press about Apple’s home automation initiatives and Google’s ambitions to help consumers build a ‘conscious home’ with products from its Nest subsidiary. It’s becoming increasingly easy and affordable to set up smart home devices and now companies that will make it ‘cool’ are players.”The Global market for smart home systems and services is developing rapidly in all major economic regions of the world and is set to become a major market opportunity for technology and service providers over the next five years. Revenues from smart home related hardware, services and installation fees will exceed $48B in 2014 and grow at a 19% CAGR to nearly $115B by 2019. By 2019 224M homes or nearly 12% will have at least one type of smart system installed.