According to Berg Insight’s research, the North American smart home market recorded strong growth during 2019, increasing by 28.5% to reach 172.6 million smart home systems in 43.1 million smart homes. This corresponds to 30.2% of all households, placing North America as the most advanced smart home market in the world. Until 2024, the number of smart homes in North America is expected to grow at 12.5% annually (CAGR), resulting in 77.9 million smart homes by the end of 2024.
In Europe, which is a few years behind, both in terms of market penetration and maturity, there was a total of 111.9 million smart home systems at the end of 2019, in 40.3 million smart homes – 17.4% of all households in Europe. This number is expected to grow annually by 20.2% (CAGR), to reach 101.1 million smart homes by 2024.
In terms of units sold, the most popular point solutions to date are smart thermostats, smart light bulbs, smart plugs, connected security cameras and voice-controlled smart speakers.
The Covid-19 pandemic had a very limited negative effect on the smart home market in North America and Europe, as online sales surged. People spending more time at home became interested in home improvement activities such as adding smart homes devices. As working from home will become common, smart home products are likely to be even more popular in the future.
With the quick penetration of smart home systems, more and more families will be exposed to threats and will realize the need for protection and will search for reliable solutions. In one of its pilots, IoTAC will demonstrate a smart home environment with the objective to implement a new modular IoT gateway providing both hardware and software layer security, which can protect smart home systems and devices against cyber-attacks and diverse security threats.
For more information on the Berg Insight report, see http://www.berginsight.com/ReportPDF/ProductSheet/bi-sh8-ps.pdf.
