Today we published the new market report Smart Homes and Home Automation – 5th Edition from Berg Insight which analyses the latest developments on the connected home markets in Europe and North America. This study provides you with 250 pages of unique business intelligence, including 5-year industry forecasts, expert commentary and real-life case studies on which to base your business decisions.
North America recorded strong growth in the smart home market during 2016. The installed base of smart home systems in the region increased by 58 percent to reach 31.2 million at the year-end. An estimated 5.4 million of these were multifunction or whole-home systems whereas 25.8 million were point solutions designed for one specific function. As some homes have more than one smart system in use, the installed base totalled an estimated 21.8 million smart homes at the end of the year. This corresponds to 16.7 percent of all households, placing North America as the most advanced smart home market in the world. Between 2016 and 2021, the number of households that have adopted smart home systems is forecasted to grow at a compound annual growth rate (CAGR) of 27 percent, resulting in 73.0 million smart homes. Market revenues reached US$ 9.9 billion (€ 9.0 billion) in 2016, an increase of 33 percent year-on-year. The market is expected to grow at a CAGR of 22 percent between 2016 and 2021, reaching US$ 27.2 billion (€ 25.0 billion) in yearly revenues at the end of the forecast period.