According to a new report, the U.S. is expected to surpass 50 million smart home users in 2021 and generate $28.9 billion in revenue, the most globally for the technology.
In addition, the report, which was published by TradingPlatforms.com, projects that from 2021-2025, smart home users in the U.S. will grow at a compound annual growth rate (CAGR) of 10.21%, reaching 77 million by 2025.
U.S. smart home revenues are also expected to increase healthily over the same period, growing at a CAGR of 12.82% and reaching $46.8 billion by 2025. The smart appliance segment is projected to generate the largest share of total revenue in 2021 at $8 billion, followed by security at $5 billion. By 2025, security is expected to account for more than $8 billion of all U.S. smart home revenues.
The U.S. currently has the highest smart home technology penetration rate in the world at 40.1%, followed the UK at 37.4%. The penetration rate in the U.S. is expected surpass 50% sometime in 2024.
Click here for more information about the report and its findings.