Report: U.S. smart home market to generate nearly $29B in revenue in 2021

    July 6, 2021
    Americans lead the globe in smart home tech adoption with penetration rates expected to surpass 50 percent in 2024

    Source SecurityInfoWatch.com

    (Image courtesy bigstockphoto.com)
    According to a new report, 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.
    According to a new report, 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.

    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.

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    Editorial and news reports authored by the media team from Cygnus Security Media, including SecurityInfoWatch.com, Security Technology Executive magazine and Security Dealer & Integrator (SD&I) magazine.

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