Smart homes will continue to record robust growth in North America over the coming years and is likely to reach 46.2 million by 2020, predicts Berg Insight report. This constitutes 35% of the total households in the region.
With an installed based of 12.7 million at the end of 2015, North America is believed to be the most advanced market for smart homes in the world. The region recorded an increase of 56% in 2015. On the other hand, there were 5.3 million smart homes in Europe and this is expected to grow at 54% compound annual growth rate in the next five years to reach 44.9 million smart homes by the year 2020.
Major vendors of comprehensive whole-home systems include a mix of energy, security and communication service providers and home automation specialists such as Vivint, ADT, Comcast, Control4 and AT&T in North America, and Verisure, EQ-3, RWE, Deutsche Telekom and Loxone in Europe. Popular products on the smart home market include smart thermostats, security systems, smart light bulbs, network cameras and multiroom audio systems from vendors such as Philips Lighting, Honeywell, Belkin, Nest, Ecobee, MyFox, Sonos, Canary, Netatmo and D-Link.
Berg Insight said the smart home market is still in an early development phase and many smart home ecosystems are underdeveloped, with products often complicated to use. Several industry giants are now betting on voice-driven user interfaces to make it easier to control smart home solutions, the study said.