Smart Home Market to Reach $70 Billion by 2030

Renub Research projects the U.S. smart homes market to reach $69.97 billion by 2030, up from $28.56 billion in 2022, representing an 11.85 percent compound annual growth rate.

From doorbells to lights and refrigerators, the adoption of smart domestic devices in the United States is expected to be robust, particularly as the technology moves out of the luxury housing market and becomes more affordable, the firm said in its report. Government incentives, such as tax credits, are also expected to further promote smart home adoption, it said further.

Voice assistants like Google Assistant and Amazon Alexa are democratizing smart home technology in the United States for tasks like weather-based temperature adjustments and keyless entry through smart locks, according to the report.

Renub segments the market into comfort and lighting, control and connectivity, energy management, home entertainment, security, and smart appliances. It includes smart speakers, interactive security systems, thermostats, monitoring cameras, video doorbells, light bulbs, motion sensors, light switches, door/video sensors, door locks, outlets, smoke detectors, garage door openers, ovens, window shades/blinds, leak/moisture detectors, irrigation control systems, and water shutoff systems as the most prominent products available in the United States smart home market.

Prominent companies operating in the U.S. smart home market include Apple, Google, Schneider Electric, Panasonic, Sony, Honeywell International, Siemens, and Amazon, according to the report.