Smart Home revenue forecast in the segment Security in the United States until 2023

The smart-home ecosystem is rapidly expanding in the U.S. and indeed the world, with Amazon’s acquisition of Ring, a provider of connected doorbells and cameras, for an estimated 1 billion U.S. dollars, exemplifying this growth. In fact, the overall market in the U.S. is expected to achieve more than a 300% increase during 2017-2024.

Unsurprisingly, security is the largest segment in the U.S. market with revenues projected to increase from just 4.1 billion U.S. dollars in 2017 to over 11.3 billion in 2024. Control & connectivity is the second largest segment, followed by smart-appliances and comfort and lighting. In fact, according to a recent survey conducted by home management software company Icontrol Networks, around 90% of the respondents believed home security as the top reason to invest in smart homes. This doesn’t come as much of a surprise as home security has been a consumer priority for long. Industry players have responded accordingly with robust investment volumes and a number of large and small acquisitions.

Smart Home - revenue forecast for the segment Security in the United States from 2017 to 2023

Revenue in million U.S. dollars
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Source

Release date

September 2019

Survey time period

2019

Supplementary notes

The Smart Home segment Security includes the sale of devices and services for networked access control and management for buildings and premises. This includes surveillance products (e.g. security cameras and related data storage and transmission services, motion sensors, programmable and remote control door locks) as well as equipment for risk monitoring (connected smoke detectors and humidity sensors). Remote surveillance and emergency services from specialized security firms which are not related to smart home are not included.

*Regions only include countries listed in the Digital Market Outlook.

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