North America Smart Home Market Opportunities & Forecast (2018-2025) North America Smart Home Market Opportunities | Page 2

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Figure 1: Global North America Smart Home Market Revenue, 2018–2025 (USD
Million)
Source: GMI Research
The key factors driving the growth of the market are growing penetration of the
Internet of Things (IoT) based products in households, rising demand for real-
time home security solutions and energy efficient lighting solutions for
households.
Based on the applications, lighting control is expected to dominate North
America smart home market
Lighting controls are expected to continue to lead North America’s smart home
market in the coming years, due to the growing need of reducing carbon
footprint and lowering the electricity bills. Home appliances are expected to
grow at the rapid rate during the forecast period. Further, the market for smart
homes is highly competitive and players are facing challenges in bringing
product differentiation. Companies are highly involved in the development of
advanced smart home appliances that can provide safety and convenience to the
residents of a smart home. Additionally, key players in the market are expanding
their businesses by pursuing collaborations and acquisitions in potential markets