The smart home market in the U.S. brought in close to 5 billion dollars in 2018. China was the only other country to gross over a billion dollars in smart home revenue. While China’s smart home market is currently about a fifth the size of the U.S.’s, there is a ton of room for growth. Statista’s DMO estimates that $1 billion is only about a single percent of what the smart home market could be for the country. While the U.S. still has a ton of room to grow as well, with a smart home penetration rate of 15 percent, the full growth potential of the U.S. still can’t compare to China’s.
These internet-connected devices include everything from remote-controlled door locks to smoke detectors, providing access and convenience to home security matters. Some consumers have started to raise alarm over the paradox posed by making security accessible within the smart homes trade, particularly around risks associated with sharing user data with third parties and the hackability of locks, alarms, and other internet connected home devices.
(Image Source: Statista)
