Smart Home technology has become more accessible in recent years and usage rates in the US are on the rise. According to data presented by Trading Platforms, the number of Smart Home users in the US will pass 50M in 2021 and generate the most revenue globally – $28.9B in 2021.
50M US Smart Home Users in 2021; Penetration Rate To Breach 50% in 2024
In 2021 the number of Smart Home users in the US is expected to cross an important milestone. In the prior year of 2020, Smart Home users in the US amounted to 47.4M. It is projected to add 5M more users and cross the 50M user mark sometime in 2021 when it is projected to reach 52.2M users. From 2021-2025 Smart Home users in the US are expected to grow at a Compound Annual Growth Rate (CAGR) of 10.21% reaching 77M by 2025
US Smart Home penetration rate was highest in the world in 2021 at 40.1%. In comparison, the UK has the second-highest Smart Home penetration rate in the world with a penetration rate of 37.4%. The Smart Home penetration rate in the US is expected to breach the 50% mark sometime in 2024.
US Smart Home Revenue Largest In The World – $28.9B
Revenue from the US Smart Home industry is expected to grow 23.7% in 2021 and reach $28.9B – the highest in the world. In the four-year period from 2021-2025 US Smart Home revenue is expected to grow at a CAGR of 12.82% reaching $46.8B by 2025. The Smart Appliance segment within the industry generated the largest share of total revenue which amounted to $8B in 2021.
Rex Pascual, editor at Trading Platforms commented:
“Tech giants like Google, Apple and Amazon, just to name a few, have recently made big investments in different Smart Home segments, encapsulating the entire industry’s well-recognized potential. With penetration rates yet to breach the 50% mark, it’s safe to say it is still early days for the US Smart Home market which will have sustained growth in the coming years.”