This report covers the US smart home market, with a focus on how consumers engage with smart home tech. Explore data-backed opportunities with this report’s deep analysis. Below, we’ve summarized the core topics analyzed and provided hand-selected findings from the full document.
Core Topics Analyzed
- Smart home characteristics.
- Smart home device ownership and interest.
- Smart home device purchase motivations and barriers.
- Desired features for smart home device purchases.
- Familiarity with Matter, a smart home standard.
US Smart Home Market Overview
- Almost 60% of consumers have three or more types of smart home devices. Yet, few consider their homes “smart”. Right now, US consumers are likely to be settling with individual devices rather than a collection.
- Younger men aged 18-34 are the most excited about smart home tech, as they lead in participation.
- Safety remains a concern in the smart home market, both in terms of their use cases (e.g. doorbell cameras) and information protection.
Smart Home Market Trends
- Smart tech device ownership statistics: Three-quarters own a smart TV, and the remaining consumers are interested to own one, making it commonplace. Smart speakers follow at 51% ownership. The devices with the highest interest are smart lights and smart carbon monoxide/smoke detectors at one-third each.
- Purchase motivators: Home security is still the top purchase motivator, with over half citing this. Overall, very few consumers don’t consider buying some kind of smart home tech, dropping in recent years.
- Barriers to purchase: Almost half feel smart home devices are too expensive, and more will wait for the economy to improve before purchasing or upgrading. An aversion to being tracked in one’s home follows as a barrier to smart tech purchases.
Expert Analysis
This report, written by Jenni Nelson, a leading technology analyst, delivers in-depth commentary and analysis to highlight current trends in the smart home market and add expert context to the numbers.
Younger men lead in adoption and interest. Meanwhile, gen AI implementation will drive innovation but will turn some tracking-averse consumers off.
Jenni Nelson
Tech Analyst
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Executive Summary
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Consumer Insights
- Consumer fast facts
- Smart home charateristics
- Graph 1: smart home perceptions (% agree), 2023
- Graph 2: smart home perceptions (% agree), by gender, 2023
- Graph 3: smart home related perceptions (% agree), by age, 2023
- Graph 4: smart home capabilities, 2023
- Graph 5: smart home capabilities, moms vs dads, 2023
- Smart home device ownership
- Graph 6: smart home device ownership and interest, 2023
- Graph 7: numbers of smart home device types owned, by age and gender, 2023
- Graph 8: ownership of smart TVs and speakers, by age, 2023
- Graph 9: interest in smart TVs and speakers, by age, 2023
- Graph 10: ownership of smart appliances, by age, 2023
- Graph 11: interest in smart appliances, by age, 2023
- Graph 12: ownership of smart home security and convenience devices, by age, 2023
- Graph 13: interest in smart home security and convenience devices, by age, 2023
- Graph 14: smart security device ownership, by age and residence type, 2023
- Graph 15: ownership of smart exercise and health/wellness devices, by age, 2023
- Graph 16: interest in smart exercise and health/wellness devices, by age, 2023
- Desired features for smart home device purchases
- Graph 17: important smart home device features, 2023
- Graph 18: support and security, by age, 2024
- Graph 19: important features of smart home devices (select), by age, 2024
- Graph 20: security, by gender and age, 2023 vs 2021
- Smart home device purchase motivations
- Graph 21: smart home device purchase motivations, 2023
- Graph 22: home security as a smart home device purchase motivator, moms vs dads, 2023
- Graph 23: comfort, time savings and money savings as smart home device purchase motivators, parents vs overall, 2023
- Graph 24: attitudes towards smart home technology (% any agree), parents vs overall, 2023
- Graph 25: attitudes towards smart home technology (% any agree), by age, 2023
- Graph 26: health and wellness smart home device purchase motivators, by age, 2023
- Barriers to smart home device purchases
- Graph 27: barriers to smart home device purchases, 2023
- Graph 28: “I will likely wait for the economy to improve before buying/upgrading my smart home devices” (% any agree), by age, 2023
- Graph 29: smart home devices will increase in price once they have generative AI functionality (% any agree), by age, 2023
- Graph 30: data safety and hacking related barrier to purchasing smart home tech, by age, 2023
- Graph 31: barrier to smart home device purchases (select), by age, 2024
- Familiarity with Matter, a smart home connectivity protocol
- Graph 32: “I have a decent or better understanding of what Matter is”, by age and gender, 2023
- Graph 33: “I plan to purchase a different brand of smart home device than I normally do because of Matter’s release”, by age, 2023
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Competitive Strategies
- Launch activity and innovation
- Marketing and advertising
- Opportunities
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The Market
- Market context
- Market drivers
- Graph 34: quarterly real GDP growth, 2020-23
- Graph 35: headline CPI, core CPI, and shelter CPI, 2022-24
- Graph 36: opinions on financial future, 2024
- Graph 37: housing starts, 2022-23
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Appendix
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