The report forecasts the smart home M2M market in the US to grow at a CAGR of 35.23% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A trend which is propelling market growth is the rise in energy management initiatives. Energy consumption in various traditional household appliances such as air conditioners, washing machines, and microwave ovens is very high. Therefore, there is a rising demand for energy-efficient devices. Many governments worldwide have taken energy management initiatives to reduce consumption levels because of the growing depletion rate of non-renewable resources and the emission of greenhouse gasses.
According to the report, a key growth driver is the high availability of home broadband connectivity. Smart home systems are gaining traction with the advent of high-speed Internet services from leading ISPs such as AT&T, Comcast, Sprint, and Verizon. Almost 15% of the households with broadband connectivity use smart home systems. Major companies such as Samsung, LG, and Panasonic are capitalizing on smart home technologies to attain a first-mover advantage in the market.
Further, the report states that one challenge that could dampen market growth is the high cost of M2M security systems.