The smart home market in the US brought in almost $5 billion in 2018. China was the only other country to generate over $1 billion in smart home revenue. While China's smart home market is currently about a fifth the size of the US, there is a lot of room for growth. It is estimated that $1 billion represents only about one percent of what the smart home market could be for the country. Even though the US still has plenty of room for growth with a smart home penetration rate of 15 percent, the US's full growth potential still cannot be compared to that of China.
These internet-connected devices include everything from remote door locks to smoke detectors, providing access and convenience when it comes to home security. Some consumers have begun to raise the alarm about the paradox. This comes as security is made accessible in the context of smart home commerce, particularly the risks associated with sharing user data with third parties and the hackability of locks, alarms and other internet-enabled home devices.
The smart home market in the US 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 US's, there is a ton of room for growth. It is estimated that $1 billion is only about a single percent of what the smart home market could be for the country. While the US 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 US 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.
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