The smart home market in the US generated nearly $5 billion in revenue in 2018. China was the only other country to surpass $1 billion in smart home revenue. While China's smart home market is currently about one-fifth the size of the US market, there is significant room for growth. It is estimated that $1 billion represents only about one percent of the potential smart home market for the country. Even though the US, with a smart home penetration rate of 15 percent, still has considerable growth potential, its full growth potential cannot yet be compared to that of China.
These internet-connected devices encompass everything from remote-controlled door locks to smoke detectors, offering access and convenience in home security. Some consumers have begun to raise concerns about the paradox of making security accessible through the smart home market, particularly regarding the risks associated with sharing user data with third parties and the vulnerability of locks, alarms, and other internet-enabled home devices to hacking.
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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