The best smart home company that is revolutionizing the United States

We recently prepared a report entitled: The 20 best smart home companies revolutionizing the United Statesand in this article we will look at the best company.

Smart home industry analysis

A smart home refers to a flexible and convenient home structure where appliances and appliances can be remotely controlled from anywhere via the Internet or networked devices. According to a report by Fortune Business Insights, the global smart home market was valued at $101.07 billion in 2023, the market is expected to grow from $121.49 billion in 2024 at a compound annual growth rate (CAGR) of 22.9% and it is projected to reach $633.20 billion by 2032.

Market growth is driven by the development of digital technology, including Internet of Things (IoT) platforms, the popularity of smart functions, and the widespread use of smartphones and the Internet. Integration with artificial intelligence has also allowed for a more convenient and user-friendly experience, which significantly influences buyer preferences. During the COVID-19 pandemic, as people spent more time in their homes due to lockdown restrictions, more vendors entered the industry and a wide range of mid-range, entry-level and affordable home automation products are now available on the market. Smart home applications such as sprinkler systems, thermostats, meters, light bulbs, power strips and composters have enabled people to manage and track their energy use, save energy and reduce greenhouse gas emissions. There is a growing demand for an intelligent ecosystem where all devices work together seamlessly using communication protocols, including Wi-Fi. Companies are implementing smart devices that consume less energy without losing functionality. These devices are integrated with energy-saving components such as low-power processors, LEDs and energy-saving techniques.

The North America region is expected to account for the largest market share during the forecast period due to the strong presence of major players and increasing adoption of core communication technologies such as Wi-Fi, Bluetooth, Zigbee, Matter, NFC and the upcoming 5G. network. Key companies in this region are actively pursuing strategic mergers and acquisitions to expand their global business activities. In January 2022, Samsung Electronics Co., Ltd. (KSE:005930) partnered with Oracle Corporation (NYSE:ORCL) to develop smart energy solutions for its customers. This collaboration combines Oracle’s contextual and behavioral energy expertise with Samsung’s SmartThings products and automation services. Additionally, the smart ecosystem is growing rapidly and existing solution providers are improving their technologies. Major market players are expanding their product portfolios through mergers and acquisitions, and are also investing in cutting-edge technologies. The Asia-Pacific region is projected to witness the highest CAGR over the forecast period as the demand for automation solutions for residential applications is growing rapidly, driving the region’s growth.

The story continues

The largest player in the smart home industry

Whirlpool Corporation (NYSE:WHR) is a leading home appliance company that produces smart appliances such as washers, dryers and refrigerators that can be controlled via a mobile app and offer features such as remote start and notifications that improve home efficiency. The company employs 59,000 employees and 55 production and technology centers around the world.

According to its annual report, Whirlpool Corporation (NYSE:WHR) generated revenue of $19.45 billion in 2023, up from $19.72 billion in 2022. In 2023, the company spent $1 billion on capital expenditures and work research and development. In the first quarter of 2024, Whirlpool Corporation (NYSE:WHR) reported a decline in net sales of approximately 3% due to negative promotional strategies introduced in the second half of 2023. The company forecasts full-year earnings per share of $13-$15 per share in 2024.

In 2022, Whirlpool Corporation (NYSE:WHR) collaborated with the Connectivity Standards Alliance (CSA) on several initiatives, including developing and promoting open Internet of Things (IoT) standards, including Matter, which is open source and a free connectivity standard developed by the Connectivity Standards Alliance (CSA-IoT). On May 9, Matter released update 1.3, in which Whirlpool Corporation (NYSE:WHR) played a key role. The update expands the use of Matter to include home appliances such as microwaves, ovens, clothes dryers, hoods and cooktops to ensure all Matter-enabled devices are available across all kitchen and laundry appliances. Matter aims to simplify connected experiences, ensure reliable connections and give consumers more ways to control their smart home while maintaining privacy and security. Commenting on the event, Ryan Craig, director of global IoT strategy at Whirlpool Corporation (NYSE:WHR), said:

The global smart home market is poised for extraordinary growth, driven by advancements in digital technology, integration of IoT and artificial intelligence, and growing demand for energy-efficient solutions. As more consumers take advantage of the convenience and efficiency offered by smart home systems, the market is expected to grow significantly. So, let’s take a look at the 20 biggest smart home companies that are revolutionizing the United States.

Zapp2Photo/Shutterstock.com

Our methodology

In this article, we listed the top 20 smart home companies that are revolutionizing the United States, opted for a consensus approach, and checked multiple rankings on the Internet to find the best smart home companies. We created an initial pool of companies by selecting those that appeared in at least 50% of our sources. To rank the companies, we included their revenue and customer count as primary and secondary metrics, respectively. In cases where both indicators were missing, we used the number of employees. All data comes from official statements and disclosures of listed companies or media reports in the case of companies that did not have data. We’ve ranked the top 20 smart home companies revolutionizing the United States in ascending order.

At Insider Monkey, we’re obsessed with the stocks that hedge funds are flocking to. The reason is simple: our research has shown that we can outperform the market by imitating the best stocks of the best hedge funds. As part of our quarterly newsletter strategy, we select 14 small- and large-cap stocks every quarter, and since May 2014, we have returned 275%, outperforming our benchmark by 150 percentage points (see more details here).

The best smart home company that is revolutionizing the United States

1. LG Electronics (KSE:066570)

Number of employees: over 10,000

Total number of customers: N/A

Home Appliances Industry Revenue in 2023: $21.6 Billion (KRW 30.14 Trillion)

LG Electronics (KSE:066570) offers LG Smart ThinQ technology, which allows users to control LG smart devices with a single app. LG Smart ThinQ includes refrigerators, ovens and washing machines that enhance convenience and integrate seamlessly with other smart home devices. The combination of innovative technology, wide compatibility, advanced features and reliability of the LG Smart ThinQ brand has cemented its popularity among consumers looking for smart home solutions.

To view other smart home companies, you can take a look at The 20 best smart home companies revolutionizing the United States.

At Insider Monkey we cover a variety of topics, but our expertise lies in identifying the best performing stocks. Today, artificial intelligence (AI) technology stands out as one of the most promising fields. If you’re looking for an AI stock that has more promise than NVDA but trades at less than 5x earnings, check out our report on cheapest AI stocks.

READ ON: The analyst sees a new “opportunity” for NVIDIA worth $25 billion AND Jim Cramer recommends these 10 stocks for June.

Disclosure: None. This article was originally published on Insider Monkey.