Top Smart Home Stocks for 2024: Ranked by Pure-Play Focus

The “smart home” isn’t just a sci-fi dream anymore. Connected lights, smart thermostats, and helpful voice assistants are becoming part of our daily lives. As this market keeps booming, smart investors are looking for the companies leading the way. That’s where pure-play smart home stocks come in. These companies focus entirely on creating and selling smart home solutions. This laser focus can bring big returns as they ride the wave of smart home adoption. In this article, we’ll rank leading smart home stocks by tiers based on their level of pure-play exposure.

IOT concept. Smart home connection and control with devices through home network.
Credit: AndSus/Adobe

Tier 1: Pure-Play Smart Home Stocks

These companies focus exclusively on the smart home revolution, offering direct exposure to this booming market. Their dedication makes them compelling options for investors seeking pure-play smart home stocks.

Resideo Technologies (REZI): Smart Home Foundations

Resideo (REZI) provides the essential smart devices that form the backbone of many smart homes.

Resideo provides the essential building blocks of a smart home – think smart thermostats, security systems, and other connected devices. Their strategy of offering both DIY-friendly products and professional installation makes them appealing to a wide range of homeowners:

  • The Smart Home Essentials: Resideo focuses on the core devices that many homeowners consider first when upgrading to a smart home.
  • Comfort & Cost Savings Appeal: Their smart thermostats promise the double benefit of added convenience and potential energy cost reduction – a strong selling point for consumers.
  • Security & Pro Network: Resideo’s security solutions and established installer network give them an advantage for customers seeking a less hands-on approach.

Resideo’s legacy brand recognition and two-pronged strategy positions them to benefit from both the DIY and professional installation segments. Stronger partnerships with major smart home platforms and new, innovative products could further fuel their growth.

SmartRent (SMRT): Smart Apartments for Renters

SmartRent (SMRT) offers a complete smart home solution specifically designed for apartments and multi-family housing.

SmartRent has found a unique sweet spot within the smart home market by focusing squarely on multi-family housing like apartments, condos, and rentals. Their platform provides a win-win for both property managers and residents, streamlining operations while creating more convenient living spaces. Here’s how they approach it:

  • Streamlined Management: Property managers can ditch outdated systems. SmartRent offers smart thermostats, access control, leak detection, and more, designed to improve efficiency and potentially reduce costs.
  • Happy Residents = Happy Landlords: Smart locks, connected lighting, and voice assistants create the smart apartment experience that today’s renters crave.
  • Beyond the Basics: SmartRent adds value with features like package management solutions and self-guided tours – a boon for resident satisfaction and attracting new tenants.

The sheer size of the multi-family housing market creates huge potential for SmartRent. By continuing to expand their platform’s features and offering unique solutions for both residents and property managers, they could solidify their position as a smart home leader. (ALRM): Smart Home & Security Software (ALRM) specializes in the software platforms that power many smart home and security systems. takes a unique approach to the smart home market. Rather than focusing on their own hardware, they provide the powerful cloud-based software that drives many smart home setups. Here’s how this strategy sets them apart:

  • The Brains of the Operation:’s platform is the central hub that allows homeowners to control lights, thermostats, locks, and more, all remotely.
  • Security at the Core: They have deep roots in home security, offering professional monitoring, advanced cameras, and intrusion detection as part of their solution.
  • The Power of Partnerships: builds a vast network through their partnerships with local and regional service providers who handle the installation and customer support side of the smart home experience.’s focus on software and platforms puts them in a strong position as the smart home market grows. Expanding their platform’s capabilities and growing their service provider network could solidify their role as a major player behind the scenes.

Vivint Smart Home (VVNT): Professionally Installed Smart Homes (Now Part of NRG Energy)

Vivint (VVNT), now a part of NRG Energy, provides a hassle-free smart home experience with professional installation and comprehensive device offerings.

Vivint stands out by offering a complete smart home solution that emphasizes professional installation and ongoing support. This approach is ideal for consumers who prefer a hands-off way to upgrade their homes. Here’s what makes them unique:

  • One-Stop-Shop: Vivint provides everything from security systems and smart thermostats to doorbell cameras – all professionally installed and monitored.
  • The Hands-Off Advantage: Their emphasis on expert setup and tailored support means customers don’t have to worry about technical hurdles.
  • Seamless Experience: Vivint focuses on making its devices work together smoothly, creating a more intuitive smart home for the user.
  • NRG Backing: As part of NRG Energy, Vivint now has the resources of a major energy company behind it, potentially accelerating its growth and innovation.

Vivint caters to a significant segment of the market that desires a professionally managed smart home. Expanding their customer base, consistently launching innovative devices, and leveraging the resources of NRG will be essential in maintaining their market position.

Snap One Holdings (SNPO): The Integrator’s Smart Home Source

Snap One (SNPO) simplifies smart home setups for professional installers by providing a massive catalog of products and support resources.

Snap One plays a unique, behind-the-scenes role in the smart home market. Rather than selling directly to consumers, they empower professional installers with everything they need to create custom smart home solutions. Here’s how they make it happen:

  • The Installer’s One-Stop Shop: Snap One offers a massive range of smart home products from top brands, making it easy for installers to find the right equipment for their clients.
  • Expertise & Support: They provide technical training and support, ensuring installers have the know-how to integrate the latest smart home tech.
  • Control4 Powerhouse: Their ownership of the Control4 platform gives Snap One a powerful tool to offer installers, streamlining advanced smart home setups.

Snap One acts as an essential link between smart home manufacturers and the professionals bringing those devices into homes. Their focus on supporting installers and constantly expanding their catalog could cement their place as a key industry player.

Tier 2: Key Smart Home Enablers

These companies hold strong positions in areas like security and control, expanding the reach of the smart home market. Their established market presence adds a layer of potential stability when considering smart home stocks for investment.

Allegion (ALLE): Smart Locks for Every Home

Allegion (ALLE) is a security giant with a growing focus on smart locks, making them a major player in the smart home space

Allegion is a global force in the security industry with a deepening focus on smart locks for both homes and businesses. This positions them uniquely to benefit from the smart home boom. Here’s what sets them apart:

  • Market Reach: Allegion caters to homeowners directly and to large-scale commercial buildings, giving them a broad base of potential smart lock customers.
  • Trusted Brands: Names like Schlage carry decades of trust, providing an entry point for consumers who are new to smart home technology.
  • Innovation for Convenience: Allegion continuously expands its smart lock features, incorporating voice control and compatibility with popular smart home platforms for maximum appeal.

Allegion’s established brand recognition in traditional locks paired with their forward-thinking smart lock strategy could propel significant growth. Stronger partnerships within the smart home ecosystem could further solidify their position in this evolving market.

Assa Abloy (ASAZY): Global Leader in Smart Access

Assa Abloy (ASAZY) has numerous security brands and smart access technologies that give them a wide reach into the smart home market.

Assa Abloy is a massive security company with a growing focus on connected access solutions – a key component of the smart home experience. Here’s what makes them a contender:

  • Brand Powerhouse: Assa Abloy owns numerous well-known security brands like Yale and August, giving them immediate recognition and diverse market entry points.
  • Global Scale: Their international presence provides a vast potential customer base for their expanding range of smart locks and smart home products.
  • Residential & Commercial Play: By targeting both homeowners and large-scale facilities, they broaden their smart home market exposure.

Assa Abloy’s sheer size and established reputation in security give them unique leverage. Expanding their smart lock offerings specifically, along with deeper integration into smart home platforms, could position them as a major player.

Universal Electronics (UEIC): Easy Smart Home Control

Universal Electronics (UEIC) makes smart home control intuitive with their expertise in remotes and voice control interfaces.

Universal Electronics plays a crucial part in making smart homes user-friendly. Their expertise lies in control technologies – everything from traditional remotes to advanced voice-activated systems. Here’s what sets them apart:

  • Ease-of-Use Experts: Decades of experience with remote controls and interfaces give them a deep understanding of how people interact with devices.
  • Voice of the Future: Universal Electronics is focusing heavily on voice control, positioning them to ride the wave of smart speakers and voice assistants.
  • Power of Partnerships: They collaborate with numerous brands, ensuring their control solutions work seamlessly with a wide range of smart home products.

Universal Electronics makes the smart home experience more accessible. Their advancements in voice control and their focus on integrating with diverse brands could make them indispensable to the future of smart homes.

Sonos (SONO): Premium Sound Gets Smarter

Sonos (SONO) brings premium audio quality and growing smart home integrations for a sound-first smart home experience.

Sonos is best known for its superior wireless speakers, but their increasing capabilities make them a player in the broader smart home market. Here’s their angle:

  • Audiophiles First: Sonos understands that top-notch sound is crucial for some homeowners as they upgrade to a smart home.
  • The Convenience of Voice: Voice assistant compatibility makes it easy to control music and other connected devices without lifting a finger.
  • Partnerships for Growth: Collaborations with control platforms and other brands extend Sonos’ functionality beyond just audio and into broader home control.

Sonos caters to a discerning segment of the market that prioritizes high-quality audio within their smart home. Continued expansion of its smart features, along with deeper integrations, could position Sonos as a major contender for the audio-focused homeowner.

Arlo Technologies (ARLO): Smart Security Cameras

Arlo (ARLO) offers advanced security cameras that integrate seamlessly into smart home setups, giving homeowners greater awareness.

Arlo stands out for its advanced wireless security cameras, offering homeowners peace of mind and a key building block for a smart home. Here’s how they fit into the market:

  • Smart Security Focus: Arlo’s core strength is in cameras with features like motion detection and night vision, providing a vital aspect of many smart home setups.
  • Appealing to the DIY Market: Easy installation makes their cameras ideal for consumers who want to take a hands-on approach to their smart home.
  • Playing Well with Others: Arlo is increasing compatibility with smart home platforms and voice assistants, making their cameras work seamlessly with other devices.

Arlo’s smart camera technology gives them a strong foothold in the market. By expanding their device offerings beyond security and deepening integrations with major platforms, they could further solidify their place in the smart home landscape.

Tier 3: Conglomerates with Smart Home Angles

These massive conglomerates have the resources and potential to make significant contributions to the smart home industry. Their potential for expansion into this sector makes them intriguing options for investors considering diversified smart home stocks.

Honeywell International (HON): Smart Home Tech Expertise

Honeywell (HON) has expertise in smart building technologies, which gives them a solid foundation for expanding their residential smart home offerings.

Honeywell is a massive conglomerate with interests across various industries, but it also has a significant smart building division that touches on the residential market. Here’s their angle:

  • Smart Home Foundations: Their extensive experience with thermostats gives them a familiar entry point for consumers upgrading to smart climate control.
  • Security Solutions: Honeywell’s security expertise offers another potential avenue for growth in the residential smart home market.
  • Building Technology Advantage: Their expertise in large-scale building automation could give them unique insights for developing innovative residential smart home devices.

Honeywell’s sheer size and resources give them significant potential for further expansion in the smart home space. A sharper focus specifically on consumer-oriented smart home products and broader compatibility with popular platforms could unlock significant growth in this market.

Johnson Controls (JCI): Building Tech for Smarter Homes

Johnson Controls (JCI) could leverage its vast building technology knowledge to develop innovative smart home solutions for the residential market.

Johnson Controls is a major player in building technologies, primarily focusing on large-scale commercial projects. However, their expertise holds potential for the residential smart home market. Here’s the investor angle:

  • Smart Building Experts: Johnson Controls deeply understands how to manage complex building systems, a foundation for powerful smart home solutions.
  • Home Comfort Angle: Their experience with HVAC and climate control systems provides a potential entry point into the residential market.
  • Untapped Potential: Though not their current focus, Johnson Controls could leverage its building technology prowess for the development of innovative consumer-facing smart home products.

While their current focus is elsewhere, Johnson Controls has the resources and knowledge base to make a bigger splash in the residential market. A dedicated push towards consumer-friendly smart home products, along with partnerships in this space, could open up significant growth opportunities.

Siemens (SIEGY): Global Tech, Smart Home Potential

Siemens (SIEGY) has global reach and a diverse technology portfolio, providing significant potential for expansion into the consumer smart home sector.

Siemens is a massive conglomerate with interests across numerous industries. They also have a division dedicated to building technologies, giving them a toehold in the smart home market. Here’s what sets them apart:

  • Large-Scale Building Expertise: Siemens excels in managing complex industrial building automation, a knowledge base ripe for adaptation into advanced residential solutions.
  • Technology Powerhouse: Their experience in sectors like energy management could translate into innovative smart home devices that stand out in the market.
  • Worldwide Reach: Siemens’ global presence opens up a vast potential customer base should they choose to expand their smart home offerings more aggressively.

Siemens has the resources and technological expertise to become a significant player in the smart home market. Increased emphasis on consumer-focused products, along with integration into popular smart home platforms, could position them for major growth in this sector.

The smart home revolution is accelerating, and investors have exciting opportunities along for the ride. Pure-play stocks in Tier 1 offer the most direct exposure to this growth, while Tier 2 enablers and Tier 3 conglomerates bring both stability and the potential for transformative innovation. The companies outlined here are poised to benefit not just from today’s smart home boom, but from the ongoing evolution of how we live. Remember, seamless device integration and adaptability to disruptive technologies will be key to success in this dynamic market. Researching these companies and their smart home strategies is essential for investors seeking opportunities in this growing market.

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