New research says that the global demand for smart home devices will soon exceed sales of smartphones by 2023.
The research from Strategy Analytics shows that consumers around the world purchased 663 million smart home devices in 2017, and that number will increase to 1.94 billion in 2023.
“Consumer spending on smart home related hardware, services and installation fees will reach nearly $96 billion in 2018 and grow at a 10 percent CAGR to $155 billion by 2023,” says the report. “Spending on devices will account for $53 billion in 2018 or 55 percent of the total and grow at an 8 percent CAGR to $78 billion in 2023, or 51 percent of total spending.”
The research, “2018 Global Smart Home Devices Forecast,” looks at a variety of smart home device categories, including smart speakers, security cameras, smart light bulbs, smart door locks, digital thermostats, gateways and sensor devices.
The report notes that the increase in demand is due to lower prices on devices, engaging user applications and services, improved user experience and fast technology development.
The fastest-growing category this year is expected to be smart speakers, such as Amazon Alexa and Google Home, with a growth rate of 109 percent. Other fast-growing segments will include smart light bulbs (such as the Philips Hue), connected smoke detectors, smart door locks (such as Amazon’s August Smart Lock), gateways and hubs and security cameras (such as Google’s Nest Cam).
“The emergence of the smart home as a popular concept in recent years has led to a wealth of new device opportunities for vendors and technology developers,” said Bill Ablondi, director, smart home systems for Strategy Analytics. “The smart home device landscape is still in its formative stage, and multiple players are fighting to establish a presence. The scale of future demand suggests that there are huge opportunities for vendors, which are able to take the lead in improving how people manage and organize their homes.”
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